Historic Duplex with Separate
New
For Sale
$1,525,000
648-650 Asbury Ave, Ocean City, NJ 08226
Two residences provide flexible living arrangements, including a main home over an independent lower-level apartment.
Property Size3,332 SF
Lot Size0.07 Acres
Price / SF$457.68
Days on Market7
Property Features for 648-650 Asbury Ave
General Information
Standard status
Active
Size
3,332 SF
Total Parking Spaces
3
Elevators
Yes
Lot size
0.07 Acres
Property subtype
Multi-Family
Units
Unit Mix
5BR/2BA, 2BR/1BA
Multifamily Units
2
Amenities
deck
sauna
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Resorts Ltd Inc
(609) 204-7891
Listed By:
Ben Kruse
(609) 204-7891
Source:
Choosekruse
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 12:01PM
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 Resorts Ltd Inc
Investment Insights
Based on property information with market context.
Built in 1920, this duplex combines preserved architectural character with updates that support present-day use. Original built-ins, detailed woodwork, and stained glass complement newer stucco, masonry work, and front entry doors. The principal residence includes 5 bedrooms and 2 bathrooms, while a fully separate ground-floor unit offers 2 bedrooms and 1 bathroom. A first-floor primary bedroom and elevator access from the driveway add practical accessibility.
The upper level is currently used for storage and includes a functioning sauna, with the existing layout offering potential for 1–2 additional bedrooms and a full bathroom. The property also has a substantial ground-floor storage room and 3 off-street parking spaces. Located 0.5 miles from the beach and boardwalk, the home includes an elevated front deck overlooking downtown Ocean City events and provides access to the farmer's market and other nearby attractions. The property contains 3,332 sq ft on a 30x100 lot.
The upper level is currently used for storage and includes a functioning sauna, with the existing layout offering potential for 1–2 additional bedrooms and a full bathroom. The property also has a substantial ground-floor storage room and 3 off-street parking spaces. Located 0.5 miles from the beach and boardwalk, the home includes an elevated front deck overlooking downtown Ocean City events and provides access to the farmer's market and other nearby attractions. The property contains 3,332 sq ft on a 30x100 lot.
Key Highlights
- Separate residences: 5 bed / 2 bath main home and 2 bed / 1 bath ground‑floor unit
- 3,332 sq ft on a 30x100 lot
- 0.5 miles from the beach and boardwalk in downtown Ocean City
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,320
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$986,400
$986.4K
Cap Rate 7%
$704,571
$704.6K
Cap Rate 9%
$548,000
$548.0K
Market Conditions
NOI Build-Up for 3,332 SF
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.
Gross rent
$74.0K $22.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$70.5K $21.15/SF
− OpEx
−$21.1K −$6.34/SF
NOI
$49.3K $14.80/SF
Area
Cape May County, NJ
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$986,400
Cap Rate 7%
$704,571
Cap Rate 9%
$548,000
Alternative Uses
Best Use
Multifamily LT 5
$704.6K
$616.5K – $822.0K
NOI $49,320 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$647.6K
$566.7K – $755.6K
NOI $45,335 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.02M
$892.4K – $1.19M
NOI $71,395 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 08226, NJ
11,229
Population
20,905
Households
0.5
Avg Household Size
57
Median Age
55%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
1,651
Density / Sq Mi
$101,782
Median Household Income
$54,323
Median Earnings
$1,670
Median Rent
$719,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences provide flexible living arrangements, including a main home over an independent lower-level apartment.
Where is this duplex located?
The property is located at 648-650 Asbury Ave Ocean City, NJ.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Separate residences: 5 bed / 2 bath main home and 2 bed / 1 bath ground‑floor unit; 3,332 sq ft on a 30x100 lot; 0.5 miles from the beach and boardwalk in downtown Ocean City
