Mixed-Use Retail and Residential
1324 Corlies Avenue Neptune, NJ 07753
For Sale
$699,000
Renovation is underway on a mixed-use property with basement storage and a large rear parking lot.
Property Size2,782 SF
Price / SF$251.26
Days on Market174
Property Features for 1324 Corlies Avenue
General Information
Standard status
Active
Size
2,782 SF
Property subtype
Multi-family
Building Details
Year Built
1906
Listing Agency:
Ward Wight Sotheby's International Realty
Listed By:
Joseph Scheeler
(833) 740-1234
Source:
Actionplusrealty
Added: Feb 5
Changed: Jul 27
Last Checked: Jul 28 at 10:22PM
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 Ward Wight Sotheby's International Realty
Investment Insights
Based on property information with market context.
This mixed-use property is being renovated for a proposed three-family residential layout with retail/office space on the first floor. Renovation is currently underway, with framing in place and partial plumbing and electrical completed, based on a prior concept. The property includes basement storage and a large rear parking lot.
The asset is positioned in a high-visibility area near Route 35, and it is also described as conveniently located near Route 18 and the Garden State Parkway. It is further identified as being near Jersey Shore University Medical Center and the beach areas of Ocean Grove and Asbury Park.
The current construction work will need to be completed. The buyer is responsible for verifying all proposed use, zoning, permits, approvals, and compliance requirements.
The asset is positioned in a high-visibility area near Route 35, and it is also described as conveniently located near Route 18 and the Garden State Parkway. It is further identified as being near Jersey Shore University Medical Center and the beach areas of Ocean Grove and Asbury Park.
The current construction work will need to be completed. The buyer is responsible for verifying all proposed use, zoning, permits, approvals, and compliance requirements.
Key Highlights
- Year built 1906 mixed‑use property with basement storage and a large rear parking lot
- Renovation underway with framing in place and partial plumbing and electrical completed
- Prior configuration included two‑family residence with retail at the ground level
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.1k | $25.56 |
| − Vacancy | −$4.6k | −$1.65 |
| EGI | $66.5k | $23.91 |
| − OpEx | −$20.0k | −$7.17 |
| NOI | $46.6k | $16.74 |
2,782 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$665.1K
$582.0K – $776.0K
NOI $46,560 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$611.2K
$534.8K – $713.0K
NOI $42,782 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$726.4K
$635.6K – $847.5K
NOI $50,851 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Renovation is underway on a mixed-use property with basement storage and a large rear parking lot.
Where is this triplex located?
The property is located at 1324 Corlies Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Year built 1906 mixed‑use property with basement storage and a large rear parking lot; Renovation underway with framing in place and partial plumbing and electrical completed; Prior configuration included two‑family residence with retail at the ground level
