Detailed derivation of the master equation and corresponding time evolution of the cavity radiation of coherent beat laser in terms of the $c$-number variables associated with the normal ordering is presented. Although the obtained expressions in general turn out to have the same form as when dephasing is not taken into consideration, there is clear evidence that the quantum features of the cavity radiation can be significantly affected by the rate of dephasing. It is shown based on intuitive argument that the degree of two-mode squeezing and entanglement decrease with the rate of dephasing. Moreover, a thorough study of the effects of the rate at which the atomic coherent superposition is decaying is expected to aid in determining the actual available various quantum properties of the generated radiation.