Fully Renovated Two-Unit
242 1st Street Keyport, NJ 07735
For Sale
$750,000
MULTI_FAMILY - Keyport, NJ
Property Size2,200 SF
Lot Size0.11 Acres
Price / SF$340.91
Days on Market47
Property Features for 242 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
Basement
Crawl Space
Standard status
Active
APN
24-00128-0000-00006
Size
2,200 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9617
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1909
Floors in Building
2
Number of units
2
Listing Agency:
Elite Living Realty Group
(732) 379-0032
Listed By:
Jose A Gonzalez
(732) 379-0032
Added: Jun 12
Changed: Jul 17
Last Checked: Jul 28 at 1:06PM
MLS# 22617818
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 fully renovated two-unit duplex offers two separate apartments with updated interiors and major system upgrades. The first-floor unit includes a living room, formal dining room, kitchen, two bedrooms, one bathroom, and an additional bonus room that can serve as an office, guest room, or other flex space. The second-floor unit features a bright, oversized living room, kitchen, and one full bathroom.
The property is located in Keyport, New Jersey at 242 1st Street. The listing notes that brand-new water and heating systems were installed approximately six months ago, supporting a low-maintenance approach for day-to-day ownership.
With two distinct living levels and updated mechanical systems, the layout can appeal to both investors seeking an income-producing, renovated asset and owner-occupants who want the option to live in one unit while using the other for rental income. The combination of refreshed unit plans and recent system work is positioned for practical, straightforward occupancy planning.
The property is located in Keyport, New Jersey at 242 1st Street. The listing notes that brand-new water and heating systems were installed approximately six months ago, supporting a low-maintenance approach for day-to-day ownership.
With two distinct living levels and updated mechanical systems, the layout can appeal to both investors seeking an income-producing, renovated asset and owner-occupants who want the option to live in one unit while using the other for rental income. The combination of refreshed unit plans and recent system work is positioned for practical, straightforward occupancy planning.
Key Highlights
- Two‑apartment multi‑family property with updated major systems
- Brand‑new water and heating systems installed approx. 6 months ago
- Heating: baseboard; water source: public; sewer: public sewer
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.2k | $25.56 |
| − Vacancy | −$3.6k | −$1.65 |
| EGI | $52.6k | $23.91 |
| − OpEx | −$15.8k | −$7.17 |
| NOI | $36.8k | $16.74 |
2,200 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$526.0K
$460.3K – $613.7K
NOI $36,820 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$483.3K
$422.9K – $563.9K
NOI $33,832 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$574.5K
$502.7K – $670.2K
NOI $40,212 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit duplex with updated building systems and flexible interior layouts for owner-occupants or investors.
Where is this duplex located?
The property is located at 242 1st Street Keyport, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two‑apartment multi‑family property with updated major systems; Brand‑new water and heating systems installed approx. 6 months ago; Heating: baseboard; water source: public; sewer: public sewer
