Building Details

Year Built 1930

Listing Agency: Jack Green Realty

Listed By: Jack Green IV, Michelle Green

Source: Goldstandardrealty

Added: Jul 21 Changed: Oct 8 Last Checked: Oct 7 at 5:36PM

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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 Jack Green Realty

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Investment Insights

Based on property information with market context.

This 1,666-square-foot duplex, built in 1930, contains two residential apartments. The primary unit has three bedrooms, hardwood flooring, 9-foot ceilings, original woodwork, and substantial porch space. A separate rear studio has been renovated and provides additional residential flexibility.

The property is located at 93 Heck Ave in Ocean Grove, near the community’s downtown area, beaches, and Asbury Park. Its two-unit configuration combines a larger apartment with a compact studio layout within a renovated residential income property.

Key Highlights

• Two‑unit duplex with a 3‑bedroom primary apartment and renovated rear studio
• 1,666 SF property built in 1930
• Primary apartment features hardwood floors and 9' ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,882

Cap Rate

3.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$557,640 $557.6K

Cap Rate 7%

$398,314 $398.3K

Cap Rate 9%

$309,800 $309.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,666 SF

Gross rent

$42.6K $25.56/SF

− Vacancy

−$2.8K −$1.65/SF

EGI

$39.8K $23.91/SF

− OpEx

−$11.9K −$7.17/SF

NOI

$27.9K $16.74/SF

Area

Monmouth County, NJ

Vacancy

6.46%

Lease Rate

$25.56 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$557,640

Cap Rate 7%

$398,314

Cap Rate 9%

$309,800

Alternative Uses

Best Use

Multifamily LT 5

$398.3K

$348.5K – $464.7K (±1% cap)

NOI $27,882 @ 7.0% cap · market cap 3.10%

Second Best

Apartment 5plus

$366.0K

$320.3K – $427.0K (±1% cap)

NOI $25,620 @ 7.0% cap · market cap 2.85%

Theoretical Best

Office A

$435.0K

$380.7K – $507.5K (±1% cap)

NOI $30,452 @ 7.0% cap · market cap 3.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Locksmith Florist Butcher Cosmetic Store (Bike/Boat/Book/etc) Store

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

Location Intelligence

Trade Area within ½ mile

1,886

Businesses Nearby

Explore this area Business Placement

Demographics for 07756, NJ

3,164

Population

2,831

Households

1.1

Avg Household Size

58

Median Age

64%

College-Educated

92%

High-School Grad

0.4 sq mi

ZIP Area

7,910

Density / Sq Mi

$74,410

Median Household Income

$58,148

Median Earnings

$1,212

Median Rent

$764,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units include a three-bedroom apartment and a renovated studio.

Where is this duplex located?

The property is located at 93 Heck Ave Ocean Grove, NJ.

What is the asking price?

The asking price for this property is $899,000.

What are key features of this property?

This property features: Two‑unit duplex with a 3‑bedroom primary apartment and renovated rear studio; 1,666 SF property built in 1930; Primary apartment features hardwood floors and 9' ceilings