Renovated
For Sale
$799,000
102 Herbert Street, Red Bank, NJ 07701
Multi-Family, Red Bank, NJ
Property Size1,596 SF
Lot Size0.12 Acres
Price / SF$500.63
Days on Market47
Property Features for 102 Herbert Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
1
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Basement, Bathroom 1, Bedroom 1, Bedroom 2
Parking
2
Basement
Walk-Out Access
Elementary school
Red Bank Prm
Middle school
Red Bank
High school
Red Bank Reg
Directions
Shrewsbury Avenue to Herbert Street
Standard status
Active
APN
39-00066-0000-00026
Size
1,596 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9804
Utilities
Sewer type
Public Sewer
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Listing Agency:
Resources Real Estate
Listed By:
Gary Casazza
(732) 212-0440
Added: Jul 20
Changed: Sep 3
Last Checked: Sep 4 at 8:06PM
MLS# 22621989
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 tenant-occupied duplex contains 1,596 square feet on a 0.12-acre lot. The property includes a three-bedroom apartment with basement access and a separate one-bedroom apartment. Both units are part of a fully renovated, freshly painted two-family home.
Built in 1915, the property is served by public sewer and is located at 102 Herbert Street in Red Bank, New Jersey. The existing two-unit configuration provides distinct residential layouts within a single property.
Built in 1915, the property is served by public sewer and is located at 102 Herbert Street in Red Bank, New Jersey. The existing two-unit configuration provides distinct residential layouts within a single property.
Key Highlights
- Two‑unit duplex with a 3‑bedroom apartment and separate 1‑bedroom apartment
- 3‑bedroom unit includes basement access
- 1,596 square feet on a 0.12‑acre lot
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
$26,711
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
3.34%
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%
$534,220
$534.2K
Cap Rate 7%
$381,586
$381.6K
Cap Rate 9%
$296,789
$296.8K
Market Conditions
NOI Build-Up for 1,596 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
$40.8K $25.56/SF
− Vacancy
−$2.6K −$1.65/SF
EGI
$38.2K $23.91/SF
− OpEx
−$11.4K −$7.17/SF
NOI
$26.7K $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%
$534,220
Cap Rate 7%
$381,586
Cap Rate 9%
$296,789
Alternative Uses
Best Use
Multifamily LT 5
$381.6K
$333.9K – $445.2K
NOI $26,711 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$350.6K
$306.8K – $409.1K
NOI $24,543 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$416.7K
$364.7K – $486.2K
NOI $29,172 @ 7.0% cap · market cap 3.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,865
Businesses Nearby
Explore this area
Business Placement
Demographics for 07701, NJ
24,568
Population
11,082
Households
2.2
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
2,670
Density / Sq Mi
$113,630
Median Household Income
$62,309
Median Earnings
$1,971
Median Rent
$551,500
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 - Tenant-occupied two-unit property with a three-bedroom apartment and a separate one-bedroom apartment.
Where is this duplex located?
The property is located at 102 Herbert Street Red Bank, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom apartment and separate 1‑bedroom apartment; 3‑bedroom unit includes basement access; 1,596 square feet on a 0.12‑acre lot
