Renovated Duplex with Porch
For Sale
$899,000
Pending
93 Heck Avenue, Ocean Grove, NJ 07756
MULTI_FAMILY - Ocean Grove, NJ
Property Size1,666 SF
Lot Size0.04 Acres
Days on Market114
Property Features for 93 Heck Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 3
Parking features
On Street
Basement
Full
Subdivision
Ocean Grove
Elementary school
Midtown Community
Middle school
Neptune
High school
Neptune Twp
Directions
Main Ave to New Jersey Ave to Heck Ave
Standard status
Pending
APN
35-00206-0000-00007
Size
1,666 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17440
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Flooring type
Wood
Listing Agency:
Jack Green Realty
(732) 776-6400
Listed By:
Jack Green IV · License #0902169
(732) 776-6400
Added: Apr 20
Changed: Aug 7
Last Checked: Aug 11 at 6:06AM
MLS# 22610943
Copyright © 2026 More MLS. 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.
Renovated two-family duplex built in 1930 featuring wood flooring and forced-air heating. Apartment 1 offers three bedrooms, hardwood/wood floors, 9' ceilings, historic woodwork, and great porch space. The rear apartment has a renovated studio. The property includes a basement and provides on-street parking.
The duplex is situated on a 0.04-acre lot at 93 Heck Avenue in Ocean Grove, NJ, in Monmouth County. Public water and public sewer services are available.
This property is configured as a two-unit building, with one unit designed for multiple bedrooms and a second, smaller studio space suited to flexible use.
The duplex is situated on a 0.04-acre lot at 93 Heck Avenue in Ocean Grove, NJ, in Monmouth County. Public water and public sewer services are available.
This property is configured as a two-unit building, with one unit designed for multiple bedrooms and a second, smaller studio space suited to flexible use.
Key Highlights
- Renovated two‑family duplex built in 1930
- Apartment 1: three bedrooms, wood flooring, 9' ceilings, historic woodwork, porch space
- Rear apartment: renovated studio
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 - Renovated two-family duplex with wood flooring, forced-air heat, public water, and public sewer in Ocean Grove.
Where is this duplex located?
The property is located at 93 Heck Avenue 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: Renovated two‑family duplex built in 1930; Apartment 1: three bedrooms, wood flooring, 9' ceilings, historic woodwork, porch space; Rear apartment: renovated studio
