Two-Building 8-Unit Apartment
For Sale
$2,475,000
Pending
402 2nd Avenue, Long Branch, NJ 07740
Multi-Family, Long Branch, NJ
Property Size5,021 SF
Lot Size0.48 Acres
Days on Market92
Property Features for 402 2nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 4, Bedroom 7, Bedroom 1, Basement, Bedroom 2, Bedroom 10, Bathroom 1, Bathroom 8, Bathroom 3, Bathroom 2, Bedroom 3, Bathroom 9, Bedroom 5, Bedroom 6, Bathroom 6, Bedroom 9, Bedroom 11, Bathroom 7, Bedroom 12, Bedroom 8, Bathroom 4, Bathroom 5
Parking features
Open
Basement
Full
Lot features
Level
View
Water
Elementary school
Anastasia
Middle school
Long Branch
High school
Long Branch
Directions
402 2nd Avenue
Subdivision
West End
Standard status
Pending
APN
27-00153-0000-00018
Size
5,021 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9180
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1902
Floors in Building
2
Number of units
8
Roof type
Shingle
Listing Agency:
Rosario Realty Inc
Listed By:
Carolina M Zocco · License #8936342
(732) 229-4900
Added: Jun 12
Changed: Sep 9
Last Checked: Sep 11 at 10:06PM
MLS# 22617872
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 multifamily property includes two separate buildings on two lots with a combined 8 rental units and 5,021 square feet of property area. The buildings date to 1902 and feature zoned heating, multi-unit cooling, shingle roofing, open parking, public water, and public sewer. Tenancies are month-to-month, while the landlord covers water and sewer expenses.
The property is located in Long Branch near Pier Village beaches, boardwalk attractions, shopping, dining, parks, cultural venues, and public transportation. The parcels are situated at 396 2nd Avenue and 402 2nd Avenue, with lot dimensions of 54x274 and 75x274, respectively. Both properties are offered together and are located in an R-4 zone.
The property is located in Long Branch near Pier Village beaches, boardwalk attractions, shopping, dining, parks, cultural venues, and public transportation. The parcels are situated at 396 2nd Avenue and 402 2nd Avenue, with lot dimensions of 54x274 and 75x274, respectively. Both properties are offered together and are located in an R-4 zone.
Key Highlights
- 8 rental units across 2 buildings
- 5,021 square feet on 0.48 acres
- Two lots at 396 2nd Avenue and 402 2nd 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
$77,213
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
3.12%
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%
$1,544,260
$1.5M
Cap Rate 7%
$1,103,043
$1.1M
Cap Rate 9%
$857,922
$857.9K
Market Conditions
NOI Build-Up for 5,021 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
$150.6K $30.00/SF
− Vacancy
−$10.2K −$2.04/SF
EGI
$140.4K $27.96/SF
− OpEx
−$63.2K −$12.58/SF
NOI
$77.2K $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%
$1,544,260
Cap Rate 7%
$1,103,043
Cap Rate 9%
$857,922
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$965.2K – $1.29M
NOI $77,213 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,776 @ 7.0% cap · market cap 3.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,132
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
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?
Apartment building - Multifamily property with two buildings, open parking, and flexible month-to-month tenancy.
Where is this apartment building located?
The property is located at 402 2nd Avenue Long Branch, NJ.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 8 rental units across 2 buildings; 5,021 square feet on 0.48 acres; Two lots at 396 2nd Avenue and 402 2nd Avenue
