Current Use by Public Records
- Apartment buildings
Property Details for 223 Lincoln Ave
- Year built
- 1950
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 7-unit apartment building located at 223 Lincoln Ave, Seaside Heights, NJ 08751. Boasting a strong 8.1% cap rate and a substantial net operating income (NOI) of $120,623, this stabilized multifamily property offers significant returns. The property comprises 3,940 square feet across two, two-story buildings on a 5,001 square foot lot. Built in 1950 and renovated in 2021, the property features a mix of unit sizes, ranging from one to three bedrooms, with updated kitchens and in-unit laundry in some units. The property enjoys 100% occupancy, with a current price per unit of $212,857.14 and a price per square foot of $378.17. Individual utility meters are installed for each unit, and there is a communal outdoor area and off-street parking. The property is zoned RES and is conveniently located near the beach and boardwalk, offering easy access to local attractions, restaurants, and transportation options. The property is within the Seaside Heights Borough Public Schools district. This is a prime investment for those seeking stable rental income in a high-demand coastal location. The asking price is $1,490,000. The APN is 27-00018-0000-00023.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seaside Heights
- County
- Ocean
- State
- New Jersey
- Longitude
- -74.0772
- Latitude
- 39.9389
