Building Details

Year Built 1920

Listing Agency: BHHS Fox & Roach-Northfield Show Phone

Listed By: Richard Baehrle Show Phone

Source: Cummingsrealtors

Added: Aug 13 Changed: Oct 6 Last Checked: Oct 5 at 6:55PM

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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 BHHS Fox & Roach-Northfield

Investment Insights

Based on property information with market context.

This multifamily property includes two separate dwellings and a detached three-car garage on a 1.70-acre parcel. The property contains 1,630 SF and was built in 1920, with the site offering space for parking, equipment, and storage. Its configuration may support residential income, owner occupancy, or a combination of uses, subject to buyer due diligence regarding zoning, permitted uses, approvals, and development potential.

The property fronts Route 50 in Upper Township, providing direct exposure and access along the corridor. It is located minutes from the Garden State Parkway, Sea Isle City, Strathmere, Ocean City, and surrounding shore destinations.

Key Highlights

• Two separate dwellings on one property
• Detached 3‑car garage
• 1.70‑acre parcel with Route 50 frontage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,178

Cap Rate

4.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$443,560 $443.6K

Cap Rate 7%

$316,829 $316.8K

Cap Rate 9%

$246,422 $246.4K

Market Conditions

NOI Build-Up for 1,630 SF

Gross rent

$42.4K $26.04/SF

− Vacancy

−$2.1K −$1.30/SF

EGI

$40.3K $24.74/SF

− OpEx

−$18.1K −$11.13/SF

NOI

$22.2K $13.61/SF

Area

Cape May County, NJ

Vacancy

5.00%

Lease Rate

$26.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$443,560

Cap Rate 7%

$316,829

Cap Rate 9%

$246,422

Alternative Uses

Best Use

Apartment 5plus

$316.8K

$277.2K – $369.6K (±1% cap)

NOI $22,178 @ 7.0% cap · market cap 4.36%

Second Best

Mixed Use

$208.9K

$182.8K – $243.7K (±1% cap)

NOI $14,621 @ 7.0% cap · market cap 2.87%

Theoretical Best

Office A

$498.9K

$436.6K – $582.1K (±1% cap)

NOI $34,926 @ 7.0% cap · market cap 6.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Auto Repair Shop Real Estate Agency (Bike/Boat/Book/etc) Store Restaurant Spa & Massage Center Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

85

Businesses Nearby

Explore this area Business Placement

Demographics for 08230, NJ

5,908

Population

2,669

Households

2.2

Avg Household Size

49

Median Age

44%

College-Educated

98%

High-School Grad

19.5 sq mi

ZIP Area

303

Density / Sq Mi

$110,667

Median Household Income

$63,750

Median Earnings

$1,757

Median Rent

$406,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two separate dwellings with a detached three-car garage and acreage supporting parking, equipment, and storage needs.

Where is this multifamily property located?

The property is located at 86 ROUTE 50 Ocean View, NJ.

What is the asking price?

The asking price for this property is $509,000.

What are key features of this property?

This property features: Two separate dwellings on one property; Detached 3‑car garage; 1.70‑acre parcel with Route 50 frontage