Duplex with Finished Third
New
For Sale
$1,200,000
97 Asbury Avenue, Ocean Grove, NJ 07756
Multi-Family, Ocean Grove, NJ
Property Size2,217 SF
Lot Size0.04 Acres
Price / SF$541.27
Days on Market3
Property Features for 97 Asbury Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Basement, Bathroom 3, Bedroom 3, Bedroom 1
Parking features
On Street
Patio and Porch features
Patio
Interior features
Attic - Walk Up, Recessed Lighting
Exterior features
Underground Sprinkler System, Outdoor Grill, Stained Glass, Screens
Fencing
Fenced
Basement
Walk-Out Access, Full
Subdivision
Ocean Grove
View
Water
Middle school
Neptune
Directions
From Main Street, head East on Broadway. Left on Pennsylvania. Left on Asbury. House on Right.
Standard status
Active
APN
35-00121-0000-00010
Size
2,217 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17771
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Radiant
Cooling system
Multi Units
Water source
Public
Amenities
patio
beverage bar
front porch
basement storage
Building Details
Year built
1895
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Wood
Roof type
Shingle
Listing Agency:
Keller Williams Avon Realty · Keller Williams Realty
(732) 988-8900
Listed By:
Richard Covey
(732) 988-8900
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 29 at 7:06PM
MLS# 22626926
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.
Built in 1895, this 2,217-square-foot duplex offers a flexible configuration for one- or two-family use. The first floor includes one bedroom, one bathroom, a living area, dining space, kitchen, beverage bar, and patio access. Upstairs are two bedrooms, two full bathrooms, and an updated kitchen. A finished third floor adds substantial living space, while the walk-up attic and basement provide additional storage.
The 0.04-acre property includes a mahogany front porch, fenced grounds, gardens, stained-glass details, an outdoor grill, and an underground sprinkler system. Radiant, zoned heating and multi-unit cooling serve the home, with public water and public sewer. On-street parking is available.
Located at 97 Asbury Avenue in Ocean Grove, the property is near the footbridge to Asbury Park, beaches, dining, shopping, and downtown Ocean Grove.
The 0.04-acre property includes a mahogany front porch, fenced grounds, gardens, stained-glass details, an outdoor grill, and an underground sprinkler system. Radiant, zoned heating and multi-unit cooling serve the home, with public water and public sewer. On-street parking is available.
Located at 97 Asbury Avenue in Ocean Grove, the property is near the footbridge to Asbury Park, beaches, dining, shopping, and downtown Ocean Grove.
Key Highlights
- 2,217‑square‑foot duplex on a 0.04‑acre lot
- Three bedrooms and three full bathrooms across two residential levels
- Two kitchens support the property’s flexible one- or two‑family configuration
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 two-family layout with three bedrooms, three full baths, and two kitchens.
Where is this duplex located?
The property is located at 97 Asbury Avenue 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 on a 0.04‑acre lot; Three bedrooms and three full bathrooms across two residential levels; Two kitchens support the property’s flexible one- or two‑family configuration
