Established Restaurant with Ice Cream
For Sale
$725,000
Pending
688 E Bay Avenue, Barnegat, NJ 08005
Turnkey 70-seat restaurant with ice cream parlor in high-traffic area.
Property Size2,816 SF
Lot Size0.22 Acres
Days on Market340
Property Features for 688 E Bay Avenue
General Information
Standard status
Pending
Size
2,816 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,839
Amenities
Central air
A-Frame Roof
Central Air Cooling
Forced Air Heating
Level
Off Street
Paver Block
Shingle Roof
Sidewalks
Tile Flooring
Vinyl Flooring
Wood Flooring
Building Details
Year Built
1920
Listing Agency:
WEICHERT REALTORS-SHIP BOTTOM
(609) 494-6000
Listed By:
PAUL METZGER
Source:
Corcoran
Added: Sep 17, 2025
Changed: Aug 8
Last Checked: Apr 5 at 9:07PM
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 WEICHERT REALTORS-SHIP BOTTOM
Investment Insights
Based on property information with market context.
This is a well-established 70-seat restaurant known for its classic charm and inviting atmosphere. The restaurant serves breakfast, lunch, and dinner and includes an ice cream parlor. Located in a high-traffic area, this dining destination blends old-world character with modern comfort. The interior features a warm, timeless design with an open feel, vintage woodwork, and curated decor, creating a welcoming ambiance. The fully equipped kitchen and well-maintained facilities offer a turnkey opportunity for restaurateurs to continue a successful legacy or introduce a fresh concept. The property benefits from steady foot traffic, a strong repeat customer base, and proximity to the Barnegat bay beach and public dock. Additional features include sidewalk and exterior seating, an exterior fixed refrigeration trailer, additional rear shed storage, an expansive high-volume kitchen, a 3 terminal Toast POS system, and all equipment and small wares. There is a classic throwback ice cream bar with an exterior walk-up window, an office with a full bathroom off the back of the building, basement storage, and 2 customer bathrooms. The sale includes the building, real estate, and business. There is also an option for the sale of the business only, with the seller retaining the building and negotiating lease terms. The property size is 2816 square feet.
Key Highlights
- Established 70‑seat restaurant with a strong repeat customer base in a high‑traffic location.
- Turnkey operation: fully equipped kitchen, all equipment and small wares included.
- Includes real estate and business in the sale (option for business‑only sale with negotiated lease terms).
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
$43,065
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
5.94%
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%
$861,300
$861.3K
Cap Rate 7%
$615,214
$615.2K
Cap Rate 9%
$478,500
$478.5K
Market Conditions
NOI Build-Up for 2,816 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
$60.8K $21.60/SF
− Vacancy
−$3.4K −$1.21/SF
EGI
$57.4K $20.39/SF
− OpEx
−$14.4K −$5.10/SF
NOI
$43.1K $15.29/SF
Area
Ocean County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$861,300
Cap Rate 7%
$615,214
Cap Rate 9%
$478,500
Alternative Uses
Best Use
Specialty Retail
$615.2K
$538.3K – $717.8K
NOI $43,065 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.3K
$643.4K – $857.9K
NOI $51,472 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08005, NJ
25,814
Population
11,671
Households
2.2
Avg Household Size
49
Median Age
34%
College-Educated
94%
High-School Grad
53.5 sq mi
ZIP Area
483
Density / Sq Mi
$92,548
Median Household Income
$47,209
Median Earnings
$1,949
Median Rent
$356,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey 70-seat restaurant with ice cream parlor in high-traffic area.
Where is this conventional restaurant located?
The property is located at 688 E Bay Avenue Barnegat, NJ.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Established 70‑seat restaurant with a strong repeat customer base in a high‑traffic location.; Turnkey operation: **fully equipped kitchen, all equipment and small wares included.**; Includes real estate and business in the sale (option for business‑only sale with negotiated lease terms).
