Historic Duplex with
New
For Sale
$1,525,000
648-650 Asbury Avenue, 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 Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 7, Dining Room, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 1
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Porch, Sidewalks, Outside Shower
Lot features
Island
Subdivision
Ocean City
Standard status
Active
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5819
Utilities
Heating system
Natural Gas, Other (Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
elevated front deck
sauna
Building Details
Year built
1920
Number of units
2
Listing Agency:
eXp REALTY
(866) 201-6210
Listed By:
Nicholas Deckard · License #2075732
(609) 602-2847
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 10:06AM
MLS# 262314
Copyright © 2026 Cape May County Association of Realtors. 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 duplex at 648-650 Asbury Avenue pairs original architectural details with updates including new stucco, masonry, a front door, and a storm door. The main residence includes five bedrooms and two bathrooms, while a separate ground-floor unit provides two bedrooms and one bathroom. Original built-ins, detailed carpentry, and stained-glass windows remain throughout the property.
A personal elevator connects the ground level near the driveway to the main living floor, which also includes a first-floor primary bedroom. The top floor is currently used for storage and includes a functioning sauna, with potential for one or two additional bedrooms and a full bathroom. Additional features include a large ground-floor storage room, porch, outside shower, public water, and three off-street parking spaces. The property is approximately half a mile from the beach and boardwalk, with access to downtown events and the farmer’s market.
A personal elevator connects the ground level near the driveway to the main living floor, which also includes a first-floor primary bedroom. The top floor is currently used for storage and includes a functioning sauna, with potential for one or two additional bedrooms and a full bathroom. Additional features include a large ground-floor storage room, porch, outside shower, public water, and three off-street parking spaces. The property is approximately half a mile from the beach and boardwalk, with access to downtown events and the farmer’s market.
Key Highlights
- Duplex with a 5‑bedroom, 2‑bathroom main residence and separate 2‑bedroom, 1‑bathroom ground‑floor unit
- 3,332 sq ft building on a 30x100 lot
- Built in 1920 with original built‑ins, carpentry, and stained‑glass windows
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 separate living units combine with historic detailing, three off-street parking spaces, and an elevator serving the main living floor.
Where is this duplex located?
The property is located at 648-650 Asbury Avenue 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: Duplex with a 5‑bedroom, 2‑bathroom main residence and separate 2‑bedroom, 1‑bathroom ground‑floor unit; 3,332 sq ft building on a 30x100 lot; Built in 1920 with original built‑ins, carpentry, and stained‑glass windows
