Two-Unit Duplex on Corner
For Sale
$625,000
120 Atkins Avenue, Neptune, NJ 07753
MULTI_FAMILY - Neptune Township, NJ
Property Size1,798 SF
Lot Size0.15 Acres
Price / SF$347.61
Days on Market14
Property Features for 120 Atkins Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential, Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Basement, Bathroom 2, Bedroom 5
Parking features
Off Street, On Street
Patio and Porch features
Deck
Interior features
Attic, Attic - Walk Up
Exterior features
Deck, Screens, Lighting
Basement
Partial
Lot features
Corner Lot, Level
Elementary school
Midtown Community
Middle school
Neptune
High school
Neptune Twp
Directions
Route 33 aka Corlies Avenue EAST, turn RIGHT at Atkins Avenue traffic light. Property is at corner of Atkins & 11th Avenue.
Standard status
Active
APN
35-00302-0000-00001
Size
1,798 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10048
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Wood, Tile - Ceramic, Linoleum
Roof type
Shingle
Listing Agency:
Weichert Realtors-Sea Girt
(732) 974-1000
Listed By:
Connie King · License #9231445
(732) 974-1000
Added: Jul 31
Changed: Aug 12
Last Checked: Aug 13 at 12:06AM
MLS# 22623576
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.
Two-family (duplex) property on a corner lot measuring 52x129 feet. The home includes a basement, walk-up attic, and interior features such as tile, linoleum, and wood flooring. Parking is available on and off the property, and exterior features include a deck with screens and lighting.
The lower unit is tenant occupied, while the upstairs unit is vacant. Separate electric and gas utilities serve each unit, and tenants pay for their water. Public water and public sewer are in place, and the roof is shingle. The home was built in 1950.
The seller reports recently completed renovations including replacing wood on the porch and deck to the basement level, fresh paint, and power washing. A new roof was installed on the rear shed; the township indicated it cannot be a garage due to the lack of driveway access. The vacant upstairs unit was refreshed (not renovated further). The property is approximately one mile to the Bradley Beach beachfront and a few blocks from the Bradley Beach train station.
The lower unit is tenant occupied, while the upstairs unit is vacant. Separate electric and gas utilities serve each unit, and tenants pay for their water. Public water and public sewer are in place, and the roof is shingle. The home was built in 1950.
The seller reports recently completed renovations including replacing wood on the porch and deck to the basement level, fresh paint, and power washing. A new roof was installed on the rear shed; the township indicated it cannot be a garage due to the lack of driveway access. The vacant upstairs unit was refreshed (not renovated further). The property is approximately one mile to the Bradley Beach beachfront and a few blocks from the Bradley Beach train station.
Key Highlights
- Two‑family duplex on a 52x129 corner lot
- Lower unit tenant occupied; upstairs vacant
- Separate electric and gas utilities; tenants pay for their water
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
2
Residential units
50%
Occupancy
Yes
Paved road access
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-family duplex with tenant-occupied lower unit, vacant upper unit, separate electric and gas utilities, and a deck.
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: Two‑family duplex on a 52x129 corner lot; Lower unit tenant occupied; upstairs vacant; Separate electric and gas utilities; tenants pay for their water
