Residential Income Property With Two-Level
For Sale
$619,000
369 Carr Avenue, Keansburg, NJ 07734
COMMERCIAL - Keansburg, NJ
Property Size2,944 SF
Price / SF$210.26
Days on Market161
Property Features for 369 Carr Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-0
Parking
4
Parking features
On Street, Offsite
Interior features
Storage, Elevator
Accessibility
Accessible Elevator Installed
Lot features
Near Shopping, Business District
Directions
Garden State Parkway Exit 117 to 36 South - follow GPS
Standard status
Active
APN
2300158000000011
Size
2,944 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9196
Utilities
Sewer type
Public Sewer
Heating system
Central, Radiant, Baseboard
Cooling system
Central Air
Water source
Public
Amenities
storage
bathroom
fluorescent lighting
large front windows
spacious backyard
Building Details
Year built
1945
Floors in Building
2
Flooring type
Elevator, Concrete, Wood
Additional Structures
Storage
Listing Agency:
ROBERT DE FALCO REALTY, INC.
(732) 845-3200
Listed By:
Debra Fanelli · License #2295251
(732) 845-3200
Added: Mar 15
Changed: Aug 4
Last Checked: Aug 22 at 12:06PM
MLS# 2612886R
Copyright © 2026 All Jersey 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 residential income property includes commercial space on the first level and an income-producing two-bedroom apartment on the second level. The first floor is described as a large open floor plan with ample storage, a bathroom, 8-foot ceiling height, fluorescent lighting, and two large front windows. The second level apartment is currently occupied; apartment details are available through the listing agent.
The property is zoned C-0 and includes an accessible elevator installed. Interior features include storage and an elevator. Flooring is listed as concrete and wood, and the home is served by public water and public sewer. Heating is described as radiant, central, and baseboard, and cooling is listed as central air.
Additional exterior notes include a spacious backyard. Parking is listed as on-street and offsite. The building was built in 1945, and the total property size is listed at 2,944 square feet, with first-level and second-level square footage shown as approximate.
The property is zoned C-0 and includes an accessible elevator installed. Interior features include storage and an elevator. Flooring is listed as concrete and wood, and the home is served by public water and public sewer. Heating is described as radiant, central, and baseboard, and cooling is listed as central air.
Additional exterior notes include a spacious backyard. Parking is listed as on-street and offsite. The building was built in 1945, and the total property size is listed at 2,944 square feet, with first-level and second-level square footage shown as approximate.
Key Highlights
- Zoned C‑0 residential income property with two‑level commercial and apartment layout
- First‑level commercial space with approx. 2,000 sq.ft., open floor plan, 8‑ft ceiling height
- Second‑level two‑bedroom apartment approx. 944 sq.ft. currently occupied
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
$45,273
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
7.31%
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%
$905,460
$905.5K
Cap Rate 7%
$646,757
$646.8K
Cap Rate 9%
$503,033
$503.0K
Market Conditions
NOI Build-Up for 2,944 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
$88.3K $30.00/SF
− Vacancy
−$6.0K −$2.04/SF
EGI
$82.3K $27.96/SF
− OpEx
−$37.0K −$12.58/SF
NOI
$45.3K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$905,460
Cap Rate 7%
$646,757
Cap Rate 9%
$503,033
Alternative Uses
Best Use
Apartment 5plus
$646.8K
$565.9K – $754.6K
NOI $45,273 @ 7.0% cap · market cap 7.31%
Second Best
Mixed Use
$567.8K
$496.8K – $662.4K
NOI $39,744 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$768.7K
$672.7K – $896.9K
NOI $53,812 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
Explore this area
Business Placement
Demographics for 07734, NJ
12,772
Population
5,349
Households
2.4
Avg Household Size
39
Median Age
22%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,513
Density / Sq Mi
$89,073
Median Household Income
$41,228
Median Earnings
$1,638
Median Rent
$310,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Zoned C-0, with a ground-floor commercial space and an occupied two-bedroom apartment above, plus an accessible elevator.
Where is this residential income property located?
The property is located at 369 Carr Avenue Keansburg, NJ.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Zoned C‑0 residential income property with two‑level commercial and apartment layout; First‑level commercial space with approx. 2,000 sq.ft., open floor plan, 8‑ft ceiling height; Second‑level two‑bedroom apartment approx. 944 sq.ft. currently occupied
