Duplex with Finished Third
New
For Sale
$1,200,000
97 Asbury Ave, Ocean Grove, NJ 07756
Flexible property with distinct first- and second-floor layouts, outdoor space, and additional finished living area above.
Property Size2,217 SF
Price / SF$541.27
Days on Market2
Property Features for 97 Asbury Ave
General Information
Standard status
Active
Size
2,217 SF
Property subtype
Multi-Family
Building Details
Year Built
1895
Listing Agency:
Keller Williams Avon Realty
(732) 455-5252
Listed By:
Richard Covey
Source:
Obrienrealtyllc
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 7:30PM
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 Keller Williams Avon Realty
Investment Insights
Based on property information with market context.
Built in 1895, this 2,217-square-foot duplex offers distinct living arrangements across three finished levels. The first floor includes one bedroom, one bathroom, a living area, dining space, kitchen, beverage bar, and patio. Upstairs, the second floor provides two bedrooms, two full bathrooms, and an updated kitchen. A finished third floor adds substantial supplemental living space.
Exterior features include a mahogany front porch, gardens, and basement storage suited to bicycles and beach equipment. The property is located in Ocean Grove near the footbridge connecting to Asbury Park, with beaches, restaurants, shops, downtown Ocean Grove, and downtown Asbury Park described as steps away.
Exterior features include a mahogany front porch, gardens, and basement storage suited to bicycles and beach equipment. The property is located in Ocean Grove near the footbridge connecting to Asbury Park, with beaches, restaurants, shops, downtown Ocean Grove, and downtown Asbury Park described as steps away.
Key Highlights
- 2,217‑square‑foot duplex built in 1895
- First floor includes 1 bedroom, 1 bathroom, kitchen, beverage bar, and patio
- Second floor offers 2 bedrooms, 2 full bathrooms, and an updated kitchen
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
$37,104
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
3.09%
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%
$742,080
$742.1K
Cap Rate 7%
$530,057
$530.1K
Cap Rate 9%
$412,267
$412.3K
Market Conditions
NOI Build-Up for 2,217 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
$56.7K $25.56/SF
− Vacancy
−$3.7K −$1.65/SF
EGI
$53.0K $23.91/SF
− OpEx
−$15.9K −$7.17/SF
NOI
$37.1K $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%
$742,080
Cap Rate 7%
$530,057
Cap Rate 9%
$412,267
Alternative Uses
Best Use
Multifamily LT 5
$530.1K
$463.8K – $618.4K
NOI $37,104 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$487.0K
$426.2K – $568.2K
NOI $34,093 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$578.9K
$506.5K – $675.4K
NOI $40,523 @ 7.0% cap · market cap 3.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,105
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 - Flexible property with distinct first- and second-floor layouts, outdoor space, and additional finished living area above.
Where is this duplex located?
The property is located at 97 Asbury Ave Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,217‑square‑foot duplex built in 1895; First floor includes 1 bedroom, 1 bathroom, kitchen, beverage bar, and patio; Second floor offers 2 bedrooms, 2 full bathrooms, and an updated kitchen
