Renovated Two-Family
For Sale
$899,000
93 Heck Ave, Ocean Grove, NJ 07756
Two residential units include a three-bedroom apartment and a renovated studio.
Property Size1,666 SF
Price / SF$539.62
Days on Market43
Property Features for 93 Heck Ave
General Information
Standard status
Active
Size
1,666 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x studio
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Jack Green Realty
(732) 776-6400
Listed By:
Jack Green IV, Michelle Green
Source:
Goldstandardrealty
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 7:40PM
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
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.
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 = 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
$27,882
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
3.10%
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%
$557,640
$557.6K
Cap Rate 7%
$398,314
$398.3K
Cap Rate 9%
$309,800
$309.8K
Market Conditions
NOI Build-Up for 1,666 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
$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 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%
$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
NOI $27,882 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$366.0K
$320.3K – $427.0K
NOI $25,620 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$435.0K
$380.7K – $507.5K
NOI $30,452 @ 7.0% cap · market cap 3.39%
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
1,886
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
Questions? Ask Rey
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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
