Renovated Triplex with Private
For Sale
$949,000
121 Florence Avenue, Union Beach, NJ 07735
Three separate apartments each feature private entrances, renovated in 2016 following Hurricane Sandy.
Property Size2,170 SF
Price / SF$437.33
Days on Market612
Property Features for 121 Florence Avenue
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Amenities
6
3
Building Details
Year Built
1951
Year Renovated
2016
Tenancy
Multi
Listing Agency:
For sale by owner, please contact
Listed By:
Fizber
Source:
Compass
Added: Dec 7, 2024
Changed: Aug 8
Last Checked: Jul 23 at 6:02PM
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 For sale by owner, please contact
Investment Insights
Based on property information with market context.
This for-sale triplex includes three separate apartments with private entrances. Each unit was renovated in 2016 after Hurricane Sandy, and the house was lifted to accommodate flood zone regulations. Separate gas and electric utilities serve the apartments, and each unit has an eat-in kitchen.
The property is located one block from the beach.
Overall, the layout is designed for independent access and utilities, with renovated interior updates completed in 2016.
The property is located one block from the beach.
Overall, the layout is designed for independent access and utilities, with renovated interior updates completed in 2016.
Key Highlights
- Three separate apartments, each with its own private entrance
- Renovated in 2016 after Hurricane Sandy
- Six bedrooms and 3 full baths
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
$36,318
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
3.83%
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%
$726,360
$726.4K
Cap Rate 7%
$518,829
$518.8K
Cap Rate 9%
$403,533
$403.5K
Market Conditions
NOI Build-Up for 2,170 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
$55.5K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$51.9K $23.91/SF
− OpEx
−$15.6K −$7.17/SF
NOI
$36.3K $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%
$726,360
Cap Rate 7%
$518,829
Cap Rate 9%
$403,533
Alternative Uses
Best Use
Multifamily LT 5
$518.8K
$454.0K – $605.3K
NOI $36,318 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$476.7K
$417.1K – $556.2K
NOI $33,370 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$566.6K
$495.8K – $661.1K
NOI $39,664 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
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?
Triplex - Three separate apartments each feature private entrances, renovated in 2016 following Hurricane Sandy.
Where is this triplex located?
The property is located at 121 Florence Avenue Union Beach, NJ.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Three separate apartments, each with its own private entrance; Renovated in 2016 after Hurricane Sandy; Six bedrooms and 3 full baths
