Renovated Two-Unit Residential
For Sale
$750,000
242 1ST Street, Keyport, NJ 07735
Fully renovated two-unit property with updated water and heating systems installed about six months ago.
Property Size2,200 SF
Price / SF$340.91
Days on Market97
Property Features for 242 1ST Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1909
Listing Agency:
Elite Living Realty Group
Listed By:
Jose A Gonzalez
(833) 740-1234
Source:
Actionplusrealty
Added: May 1
Changed: Jul 26
Last Checked: Aug 5 at 5:11AM
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 Elite Living Realty Group
Investment Insights
Based on property information with market context.
This fully renovated two-unit residential income property has had every major system updated, including brand-new water and heating systems installed approximately six months ago. The first-floor apartment 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 flex space. The second-floor apartment features a bright, oversized living room, a kitchen, and one full bath, supporting a comfortable, functional layout.
Located at 242 1ST Street in Keyport, NJ, the property is presented as a renovated, income-producing option for either investors or owner-occupants. The offering emphasizes low-maintenance, high-efficiency living based on the recent system upgrades.
Located at 242 1ST Street in Keyport, NJ, the property is presented as a renovated, income-producing option for either investors or owner-occupants. The offering emphasizes low-maintenance, high-efficiency living based on the recent system upgrades.
Key Highlights
- Two‑unit multi‑family property built in 1909 in Keyport
- Fully renovated with updated major systems throughout
- Brand‑new water and heating systems installed about 6 months ago
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
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?
Duplex - Fully renovated two-unit property with updated water and heating systems installed about six months ago.
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‑unit multi‑family property built in 1909 in Keyport; Fully renovated with updated major systems throughout; Brand‑new water and heating systems installed about 6 months ago
