Two-Building Multifamily
3 Carolina Avenue, Middletown, NJ 07758
For Sale
New
$1,099,000
Residential Income, Middletown, NJ
Property Size3,068 SF
Lot Size0.23 Acres
Price / SF$358.21
Days on Market4
Property Features for 3 Carolina Avenue
General Information
Property type
Property subtype
Property condition
Zoning
Zoning description
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Interior features
Exterior features
Appliances
Lot features
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Roof type
Additional Structures
Buildings
Listing Agency:
VRI HOMES
(732) 719-2211
Listed By:
Anthony Genovese · License #NJ1859350
(732) 977-2675
Added: Nov 6
Last Checked: Nov 9 at 4:06AM
MLS# 2707508R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Under construction on a 0.2296-acre lot, this multifamily property comprises a two-story main house and a detached two-car garage with an accessory apartment above. The main residence is approximately 2,080 square feet, with three bedrooms, three full bathrooms, an open kitchen, living and dining areas, a center island, 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 measures approximately 988 square feet and includes two bedrooms, one bathroom, and a kitchen. It is subject to a deed-restricted affordable housing agreement requiring income-eligible tenants and township-set rents. The property is zoned R-7 and is near the Belford ferry, Route 36, and Sandy Hook. Construction renderings are conceptual, and final work may differ.
Key Highlights
- Two‑story main house under construction with approximately 2,080 sq ft, 3 bedrooms, and 3 full baths
- Detached 2‑car garage with an approximately 988 sq ft accessory apartment above
- Apartment has 2 bedrooms and 1 bath; deed‑restricted affordable unit with township‑set rents
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
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Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
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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
$478,900
Median Home Value
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Market
Average Price Trend$/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 two-story primary residence and a separate garage-top apartment are being built on one lot.
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: Two‑story main house under construction with approximately 2,080 sq ft, 3 bedrooms, and 3 full baths; Detached 2‑car garage with an approximately 988 sq ft accessory apartment above; Apartment has 2 bedrooms and 1 bath; deed‑restricted affordable unit with township‑set rents
