Renovated Duplex with Updated
For Sale
$750,000
Pending
242 1st Street, Keyport, NJ 07735
Multi-Family, Keyport, NJ
Property Size2,200 SF
Lot Size0.11 Acres
Days on Market93
Property Features for 242 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2
Basement
Crawl Space
Middle school
Central
Directions
https://maps.app.goo.gl/SYnzWNZpjxhVjchZ9
Standard status
Pending
APN
24-00128-0000-00006
Size
2,200 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9617
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1909
Floors in Building
2
Number of units
2
Listing Agency:
Elite Living Realty Group
Listed By:
Jose A Gonzalez
(732) 379-0032
Added: Jun 12
Changed: Sep 7
Last Checked: Sep 12 at 6:06PM
MLS# 22617818
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 2,200-square-foot duplex contains two separate apartments within a 1909-built property on a 0.11-acre lot. The first-floor residence includes a living room, formal dining room, kitchen, two bedrooms, one bathroom, and an additional bonus room. Upstairs, the second apartment provides an oversized living room, kitchen, and one full bathroom.
The property has undergone renovation, with water and heating systems replaced approximately 6 months ago. Heating is provided by baseboard units, while public water and public sewer serve the property. Located at 242 1st Street in Keyport, New Jersey, the building offers a two-unit configuration suited to multifamily ownership or occupancy of one apartment with a second unit on site.
The property has undergone renovation, with water and heating systems replaced approximately 6 months ago. Heating is provided by baseboard units, while public water and public sewer serve the property. Located at 242 1st Street in Keyport, New Jersey, the building offers a two-unit configuration suited to multifamily ownership or occupancy of one apartment with a second unit on site.
Key Highlights
- 2,200‑square‑foot duplex on a 0.11‑acre lot
- Two separate apartments with distinct floor plans
- First‑floor unit includes two bedrooms, one bathroom, dining room, and bonus room
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
$36,820
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
4.91%
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%
$736,400
$736.4K
Cap Rate 7%
$526,000
$526.0K
Cap Rate 9%
$409,111
$409.1K
Market Conditions
NOI Build-Up for 2,200 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
$56.2K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.6K $23.91/SF
− OpEx
−$15.8K −$7.17/SF
NOI
$36.8K $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%
$736,400
Cap Rate 7%
$526,000
Cap Rate 9%
$409,111
Alternative Uses
Best Use
Multifamily LT 5
$526.0K
$460.3K – $613.7K
NOI $36,820 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$483.3K
$422.9K – $563.9K
NOI $33,832 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$574.5K
$502.7K – $670.2K
NOI $40,212 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer distinct layouts with public water and sewer service.
Where is this duplex located?
The property is located at 242 1st Street Keyport, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex on a 0.11‑acre lot; Two separate apartments with distinct floor plans; First‑floor unit includes two bedrooms, one bathroom, dining room, and bonus room
