Triplex with Rear
For Sale
$940,000
28 Clinton Avenue, Eatontown, NJ 07724
Three residential units are leased, with tenants covering several operating expenses.
Property Size1,760 SF
Price / SF$534.09
Days on Market223
Property Features for 28 Clinton Avenue
General Information
Standard status
Active
Size
1,760 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Three Family
Zoning
Residential
Occupancy
100%
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,014
Amenities
Ceramic Tile, Laminate, Wood, Other
Aluminum Siding, Other, Cedar Shake
2
Crawl Space, Partial, Dirt Floor
5
tenant property
Storm Doors
No
Shingle
Lighting, Screens, Fence, Storm Door(s)
Building Details
Year Built
1906
Buildings
2
Tenancy
Multi
Listing Agency:
Schecher Realty
(732) 542-1990
Listed By:
Antoinette Bianchini · License #7941426
(732) 542-1990
Source:
Compass
Added: Jan 20
Changed: Aug 30
Last Checked: Aug 30 at 10:57PM
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 Schecher Realty
Investment Insights
Based on property information with market context.
This residential triplex contains two 2-bedroom apartments in the front house, including one with a den and laundry room, plus a 1-bedroom apartment above or within the rear 2-car garage. The property includes ceramic tile, laminate, and wood finishes, aluminum siding, cedar shake elements, storm doors, exterior lighting, screens, and fencing. Built in 1906, the property offers approximately 1,760 square feet of residential space.
All three units are occupied under leases. Tenants are responsible for heat, hot water, cooking, electricity, snow removal, and landscaping. The front exterior was painted in 2024, while the interiors of the front upstairs apartment and rear apartment were painted 11/25. The property is located minutes from Rt 18, the Garden State Parkway, and Netflix.
All three units are occupied under leases. Tenants are responsible for heat, hot water, cooking, electricity, snow removal, and landscaping. The front exterior was painted in 2024, while the interiors of the front upstairs apartment and rear apartment were painted 11/25. The property is located minutes from Rt 18, the Garden State Parkway, and Netflix.
Key Highlights
- Triplex with two 2‑bedroom apartments and one 1‑bedroom apartment
- Rear 2‑car garage incorporated into the property configuration
- All units fully rented under leases
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
$29,456
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
3.13%
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%
$589,120
$589.1K
Cap Rate 7%
$420,800
$420.8K
Cap Rate 9%
$327,289
$327.3K
Market Conditions
NOI Build-Up for 1,760 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
$45.0K $25.56/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$42.1K $23.91/SF
− OpEx
−$12.6K −$7.17/SF
NOI
$29.5K $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%
$589,120
Cap Rate 7%
$420,800
Cap Rate 9%
$327,289
Alternative Uses
Best Use
Multifamily LT 5
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$386.6K
$338.3K – $451.1K
NOI $27,065 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$459.6K
$402.1K – $536.2K
NOI $32,170 @ 7.0% cap · market cap 3.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 07724, NJ
23,494
Population
10,424
Households
2.3
Avg Household Size
44
Median Age
45%
College-Educated
92%
High-School Grad
12.1 sq mi
ZIP Area
1,942
Density / Sq Mi
$99,170
Median Household Income
$53,234
Median Earnings
$1,640
Median Rent
$487,300
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?
Triplex - Three residential units are leased, with tenants covering several operating expenses.
Where is this triplex located?
The property is located at 28 Clinton Avenue Eatontown, NJ.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Triplex with two 2‑bedroom apartments and one 1‑bedroom apartment; Rear 2‑car garage incorporated into the property configuration; All units fully rented under leases
