Two-Unit Multifamily
3 Carolina Avenue, Middletown, NJ 07758
For Sale
New
$1,099,000
A new two-story residence is paired with an income-restricted apartment over a detached garage.
Property Size3,068 SF
Lot Size0.23 Acres
Price / SF$358.21
Days on Market6
Property Features for 3 Carolina Avenue
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Site & Location
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
VRI HOMES
Listed By:
ANTHONY GENOVESE · License #NJ1859350
(848) 294-1903
Source:
Actionplusrealty
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 3:13AM
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 VRI HOMES
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Investment Insights
Based on property information with market context.
Under construction, the property combines a two-story main residence with a separate apartment above a detached two-car garage. The main house is planned with approximately 2,080 square feet, three bedrooms, three full bathrooms, an open kitchen, living and dining area with a center island and pantry, second-floor laundry, and a primary suite with a walk-in closet. A covered front porch, rear deck, and full unfinished cellar are also planned. The apartment offers approximately 988 square feet, two bedrooms, and one bathroom; it is leased through December 31, 2026, and is subject to a deed restriction under a Middletown agreement. The apartment is limited to income-eligible tenants, with rents set by the township.
The approximately 100-by-100-foot lot is zoned R-7. The property is near the Belford ferry, Route 36, and Sandy Hook.
The approximately 100-by-100-foot lot is zoned R-7. The property is near the Belford ferry, Route 36, and Sandy Hook.
Key Highlights
- Main residence planned at approximately 2,080 square feet with 3 bedrooms and 3 full bathrooms
- Detached 2‑car garage with an approximately 988‑square‑foot, 2‑bedroom, 1‑bath apartment above
- Accessory apartment leased through 12/31/26 and restricted to income‑eligible tenants under a Middletown agreement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,180
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$943,600
$943.6K
Cap Rate 7%
$674,000
$674.0K
Cap Rate 9%
$524,222
$524.2K
Market Conditions
NOI Build-Up for 3,068 SF
Gross rent
$92.0K $30.00/SF
− Vacancy
−$6.3K −$2.04/SF
EGI
$85.8K $27.96/SF
− OpEx
−$38.6K −$12.58/SF
NOI
$47.2K $15.38/SF
Area
Monmouth 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%
$943,600
Cap Rate 7%
$674,000
Cap Rate 9%
$524,222
Alternative Uses
Best Use
Apartment 5plus
$674.0K
$589.8K – $786.3K
NOI $47,180 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$801.1K
$701.0K – $934.6K
NOI $56,078 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 07758, NJ
4,942
Population
1,653
Households
3
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
1.6 sq mi
ZIP Area
3,089
Density / Sq Mi
$121,150
Median Household Income
$55,761
Median Earnings
$1,203
Median Rent
$478,900
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in Monmouth County, NJ
Properties on Market for Multifamily properties in Monmouth County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - A new two-story residence is paired with an income-restricted apartment over a detached garage.
Where is this multifamily property located?
The property is located at 3 Carolina Avenue Middletown, NJ.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Main residence planned at approximately 2,080 square feet with 3 bedrooms and 3 full bathrooms; Detached 2‑car garage with an approximately 988‑square‑foot, 2‑bedroom, 1‑bath apartment above; Accessory apartment leased through 12/31/26 and restricted to income‑eligible tenants under a Middletown agreement
