Renovated
New
For Sale
$1,450,000
28 Norwood Avenue, Long Branch, NJ 07740
Multi-Family, Long Branch, NJ
Property Size2,878 SF
Lot Size0.14 Acres
Price / SF$503.82
Days on Market3
Property Features for 28 Norwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Single Family, Residential, Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 7, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 2, Basement, Bedroom 5, Bathroom 4, Bedroom 3
Parking
2
Basement
Partial
Lot features
Corner Lot
Middle school
Long Branch
High school
Long Branch
Directions
Broadway to Norwood - Corner of Conover St/Norwood Ave
Standard status
Active
APN
27-00240-0000-00006
Size
2,878 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Multi Units
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Aluminum Siding
Roof type
Shingle
Listing Agency:
Beba Realty, LLC
(732) 663-1000
Listed By:
Victor Gheriani
(732) 663-1000
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 7:06PM
MLS# 22627072
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 four-unit residential property contains 2,878 square feet and was renovated in 2023. The unit mix includes three two-bedroom, one-bath residences and one one-bedroom, one-bath residence. Improvements include refreshed kitchens and bathrooms, vinyl flooring, recessed lighting, updated plumbing, a shingle roof, HVAC systems, and four individual water heaters. Each apartment has its own heating and cooling equipment.
Located at 28 Norwood Avenue in Long Branch, New Jersey, the property sits on a 0.14-acre lot with a two-car driveway. Gas and electric service is separately metered for each unit and paid by the tenants. Public water and public sewer serve the property, which was originally built in 1910 and has aluminum siding.
Located at 28 Norwood Avenue in Long Branch, New Jersey, the property sits on a 0.14-acre lot with a two-car driveway. Gas and electric service is separately metered for each unit and paid by the tenants. Public water and public sewer serve the property, which was originally built in 1910 and has aluminum siding.
Key Highlights
- Four‑unit configuration with three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Renovated in 2023 with updated kitchens, bathrooms, plumbing, flooring, and lighting
- 2,878 square feet on a 0.14‑acre lot
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
$48,167
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
3.32%
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%
$963,340
$963.3K
Cap Rate 7%
$688,100
$688.1K
Cap Rate 9%
$535,189
$535.2K
Market Conditions
NOI Build-Up for 2,878 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
$73.6K $25.56/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$68.8K $23.91/SF
− OpEx
−$20.6K −$7.17/SF
NOI
$48.2K $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%
$963,340
Cap Rate 7%
$688,100
Cap Rate 9%
$535,189
Alternative Uses
Best Use
Multifamily LT 5
$688.1K
$602.1K – $802.8K
NOI $48,167 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$632.3K
$553.2K – $737.6K
NOI $44,258 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$751.5K
$657.6K – $876.8K
NOI $52,605 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
937
Businesses Nearby
Explore this area
Business Placement
Demographics for 07740, NJ
31,905
Population
15,208
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
84%
High-School Grad
5.3 sq mi
ZIP Area
6,020
Density / Sq Mi
$73,806
Median Household Income
$38,614
Median Earnings
$1,744
Median Rent
$521,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with updated interiors, separate utility metering, and individual heating and cooling systems.
Where is this quadplex located?
The property is located at 28 Norwood Avenue Long Branch, NJ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Four‑unit configuration with three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Renovated in 2023 with updated kitchens, bathrooms, plumbing, flooring, and lighting; 2,878 square feet on a 0.14‑acre lot
