Mixed-Use Property with Rear
For Sale
$699,000
1324 Corlies Ave, Neptune, NJ 07753
Renovation is underway with framing, partial plumbing, and electrical work completed.
Property Size2,782 SF
Price / SF$251.26
Days on Market36
Property Features for 1324 Corlies Ave
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
(201) 679-7614
Listed By:
Joseph Scheeler · License #0562643
Source:
Thebansalteam
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 30 at 7:46PM
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.
Built in 1906, this mixed-use property is undergoing renovation, with framing installed and portions of the plumbing and electrical work completed. The earlier configuration combined a two-family residence with ground-level retail, while a prior concept contemplated three residential units above retail or office space. Construction remains incomplete, and proposed uses, zoning, permits, approvals, and compliance requirements require buyer verification.
The property includes basement storage and a large rear parking lot. Its Neptune Township address places it near Route 35 and Route 18, with access to the Garden State Parkway, Jersey Shore University Medical Center, and the beach areas of Ocean Grove and Asbury Park.
The property includes basement storage and a large rear parking lot. Its Neptune Township address places it near Route 35 and Route 18, with access to the Garden State Parkway, Jersey Shore University Medical Center, and the beach areas of Ocean Grove and Asbury Park.
Key Highlights
- Mixed‑use property built in 1906
- Renovation underway with framing in place
- Partial plumbing and electrical work completed
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
$46,560
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
6.66%
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%
$931,200
$931.2K
Cap Rate 7%
$665,143
$665.1K
Cap Rate 9%
$517,333
$517.3K
Market Conditions
NOI Build-Up for 2,782 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
$71.1K $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.5K $23.91/SF
− OpEx
−$20.0K −$7.17/SF
NOI
$46.6K $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%
$931,200
Cap Rate 7%
$665,143
Cap Rate 9%
$517,333
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
Current Use
Location Intelligence
Trade Area within ½ mile
420
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?
Mixed-use property - Renovation is underway with framing, partial plumbing, and electrical work completed.
Where is this mixed-use property located?
The property is located at 1324 Corlies Ave 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: Mixed‑use property built in 1906; Renovation underway with framing in place; Partial plumbing and electrical work completed
