196 Bay Avenue Located in the heart of Highlands, this versatile mixed-use property offers exceptional visibility and multiple income streams. The first floor provides flexible space ideal for retail, office, or restaurant use, while the second floor features a spacious 1, 500 sq. ft. apartment with 4 bedrooms. Situated in a newly re-zoned district that allows for additional building height, the property presents a rare value-add opportunity. Investors can enhance returns by dividing the existing apartment into two 2-bedroom units and adding another story with two additional 2-bedroom apartments. With rental demand in Highlands remaining strong thanks to proximity to the Sea Streak Ferry and the Jersey Shore, 2-bedroom units consistently average $2, 500+ per month. This combination of development potential and its prime location makes this property a standout opportunity in one of Monmouth County's most sought-after communities!