Ranch Duplex with Lake
For Sale
$210,000
678 New Castle Court, Lakewood, NJ 08701
Residential, Duplex, Lakewood, NJ
Property Size982 SF
Lot Size0.03 Acres
Price / SF$213.85
Days on Market296
Property Features for 678 New Castle Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential, Single Family
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1
Patio and Porch features
Porch
Exterior features
Underground Sprinkler System, Swimming
Subdivision
Leisure Village
Middle school
Lakewood
Directions
Buckingham Dr. - First right on Plymouth Dr., left on New Castle Ct.
Standard status
Active
APN
15-01248-0000-00678-02
Size
982 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1857
HOA Fee
$404 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Zoned
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Wood, Laminate
Building materials
Aluminum Siding, Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Crossroads Realty Sapphire Group
(732) 364-6767
Listed By:
Emily H Smith · License #7934898
(732) 674-6258
Added: Nov 28, 2025
Changed: Sep 13
Last Checked: Sep 20 at 5:06PM
MLS# 22535520
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 ranch-style duplex contains 982 square feet with two bedrooms and one bathroom. The property includes laminate and wood flooring, updated windows, an improved garage door, and refreshed appliances, bath, and interior doors. Central air conditioning and zoned electric baseboard heat provide the primary climate systems. A porch, shingle roof, aluminum siding, brick construction materials, and an underground sprinkler system are also included.
Set at 678 New Castle Court in Lakewood, New Jersey, the property occupies 0.03 acres and has a rear-yard view of Lake Waddill. A long driveway and proximity to the Leisure Village front gate add to the site's practical layout. Public water and public sewer serve the property, which was built in 1970.
Set at 678 New Castle Court in Lakewood, New Jersey, the property occupies 0.03 acres and has a rear-yard view of Lake Waddill. A long driveway and proximity to the Leisure Village front gate add to the site's practical layout. Public water and public sewer serve the property, which was built in 1970.
Key Highlights
- 982 square feet with 2 bedrooms and 1 bathroom
- Rear‑yard view of Lake Waddill
- Ranch‑style duplex built in 1970
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
$16,435
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
7.83%
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%
$328,700
$328.7K
Cap Rate 7%
$234,786
$234.8K
Cap Rate 9%
$182,611
$182.6K
Market Conditions
NOI Build-Up for 982 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
$25.1K $25.56/SF
− Vacancy
−$1.6K −$1.65/SF
EGI
$23.5K $23.91/SF
− OpEx
−$7.0K −$7.17/SF
NOI
$16.4K $16.74/SF
Area
Ocean 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%
$328,700
Cap Rate 7%
$234,786
Cap Rate 9%
$182,611
Alternative Uses
Best Use
Multifamily LT 5
$234.8K
$205.4K – $273.9K
NOI $16,435 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$215.7K
$188.8K – $251.7K
NOI $15,101 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$256.4K
$224.4K – $299.2K
NOI $17,949 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 08701, NJ
135,256
Population
33,539
Households
4
Avg Household Size
20
Median Age
33%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
5,476
Density / Sq Mi
$62,811
Median Household Income
$34,970
Median Earnings
$1,701
Median Rent
$430,700
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 - Updated finishes, appliances, doors, and bath support comfortable residential use.
Where is this duplex located?
The property is located at 678 New Castle Court Lakewood, NJ.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 982 square feet with 2 bedrooms and 1 bathroom; Rear‑yard view of Lake Waddill; Ranch‑style duplex built in 1970
