Corner-Lot Duplex with Separate
For Sale
$625,000
120 Atkins Avenue, Neptune, NJ 07753
Two-unit property with a tenant-occupied lower residence and a vacant upper unit ready for occupancy.
Property Size1,798 SF
Lot Size0.15 Acres
Price / SF$347.61
Days on Market15
Property Features for 120 Atkins Avenue
General Information
Standard status
Active
Size
1,798 SF
Lot size
0.15 Acres
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Weichert Realtors-Sea Girt
Listed By:
Connie King
(833) 740-1234
Source:
Actionplusrealty
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 10 at 4:30AM
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 Weichert Realtors-Sea Girt
Investment Insights
Based on property information with market context.
This two-family property was built in 1950 on a 52-by-129-foot corner lot. The lower residence is occupied by a tenant, while the upper unit is vacant and has been refreshed without a full renovation. Recent work includes porch and deck wood replacement, fresh paint, power washing, and a new roof on the rear shed. The property has separate electric and gas utilities, and tenants pay for their water.
The home is located at 120 Atkins Avenue in Neptune Township, approximately one mile from Bradley Beach and a few blocks from the Bradley Beach train station. Asbury, Ocean Grove, Bradley Beach, and Belmar beaches are also identified in the surrounding area, with mass transit nearby. The rear shed is not approved as a garage because there is no driveway access to it.
The home is located at 120 Atkins Avenue in Neptune Township, approximately one mile from Bradley Beach and a few blocks from the Bradley Beach train station. Asbury, Ocean Grove, Bradley Beach, and Belmar beaches are also identified in the surrounding area, with mass transit nearby. The rear shed is not approved as a garage because there is no driveway access to it.
Key Highlights
- Duplex on a 52x129 corner lot
- Lower unit is tenant occupied; upper unit is vacant
- Separate electric and gas utilities
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
$30,092
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
4.81%
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%
$601,840
$601.8K
Cap Rate 7%
$429,886
$429.9K
Cap Rate 9%
$334,356
$334.4K
Market Conditions
NOI Build-Up for 1,798 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
$46.0K $25.56/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.0K $23.91/SF
− OpEx
−$12.9K −$7.17/SF
NOI
$30.1K $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%
$601,840
Cap Rate 7%
$429,886
Cap Rate 9%
$334,356
Alternative Uses
Best Use
Multifamily LT 5
$429.9K
$376.2K – $501.5K
NOI $30,092 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$395.0K
$345.6K – $460.8K
NOI $27,650 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$469.5K
$410.8K – $547.8K
NOI $32,865 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Explore this area
Business Placement
Demographics for 07753, NJ
37,397
Population
16,701
Households
2.2
Avg Household Size
45
Median Age
37%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
2,337
Density / Sq Mi
$92,824
Median Household Income
$49,953
Median Earnings
$1,740
Median Rent
$390,900
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 - Two-unit property with a tenant-occupied lower residence and a vacant upper unit ready for occupancy.
Where is this duplex located?
The property is located at 120 Atkins Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Duplex on a 52x129 corner lot; Lower unit is tenant occupied; upper unit is vacant; Separate electric and gas utilities
