Brand New Colonial
For Sale
$1,199,000
10 Farry Street, Lakewood, NJ 08701
SINGLE_FAMILY - Colonial - Lakewood, NJ
Property Size3,114 SF
Price / SF$385.04
Days on Market74
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
Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 2, Basement, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1
Patio and Porch features
Deck
Interior features
Attic - Walk Up, Ceilings - 9Ft+ 1st Flr
Basement
Finished, Walk-Out Access, Full
Directions
Locust Street or Vermont Avenue to Farry Street
Standard status
Active
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
(732) 363-0300
Listed By:
Yechezkel Goldberger
(732) 363-0300
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 22 at 10:06AM
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.
Welcome to Evergreen Gardens, a brand new 29' wide colonial duplex by Gefen Construction under construction. The home is planned for 3,114 SF of living space, plus a rough attic and a full finished basement with a separate entrance. Interior features include a walk-up attic and 9Ft+ ceilings on the first floor.
The exterior is specified with stone and aluminum siding, topped with a shingle roof. Heating and cooling are both zoned for more tailored comfort. A deck is included as the outdoor amenity, and the home is served by public water and public sewer.
Construction is scheduled with a Year Built of 2026, aligning with the property’s current under-construction status at 10 Farry Street, Lakewood, NJ 08701 in Ocean County.
The exterior is specified with stone and aluminum siding, topped with a shingle roof. Heating and cooling are both zoned for more tailored comfort. A deck is included as the outdoor amenity, and the home is served by public water and public sewer.
Construction is scheduled with a Year Built of 2026, aligning with the property’s current under-construction status at 10 Farry Street, Lakewood, NJ 08701 in Ocean County.
Key Highlights
- 29' wide brand new duplex under construction by Gefen Construction
- 3,114 SF plus rough attic planned living space
- Full finished basement with separate entrance
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 colonial duplex featuring a finished basement with a separate entrance, walk-up attic, and 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: 29' wide brand new duplex under construction by Gefen Construction; 3,114 SF plus rough attic planned living space; Full finished basement with separate entrance
