New Colonial Duplex with Finished
For Sale
$1,199,000
Pending
10 Farry Street, Lakewood, NJ 08701
Residential, Duplex, Lakewood, NJ
Property Size3,114 SF
Days on Market85
Property Features for 10 Farry Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning description
Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 5
Patio and Porch features
Deck
Interior features
Attic - Walk Up, Ceilings - 9Ft+ 1st Flr
Basement
Full, Walk-Out Access, Finished
Directions
Locust Street or Vermont Avenue to Farry Street
Standard status
Pending
APN
15-01086-0000-000005
Size
3,114 SF
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Zoned
Water source
Public
Building Details
Year built
2026
Floors in Building
2
Building materials
Stone, Aluminum Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Waxman Realty
Listed By:
Yechezkel Goldberger
(732) 363-0300
Added: Jun 10
Changed: Aug 26
Last Checked: Sep 2 at 5:06PM
MLS# 22617476
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 Colonial-style duplex is under construction with 3,114 square feet of living area, five bedrooms, and four bathrooms. The property includes a full finished basement with its own entrance, a walk-up attic, and ceilings exceeding 9 feet on the first floor. A deck adds outdoor space, while stone and aluminum siding define the exterior.
Zoned heating and cooling provide separate system control, and the property is served by public water and public sewer. Shingle roofing completes the building envelope. Construction is scheduled for 2026, with the home designed as a two-unit residential property in Lakewood, New Jersey.
Zoned heating and cooling provide separate system control, and the property is served by public water and public sewer. Shingle roofing completes the building envelope. Construction is scheduled for 2026, with the home designed as a two-unit residential property in Lakewood, New Jersey.
Key Highlights
- 3,114‑square‑foot duplex with five bedrooms and four bathrooms
- Full finished basement with a separate entrance
- Walk‑up attic provides additional unfinished space
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
$52,116
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
4.35%
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%
$1,042,320
$1.0M
Cap Rate 7%
$744,514
$744.5K
Cap Rate 9%
$579,067
$579.1K
Market Conditions
NOI Build-Up for 3,114 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
$79.6K $25.56/SF
− Vacancy
−$5.1K −$1.65/SF
EGI
$74.5K $23.91/SF
− OpEx
−$22.3K −$7.17/SF
NOI
$52.1K $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%
$1,042,320
Cap Rate 7%
$744,514
Cap Rate 9%
$579,067
Alternative Uses
Best Use
Multifamily LT 5
$744.5K
$651.5K – $868.6K
NOI $52,116 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$684.1K
$598.6K – $798.1K
NOI $47,887 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$813.1K
$711.5K – $948.7K
NOI $56,919 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
389
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
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 - Under-construction duplex with a walk-up attic, separate basement entrance, zoned heating and cooling, and a rear deck.
Where is this duplex located?
The property is located at 10 Farry Street Lakewood, NJ.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 3,114‑square‑foot duplex with five bedrooms and four bathrooms; Full finished basement with a separate entrance; Walk‑up attic provides additional unfinished space
