Renovated Three-Unit
New
For Sale
$875,000
1315 Summerfield Ave, Asbury Park, NJ 07712
Three residential units include a renovated vacant apartment alongside two tenant-occupied homes.
Property Size2,798 SF
Days on Market6
Property Features for 1315 Summerfield Ave
General Information
Standard status
Active
Size
2,798 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA, 1 x 4BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,179
Building Details
Building Size
2,798 SF
Year Built
1925
Buildings
1
Units
3
Listing Agency:
Coldwell Banker Res. Brokerage
(732) 462-4242
Listed By:
Joseph Gerber · License #1862374
(732) 462-4242
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 24 at 10:27AM
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 Coldwell Banker Res. Brokerage
Investment Insights
Based on property information with market context.
Built in 1925, this three-unit residential property includes two first-floor apartments and a second-floor apartment. The first unit has undergone a full renovation and offers two bedrooms, one bathroom, and a galley kitchen; it is vacant for occupancy or leasing. The second first-floor apartment contains three bedrooms and one bathroom and is occupied by a tenant. The upper-level apartment provides four bedrooms and one bathroom and is also tenant-occupied.
The property is located in Asbury Park, New Jersey. Walk Score is 30, classified as Car-Dependent, while Bike Score is 55, classified as Bikeable.
The property is located in Asbury Park, New Jersey. Walk Score is 30, classified as Car-Dependent, while Bike Score is 55, classified as Bikeable.
Key Highlights
- Three‑unit residential property built in 1925
- Renovated two‑bedroom, one‑bathroom first‑floor apartment
- Renovated apartment is vacant and ready for occupancy or rental
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
$46,828
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
5.35%
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%
$936,560
$936.6K
Cap Rate 7%
$668,971
$669.0K
Cap Rate 9%
$520,311
$520.3K
Market Conditions
NOI Build-Up for 2,798 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
$71.5K $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.9K $23.91/SF
− OpEx
−$20.1K −$7.17/SF
NOI
$46.8K $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%
$936,560
Cap Rate 7%
$668,971
Cap Rate 9%
$520,311
Alternative Uses
Best Use
Multifamily LT 5
$669.0K
$585.4K – $780.5K
NOI $46,828 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$614.7K
$537.9K – $717.1K
NOI $43,028 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$730.6K
$639.3K – $852.4K
NOI $51,143 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,572
Businesses Nearby
Explore this area
Business Placement
Demographics for 07712, NJ
39,397
Population
19,321
Households
2
Avg Household Size
42
Median Age
49%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
3,229
Density / Sq Mi
$95,691
Median Household Income
$51,924
Median Earnings
$1,496
Median Rent
$578,300
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 residential units include a renovated vacant apartment alongside two tenant-occupied homes.
Where is this triplex located?
The property is located at 1315 Summerfield Ave Asbury Park, NJ.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑unit residential property built in 1925; Renovated two‑bedroom, one‑bathroom first‑floor apartment; Renovated apartment is vacant and ready for occupancy or rental
