Building Details

Year Built 1948

Listing Agency: RE/MAX First Realty

Listed By: Mariya Hnatkevych · License #791413 Show Phone

Source: Actionplusrealty

Added: Jun 22 Changed: Oct 11 Last Checked: Oct 12 at 8:29PM

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Investment Insights

Based on property information with market context.

This legal duplex at 1 Thompson Drive offers approximately 2,912 square feet of interior space across two residential units. Built in 1948, the property sits on more than 1.1 acres and includes a large driveway for off-street parking. Its rear boundary adjoins private wooded surroundings, creating separation from the road while retaining a practical residential layout.

The property is located within the Middletown School District and is under 10 minutes from the Seastreak Ferry. Beaches, Leonardo State Marina, shopping, and Route 36 are also nearby, providing access to recreation, marine facilities, daily services, and regional transportation.

Key Highlights

• Legal two‑family property with 2,912 square feet of interior space
• More than 1.1 acres with private wooded surroundings
• Built in 1948

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,736

Cap Rate

4.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$974,720 $974.7K

Cap Rate 7%

$696,229 $696.2K

Cap Rate 9%

$541,511 $541.5K

Market Conditions

NOI Build-Up for 2,912 SF

Gross rent

$74.4K $25.56/SF

− Vacancy

−$4.8K −$1.65/SF

EGI

$69.6K $23.91/SF

− OpEx

−$20.9K −$7.17/SF

NOI

$48.7K $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 Rate 5%

$974,720

Cap Rate 7%

$696,229

Cap Rate 9%

$541,511

Alternative Uses

Best Use

Multifamily LT 5

$696.2K

$609.2K – $812.3K (±1% cap)

NOI $48,736 @ 7.0% cap · market cap 4.87%

Second Best

Apartment 5plus

$639.7K

$559.8K – $746.4K (±1% cap)

NOI $44,781 @ 7.0% cap · market cap 4.48%

Theoretical Best

Office A

$760.4K

$665.3K – $887.1K (±1% cap)

NOI $53,227 @ 7.0% cap · market cap 5.32%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Appliance Repair By ... Home Appliance Store

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Spa & Massage Center Nail Salon Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

96

Businesses Nearby

Explore this area Business Placement

Demographics for 07737, NJ

4,177

Population

1,615

Households

2.6

Avg Household Size

44

Median Age

51%

College-Educated

99%

High-School Grad

2.6 sq mi

ZIP Area

1,607

Density / Sq Mi

$134,818

Median Household Income

$68,254

Median Earnings

$1,439

Median Rent

$468,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Legal two-family configuration with substantial off-street parking and a private setting near beaches, marina access, and commuter transportation.

Where is this duplex located?

The property is located at 1 Thompson Drive Leonardo, NJ.

What is the asking price?

The asking price for this property is $999,900.

What are key features of this property?

This property features: Legal two‑family property with 2,912 square feet of interior space; More than 1.1 acres with private wooded surroundings; Built in 1948