Mixed-Use Redevelopment Opportunity Near Route
1324 Corlies Avenue Neptune, NJ 07753
For Sale
$699,000
MULTI_FAMILY - Neptune Township, NJ
Property Size2,782 SF
Lot Size0.18 Acres
Price / SF$251.26
Days on Market94
Property Features for 1324 Corlies Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Basement
- Partial
- Standard status
- Active
- APN
- 35-00515-0000-00005
- Size
- 2,782 SF
- Lot size
- 0.18 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 10072
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1906
- Floors in Building
- 1
- Number of units
- 3
- Roof type
- Shingle
Listing Agency:
Ward Wight Sotheby's International Realty
(732) 775-8500
Listed By:
Joseph Scheeler · License #0562643
(732) 775-8500
Added: Apr 22
Last Checked: Jul 24 at 12:06PM
MLS# 22611293
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.
This property presents a potential three-family value-add or mixed-use redevelopment opportunity, situated in a high-visibility location near Route 35. The prior configuration included a two-family residence with retail space on the ground level. Renovation is currently underway, featuring framing and partial plumbing and electrical work, based on a previous concept for a three-family residential layout with retail or office space on the first floor. The buyer is responsible for verifying all proposed use, zoning, permits, approvals, and compliance requirements. Construction will need to be completed. The property also includes basement storage and a large rear parking lot. Conveniently located near Route 18, the Garden State Parkway, Jersey Shore University Medical Center, and the beach areas of Ocean Grove and Asbury Park. The lot size is 0.18 acres, and the property size is 2782 square feet.
Key Highlights
- High‑visibility location near Route 35, Route 18, and the Garden State Parkway.
- Value‑add/mixed‑use redevelopment opportunity.
- Large rear parking lot.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.5k | $30.00 |
| − Vacancy | −$5.7k | −$2.04 |
| EGI | $77.8k | $27.96 |
| − OpEx | −$35.0k | −$12.58 |
| NOI | $42.8k | $15.38 |
2,782 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$611.2K
$534.8K – $713.0K
NOI $42,782 @ 7.0% cap · market cap 6.12%
Second Best
Office B
$608.1K
$532.1K – $709.4K
NOI $42,565 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$726.4K
$635.6K – $847.5K
NOI $50,851 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mixed-use properties
FAQs
What type of property is this?
Mixed-use property - Value-add mixed-use redevelopment opportunity in high-visibility location near Route 35.
Where is this mixed-use property located?
The property is located at 1324 Corlies Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: High‑visibility location near Route 35, Route 18, and the Garden State Parkway.; Value‑add/mixed‑use redevelopment opportunity.; Large rear parking lot.
