Renovated Two-Family
New
For Sale
$649,999
209 Atkins Avenue, Neptune, NJ 07753
Multi-Family, Neptune Township, NJ
Property Size1,436 SF
Lot Size0.13 Acres
Price / SF$452.65
Days on Market1
Property Features for 209 Atkins Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential, Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Off Street, Paved or Surfaced
Basement
Walk-Out Access
Lot features
Level
Middle school
Neptune
Directions
Atkins Ave
Subdivision
Bradley Park
Standard status
Active
APN
35-00517-0000-00019
Size
1,436 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8828
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
laundry access
Building Details
Year built
1934
Floors in Building
3
Number of units
2
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Serhant New Jersey LLC
(973) 315-5959
Listed By:
Samuel Marx
(973) 315-5959
Added: Sep 1
Last Checked: Sep 1 at 6:06PM
MLS# 22627402
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 legally zoned duplex contains 1,436 square feet on a 0.13-acre parcel and was built in 1934. The property includes two residential units, a walk-out basement with laundry access, a long paved driveway, and a large backyard that supports off-street parking. Unit 2 received a full renovation in 2024, while Unit 1 offers an opportunity for updates. The roof and Unit 2 furnace were replaced in 2024; Unit 1 furnace and both hot water heaters were replaced in 2026.
Both units are currently occupied. Separate gas and electric meters place those services, along with cable and internet, with the tenants; the landlord covers water and sewer. Additional features include vinyl flooring, forced-air heating, central air, public water, public sewer, and a shingle roof. The property is situated in Bradley Park near the beach, downtown Asbury Park, public transportation, shopping, and major highways.
Both units are currently occupied. Separate gas and electric meters place those services, along with cable and internet, with the tenants; the landlord covers water and sewer. Additional features include vinyl flooring, forced-air heating, central air, public water, public sewer, and a shingle roof. The property is situated in Bradley Park near the beach, downtown Asbury Park, public transportation, shopping, and major highways.
Key Highlights
- Legally zoned 2‑family duplex with 1,436 square feet on a 0.13‑acre lot
- Both units currently occupied with separate gas and electric meters
- Unit 2 fully renovated in 2024; Unit 1 offers update potential
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 - Occupied rental property with separate utilities, off-street parking, basement laundry access, and a substantial rear yard.
Where is this duplex located?
The property is located at 209 Atkins Avenue 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: Legally zoned 2‑family duplex with 1,436 square feet on a 0.13‑acre lot; Both units currently occupied with separate gas and electric meters; Unit 2 fully renovated in 2024; Unit 1 offers update potential
