Renovated Condo in Brick,
For Sale
$259,000
24 Northrup Drive, Brick, NJ 08724
Move-in ready, renovated 2-bedroom condo in a desirable Brick community.
Property Size1,022 SF
Price / SF$253.42
Days on Market381
Property Features for 24 Northrup Drive
General Information
Standard status
Active
Size
1,022 SF
Property subtype
Condominium
Amenities
Central Air
Forced Air
Electric
Deck, Pool, Shingle
Building Details
Building Size
1,022 SF
Year Built
1975
Listing Agency:
Resources Real Estate
(732) 212-0440
Listed By:
Gloria Chung
(732) 212-0440
Source:
Kw
Added: Aug 7, 2025
Changed: Aug 17
Last Checked: Aug 22 at 12:54PM
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 Resources Real Estate
Investment Insights
Based on property information with market context.
This renovated condominium is located within the Burnt Tavern Manor Condos, a community in Brick, New Jersey. Situated on the second floor of a two-story building, this single-story unit offers privacy. The property features two bedrooms and one full bathroom. The unit was fully renovated in 2023 and is move-in ready. The living areas are fitted with wood-look luxury vinyl flooring, while the bedrooms are carpeted. The kitchen includes granite countertops, new cabinetry, and stainless steel appliances. A new A/C handler was installed in 2022, and a new hot water heater was installed in 2024. The property size is 1,022 square feet.
Key Highlights
- Fully renovated in 2023 and move‑in ready.
- New A/C handler (2022) and new hot water heater (2024).
- Second (top) floor unit provides privacy and quiet atmosphere.
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
$15,716
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
6.07%
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%
$314,320
$314.3K
Cap Rate 7%
$224,514
$224.5K
Cap Rate 9%
$174,622
$174.6K
Market Conditions
NOI Build-Up for 1,022 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
$30.7K $30.00/SF
− Vacancy
−$2.1K −$2.04/SF
EGI
$28.6K $27.96/SF
− OpEx
−$12.9K −$12.58/SF
NOI
$15.7K $15.38/SF
Area
Ocean County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$314,320
Cap Rate 7%
$224,514
Cap Rate 9%
$174,622
Alternative Uses
Best Use
Apartment 5plus
$224.5K
$196.5K – $261.9K
NOI $15,716 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$266.9K
$233.5K – $311.4K
NOI $18,681 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 08724, NJ
41,458
Population
17,799
Households
2.3
Avg Household Size
47
Median Age
36%
College-Educated
96%
High-School Grad
13.8 sq mi
ZIP Area
3,004
Density / Sq Mi
$98,771
Median Household Income
$51,099
Median Earnings
$1,767
Median Rent
$364,700
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?
Apartment building - Move-in ready, renovated 2-bedroom condo in a desirable Brick community.
Where is this apartment building located?
The property is located at 24 Northrup Drive Brick, NJ.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Fully renovated in 2023 and move‑in ready.; New A/C handler (2022) and new hot water heater (2024).; Second (top) floor unit provides privacy and quiet atmosphere.
