Duplex with Walk-Up
For Sale
$655,000
Pending
282 Morris Avenue, Long Branch, NJ 07740
MULTI_FAMILY - Long Branch, NJ
Property Size1,664 SF
Lot Size0.15 Acres
Days on Market110
Property Features for 282 Morris Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bathroom 2, Basement, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
On Street
Patio and Porch features
Patio
Interior features
Attic - Walk Up, Recessed Lighting
Exterior features
Lighting
Fencing
Fenced
Basement
Full
Lot features
Level, Subdividable
Middle school
Long Branch
Directions
Broadway to Morris
Standard status
Pending
APN
27-00189-0000-00017
Size
1,664 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8688
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Wood, Tile - Ceramic, Laminate
Roof type
Shingle
Listing Agency:
RE/MAX Central · RE/MAX International
(732) 972-1000
Listed By:
Matthew Tully · License #2075152
(732) 972-1000
Added: May 7
Changed: Aug 7
Last Checked: Aug 24 at 12:06AM
MLS# 22613321
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 duplex is a two-family home built in 1910 with distinct living setups on two floors plus additional expansion space. The first-floor unit includes three bedrooms, one full bathroom, a living room, and a full kitchen. The second-floor unit offers two bedrooms, one full bathroom, a living room, and a full kitchen. The property also features a full unfinished basement and a walk-up attic with standing-height space, creating flexibility for storage, workshop use, or the potential to add a third-floor living area subject to township approvals. Interior touches include recessed lighting, and flooring includes laminate, wood, and ceramic tile.
Outside, the home sits on an extra-large lot stretching from Morris Avenue through to Willow Avenue, with patios in the backyard, a detached garage, fenced space, and a private driveway for off-street parking. Water and sewer services are public, and the home has a shingle roof. Heating is zoned.
With access to both Morris Avenue and Willow Avenue, the layout supports discussion of future possibilities; buyers are encouraged to perform their own due diligence with the municipality regarding subdivision potential, zoning requirements, and any future development approvals.
Outside, the home sits on an extra-large lot stretching from Morris Avenue through to Willow Avenue, with patios in the backyard, a detached garage, fenced space, and a private driveway for off-street parking. Water and sewer services are public, and the home has a shingle roof. Heating is zoned.
With access to both Morris Avenue and Willow Avenue, the layout supports discussion of future possibilities; buyers are encouraged to perform their own due diligence with the municipality regarding subdivision potential, zoning requirements, and any future development approvals.
Key Highlights
- Two‑family duplex with first‑floor 3 bed, 1 bath and second‑floor 2 bed, 1 bath layouts
- Walk‑up attic with standing‑height space plus a full unfinished basement
- Extra‑large lot stretching from Morris Avenue through to Willow Avenue
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
$27,849
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
4.25%
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%
$556,980
$557.0K
Cap Rate 7%
$397,843
$397.8K
Cap Rate 9%
$309,433
$309.4K
Market Conditions
NOI Build-Up for 1,664 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
$42.5K $25.56/SF
− Vacancy
−$2.7K −$1.65/SF
EGI
$39.8K $23.91/SF
− OpEx
−$11.9K −$7.17/SF
NOI
$27.8K $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%
$556,980
Cap Rate 7%
$397,843
Cap Rate 9%
$309,433
Alternative Uses
Best Use
Multifamily LT 5
$397.8K
$348.1K – $464.2K
NOI $27,849 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$365.6K
$319.9K – $426.5K
NOI $25,589 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$434.5K
$380.2K – $506.9K
NOI $30,415 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,630
Businesses Nearby
Explore this area
Business Placement
Demographics for 07740, NJ
31,905
Population
15,208
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
84%
High-School Grad
5.3 sq mi
ZIP Area
6,020
Density / Sq Mi
$73,806
Median Household Income
$38,614
Median Earnings
$1,744
Median Rent
$521,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex built in 1910 with a walk-up attic, fenced patio backyard, and a full unfinished basement.
Where is this duplex located?
The property is located at 282 Morris Avenue Long Branch, NJ.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: Two‑family duplex with first‑floor 3 bed, 1 bath and second‑floor 2 bed, 1 bath layouts; Walk‑up attic with standing‑height space plus a full unfinished basement; Extra‑large lot stretching from Morris Avenue through to Willow Avenue
