Historic Duplex with
New
For Sale
$1,525,000
648-650 Asbury Ave, Ocean City, NJ 08226
MULTI-FAMILY, Ocean City, NJ
Property Size3,332 SF
Lot Size0.07 Acres
Price / SF$457.68
Days on Market3
Property Features for 648-650 Asbury Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 2, Dining Room, Bedroom 7, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 2, Laundry Room, Bedroom 4, Bedroom 5
Patio and Porch features
Deck
Exterior features
Deck, Handicap Access, Outside Shower, Sidewalks
Accessibility
Accessible Approach with Ramp
Appliances
Disposal, Dishwasher, Gas Stove, Microwave, Refrigerator, Self Cleaning Oven
Directions
9th St bridge to Asbury Ave, turn left, property will be on the left between 6th and 7th St.
Subdivision
Ocean City/Central
Standard status
Active
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5819
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Electric, Wall Unit(s)
Water source
Public
Amenities
elevated front deck
personal elevator
sauna
Building Details
Year built
1920
Number of units
2
Listing Agency:
eXp Realty - Montclair
(866) 201-6210
Listed By:
Nicholas Deckard · License #2075732
(609) 602-2847
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 2:06AM
MLS# 611056
Copyright © 2026 South Jersey Shore Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1920, this 3,332-square-foot duplex combines historic details with practical updates. The primary residence includes five bedrooms and two bathrooms, while a fully separate ground-floor unit provides two bedrooms and one bathroom. Original built-ins, detailed carpentry, and stained glass windows remain, complemented by new stucco, masonry, and front and storm doors.
A personal elevator connects the ground level near the driveway with the main living floor, and the primary residence includes a first-floor bedroom. The property also features an elevated front deck, three off-street parking spaces, a large ground-floor storage room, and a top floor currently used for storage with a functioning sauna. Public water and sewer serve the property. The 30x100 lot is located half a mile from the beach and boardwalk, with access to downtown events, the farmer’s market, and surrounding sidewalks.
A personal elevator connects the ground level near the driveway with the main living floor, and the primary residence includes a first-floor bedroom. The property also features an elevated front deck, three off-street parking spaces, a large ground-floor storage room, and a top floor currently used for storage with a functioning sauna. Public water and sewer serve the property. The 30x100 lot is located half a mile from the beach and boardwalk, with access to downtown events, the farmer’s market, and surrounding sidewalks.
Key Highlights
- 3,332 sq ft duplex on a 30x100 lot
- Main residence has 5 bedrooms and 2 bathrooms; separate ground‑floor unit has 2 bedrooms and 1 bathroom
- Personal elevator connects ground level near the driveway to the main living floor
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 - Separate main and ground-floor units offer seven bedrooms, three bathrooms, and a first-floor primary bedroom.
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: 3,332 sq ft duplex on a 30x100 lot; Main residence has 5 bedrooms and 2 bathrooms; separate ground‑floor unit has 2 bedrooms and 1 bathroom; Personal elevator connects ground level near the driveway to the main living floor
