Mixed-Use Retail and
511 Bay Avenue Unit 511 Point Pleasant Beach, NJ 08742
511 Bay Avenue Unit 511, Point Pleasant Beach, NJ, 08742
$1,600,000
For Sale
$1,600,000
Two fully occupied retail storefronts and two residential apartments with tenant-paid utilities generate substantial annual gross income.
Property Size7,956 SF
Price / SF$201.11
Days on Market135
Property Features for 511 Bay Avenue Unit 511
General Information
- Standard status
- Active
- Size
- 7,956 SF
- Property subtype
- Mixed Use
Listing agency
Keller Williams Realty Spring Lake
(848) 220-7120
Listed by
Diane Glander
(848) 220-7120
Source
Xome
Added: Mar 11 Updated: Jul 23 at 3:28AM Checked: Jul 23 at 3:28AM
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 Keller Williams Realty Spring Lake
Investment Insights
Based on property information with market context.
This well-positioned mixed-use property includes two retail storefronts and two residential apartments, all currently occupied by long-term tenants. Retail Unit 1 is leased to a 20-year tenant, and Retail Unit 2 is leased to a 10-year tenant. The residential units include a 2BR apartment and a 3BR apartment, leased to tenants with 8-year and 3-year tenancies, respectively. Reported annual gross income totals $127,200, based on current monthly rent.
Tenants are currently month-to-month and the property is being marketed with an emphasis on stabilizing long-term lease renewals. Commercial units use gas heat (tenant-paid), while the apartments feature electric heat (tenant-paid). One retail space is fully renovated, while the second retail unit is described as offering solid condition with improvement upside.
Approximately 1,000 SF of additional second-floor space is currently used as tenant storage at no cost, which may support future expansion or conversion, subject to approvals. The apartments are described as functional and well-maintained with early-2000s finishes.
Tenants are currently month-to-month and the property is being marketed with an emphasis on stabilizing long-term lease renewals. Commercial units use gas heat (tenant-paid), while the apartments feature electric heat (tenant-paid). One retail space is fully renovated, while the second retail unit is described as offering solid condition with improvement upside.
Approximately 1,000 SF of additional second-floor space is currently used as tenant storage at no cost, which may support future expansion or conversion, subject to approvals. The apartments are described as functional and well-maintained with early-2000s finishes.
Key Highlights
- Mixed‑use property with 2 retail storefronts and 2 residential apartments, all currently occupied by long‑term, stable tenants
- Annual gross income of $127,200: Retail Unit 1 $3,100/mo, Retail Unit 2 $3,000/mo, 2BR $1,900/mo, 3BR $2,600/mo
- Tenant‑paid utilities: residential units use electric heat; commercial units use gas heat
Local Financial Insights For Multifamily LT 5
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 | $203.4k | $25.56 |
| − Vacancy | −$13.1k | −$1.65 |
| EGI | $190.2k | $23.91 |
| − OpEx | −$57.1k | −$7.17 |
| NOI | $133.2k | $16.74 |
7,956 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.90M
$1.66M – $2.22M
NOI $133,153 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,347 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,423 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ormolu
Home Decor Store
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Two fully occupied retail storefronts and two residential apartments with tenant-paid utilities generate substantial annual gross income.
Where is this mixed-use property located?
The property is located at 511 Bay Avenue Unit 511 Point Pleasant Beach, NJ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Mixed‑use property with 2 retail storefronts and 2 residential apartments, all currently occupied by long‑term, stable tenants; Annual gross income of $127,200: Retail Unit 1 $3,100/mo, Retail Unit 2 $3,000/mo, 2BR $1,900/mo, 3BR $2,600/mo; Tenant‑paid utilities: residential units use electric heat; commercial units use gas heat
