Building Details

Building Size 1,022 SF

Year Built 1975

Listing Agency: Resources Real Estate

Listed By: Gloria Chung Show Phone

Source: Kw

Added: Aug 7, 2025 Changed: Oct 4 Last Checked: Oct 5 at 4:40PM

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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 / Yr

$15,716

Cap Rate

6.07%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $18,681 @ 7.0% cap · market cap 7.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Restaurant Hair Salon Grocery & Convenience Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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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.