Two-Unit Duplex with Wooded
For Sale
$999,900
1 Thompson Drive, Leonardo, NJ 07737
Legal two-family configuration with substantial off-street parking and a private setting near beaches, marina access, and commuter transportation.
Property Size2,912 SF
Price / SF$343.37
Days on Market17
Property Features for 1 Thompson Drive
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi-family
Building Details
Year Built
1948
Listing Agency:
RE/MAX First Realty
Listed By:
Mariya Hnatkevych
(833) 740-1234
Source:
Actionplusrealty
Added: Aug 4
Changed: Aug 19
Last Checked: Aug 20 at 8:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX First Realty
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.
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 = 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
$48,736
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
4.87%
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%
$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
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
$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 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%
$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
NOI $48,736 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$639.7K
$559.8K – $746.4K
NOI $44,781 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$760.4K
$665.3K – $887.1K
NOI $53,227 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
