Historic Hotel with On-Site
5 Abbott Avenue Unit 5 Ocean Grove, NJ 07756
For Sale
$3,395,000
Historic hotel offering 20 renting rooms and a 49-seat street-level restaurant with private entrance, operating seasonally.
Property Size9,427 SF
Price / SF$360.14
Days on Market345
Property Features for 5 Abbott Avenue Unit 5
General Information
- Standard status
- Active
- Size
- 9,427 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1871
Listing Agency:
RE/MAX Gateway
(732) 763-2961
Listed By:
Alfredo Fresnedo · License #8333376
(732) 763-2961
Source:
Xome
Added: Aug 14, 2025
Changed: Jul 23
Last Checked: Jul 23 at 9:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Gateway
Investment Insights
Based on property information with market context.
This historic hotel property features 20 renting rooms with 21 full baths and 3 half baths. The building includes owners quarters and three large porches with ocean views. A street-level restaurant with a private entrance is included and currently serves guests breakfast, along with an ice cream parlor open to the public.
The hotel sits on a double lot and is located just steps from the beach in Ocean Grove.
The combination of lodging accommodations and a 49-seat restaurant makes the property well-suited for buyers looking to own a hospitality operation with both guest-facing services and public access during its operating season.
The hotel sits on a double lot and is located just steps from the beach in Ocean Grove.
The combination of lodging accommodations and a 49-seat restaurant makes the property well-suited for buyers looking to own a hospitality operation with both guest-facing services and public access during its operating season.
Key Highlights
- Historic Ocean Grove hotel built in 1871 with 20 renting rooms
- 49‑seat street‑level restaurant with a private entrance
- Double lot just steps to the Ocean Grove beach
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $203.6k | $21.60 |
| − Vacancy | −$11.4k | −$1.21 |
| EGI | $192.2k | $20.39 |
| − OpEx | −$48.1k | −$5.10 |
| NOI | $144.2k | $15.29 |
9,427 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.06M
$1.80M – $2.40M
NOI $144,165 @ 7.0% cap · market cap 4.25%
Second Best
Hotel Hospitality
$1.01M
$881.6K – $1.18M
NOI $70,526 @ 7.0% cap · market cap 2.08%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,310 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Lillagaard Bed & Breakfast
Bed & Breakfast
Waves at the Lillagaard Ice ...
Grocery & Convenience Store
FAQs
What type of property is this?
Hotel - Historic hotel offering 20 renting rooms and a 49-seat street-level restaurant with private entrance, operating seasonally.
Where is this hotel located?
The property is located at 5 Abbott Avenue Unit 5 Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: Historic Ocean Grove hotel built in 1871 with 20 renting rooms; 49‑seat street‑level restaurant with a private entrance; Double lot just steps to the Ocean Grove beach
