Brick Three-Unit
For Sale
$1,249,000
1702 Grand Avenue, Asbury Park, NJ 07712
Multi-Family, Asbury Park, NJ
Property Size3,600 SF
Lot Size0.11 Acres
Price / SF$346.94
Days on Market92
Property Features for 1702 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 2
Parking
3
Parking features
Off Street, On Street
Basement
Full
High school
Asbury Park
Directions
.
Subdivision
NE Asbury Pk
Standard status
Active
APN
04-03704-0000-00006
Size
3,600 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
22044
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Forced Air
Cooling system
Central Air, Zoned
Water source
Public
Amenities
detached garage
outdoor space
Building Details
Year built
1950
Floors in Building
2
Number of units
3
Flooring type
Wood, Tile - Ceramic
Building materials
Brick
Roof type
Shingle, Flat
Listing Agency:
Sackman Realty
(732) 798-8188
Listed By:
Josh Starner · License #2191038
(732) 798-8188
Added: May 27
Changed: Aug 19
Last Checked: Aug 26 at 5:06PM
MLS# 22615608
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.
This 3,600-square-foot triplex, built in 1950, contains three residential units: two one-bedroom, one-bath apartments and one two-bedroom, two-bath apartment. The brick building has wood and ceramic tile flooring, zoned forced-air heating, central air conditioning, and a combination of shingle and flat roofing. Public water and public sewer serve the property.
The 0.11-acre parcel includes a long driveway, detached garage, and additional outdoor space. Parking is available both off street and on street. The property is located in Asbury Park, near the beach, boardwalk, and Deal Lake.
The 0.11-acre parcel includes a long driveway, detached garage, and additional outdoor space. Parking is available both off street and on street. The property is located in Asbury Park, near the beach, boardwalk, and Deal Lake.
Key Highlights
- 3,600‑square‑foot triplex on a 0.11‑acre parcel
- Three‑unit layout: two 1‑bedroom/1‑bath apartments and one 2‑bedroom/2‑bath apartment
- Brick construction with wood and ceramic tile flooring
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
$60,250
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
4.82%
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%
$1,205,000
$1.2M
Cap Rate 7%
$860,714
$860.7K
Cap Rate 9%
$669,444
$669.4K
Market Conditions
NOI Build-Up for 3,600 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
$92.0K $25.56/SF
− Vacancy
−$5.9K −$1.65/SF
EGI
$86.1K $23.91/SF
− OpEx
−$25.8K −$7.17/SF
NOI
$60.3K $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%
$1,205,000
Cap Rate 7%
$860,714
Cap Rate 9%
$669,444
Alternative Uses
Best Use
Multifamily LT 5
$860.7K
$753.1K – $1.00M
NOI $60,250 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$790.9K
$692.0K – $922.7K
NOI $55,361 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,802 @ 7.0% cap · market cap 5.27%
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
814
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include two one-bedroom units and an oversized two-bedroom residence with private outdoor space.
Where is this triplex located?
The property is located at 1702 Grand Avenue Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 3,600‑square‑foot triplex on a 0.11‑acre parcel; Three‑unit layout: two 1‑bedroom/1‑bath apartments and one 2‑bedroom/2‑bath apartment; Brick construction with wood and ceramic tile flooring
