Renovated Three-Unit Residential
For Sale
$1,099,999
413 Ridge Avenue, Asbury Park, NJ 07712
Multi-Family, Asbury Park, NJ
Property Size2,037 SF
Lot Size0.05 Acres
Price / SF$540.01
Days on Market98
Property Features for 413 Ridge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 7, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2
Parking features
On Street
Basement
Crawl Space
Directions
413 Ridge Ave on GPS
Standard status
Active
APN
04-01406-0000-00002
Size
2,037 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7702
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
3
Listing Agency:
C21/ Solid Gold Realty
Listed By:
Victor Alhalabi
(732) 531-7772
Added: Jun 16
Changed: Sep 13
Last Checked: Sep 21 at 11:06AM
MLS# 22618240
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 three-unit residential property contains 2,037 square feet and was built in 1935. The building has been recently renovated and is currently tenant occupied. On-street parking serves the property, which sits on a 0.05-acre corner lot.
Public water and public sewer support the building. The property is in Asbury Park, NJ, near the beach, hospitals, and major highways, placing everyday services and regional transportation within the surrounding area.
Public water and public sewer support the building. The property is in Asbury Park, NJ, near the beach, hospitals, and major highways, placing everyday services and regional transportation within the surrounding area.
Key Highlights
- Three‑unit residential building with 2,037 square feet
- Recently renovated and currently tenant occupied
- Built in 1935 on a 0.05‑acre corner lot
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
$34,092
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
3.10%
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%
$681,840
$681.8K
Cap Rate 7%
$487,029
$487.0K
Cap Rate 9%
$378,800
$378.8K
Market Conditions
NOI Build-Up for 2,037 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
$52.1K $25.56/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$48.7K $23.91/SF
− OpEx
−$14.6K −$7.17/SF
NOI
$34.1K $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%
$681,840
Cap Rate 7%
$487,029
Cap Rate 9%
$378,800
Alternative Uses
Best Use
Multifamily LT 5
$487.0K
$426.2K – $568.2K
NOI $34,092 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$447.5K
$391.6K – $522.1K
NOI $31,325 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$531.9K
$465.4K – $620.6K
NOI $37,233 @ 7.0% cap · market cap 3.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 07712, NJ
39,397
Population
19,321
Households
2
Avg Household Size
42
Median Age
49%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
3,229
Density / Sq Mi
$95,691
Median Household Income
$51,924
Median Earnings
$1,496
Median Rent
$578,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments offer a renovated multifamily configuration with public water and sewer service.
Where is this triplex located?
The property is located at 413 Ridge Avenue Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,099,999.
What are key features of this property?
This property features: Three‑unit residential building with 2,037 square feet; Recently renovated and currently tenant occupied; Built in 1935 on a 0.05‑acre corner lot
