Renovated Duplex with
New
For Sale
$649,999
209 Atkins Ave, Neptune, NJ 07753
Legally zoned two-family property with separate utility meters, a long driveway, and a large backyard.
Property Size1,436 SF
Price / SF$452.65
Days on Market2
Property Features for 209 Atkins Ave
General Information
Standard status
Active
Size
1,436 SF
Property subtype
Multi-Family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
moderate updates
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1934
Listing Agency:
Homesmart First Advantage
Listed By:
William Hagan Group
(732) 847-2901
Source:
Williamhagangroup
Added: Sep 2
Last Checked: Sep 2 at 2:08PM
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 Homesmart First Advantage
Investment Insights
Based on property information with market context.
This 1,436-square-foot duplex was built in 1934 and is legally zoned for two-family use. The property is currently 100% occupied, with Unit 2 renovated in 2024 and Unit 1 offering additional improvement potential. A walk-out basement provides laundry access, while the long driveway and large backyard accommodate parking.
Separate gas and electric meters support tenant-paid gas, electric, cable, and internet service; the landlord covers water and sewer. The roof and Unit 2 furnace were replaced in 2024, and Unit 1's furnace plus both hot water heaters were replaced in 2026. The property is in Bradley Park near the beach, downtown Asbury Park, public transportation, shopping, and major highways.
Separate gas and electric meters support tenant-paid gas, electric, cable, and internet service; the landlord covers water and sewer. The roof and Unit 2 furnace were replaced in 2024, and Unit 1's furnace plus both hot water heaters were replaced in 2026. The property is in Bradley Park near the beach, downtown Asbury Park, public transportation, shopping, and major highways.
Key Highlights
- 1,436 SF duplex built in 1934
- Legally zoned 2‑family property
- Unit 2 fully renovated in 2024
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
$24,033
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
3.70%
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%
$480,660
$480.7K
Cap Rate 7%
$343,329
$343.3K
Cap Rate 9%
$267,033
$267.0K
Market Conditions
NOI Build-Up for 1,436 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
$36.7K $25.56/SF
− Vacancy
−$2.4K −$1.65/SF
EGI
$34.3K $23.91/SF
− OpEx
−$10.3K −$7.17/SF
NOI
$24.0K $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%
$480,660
Cap Rate 7%
$343,329
Cap Rate 9%
$267,033
Alternative Uses
Best Use
Multifamily LT 5
$343.3K
$300.4K – $400.6K
NOI $24,033 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$315.5K
$276.0K – $368.1K
NOI $22,083 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$375.0K
$328.1K – $437.5K
NOI $26,248 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,534
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?
Duplex - Legally zoned two-family property with separate utility meters, a long driveway, and a large backyard.
Where is this duplex located?
The property is located at 209 Atkins Ave Neptune, NJ.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: 1,436 SF duplex built in 1934; Legally zoned 2‑family property; Unit 2 fully renovated in 2024
