Remodeled Two-Home Multifamily
For Sale
$1,350,000
383 Navesink Ave, Atlantic Highlands, NJ 07716
Two separate residences share one parcel and offer updated interiors with flexible occupancy options.
Property Size3,500 SF
Price / SF$385.71
Days on Market85
Property Features for 383 Navesink Ave
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Multi-Family
Building Details
Year Built
1908
Listing Agency:
Resources Real Estate
Listed By:
Jo Ann Davenport · License #9033200
(732) 212-0440
Source:
Soldbypattie
Added: Jul 24
Changed: Sep 14
Last Checked: Oct 15 at 1:06AM
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 Resources Real Estate
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Investment Insights
Based on property information with market context.
This multifamily property comprises two remodeled residences on a single lot. The primary home provides 3 bedrooms and 3 baths, with an open first-floor arrangement connecting the living room, dining room, and eat-in kitchen. Two additional rooms may serve as offices or bedrooms. The second residence includes 2 bedrooms, 1 bath, an open kitchen and living area, exposed brickwork, and a spacious backyard.
Both homes feature quartz countertops, updated fixtures and trim, and replacement windows. The property was built in 1908 and offers access to Downtown Atlantic Highlands, nearby beaches, major routes, and the NY Ferry, approximately 5 minutes away. The configuration supports arrangements such as occupying one residence while generating income from the other or maintaining separate household living.
Both homes feature quartz countertops, updated fixtures and trim, and replacement windows. The property was built in 1908 and offers access to Downtown Atlantic Highlands, nearby beaches, major routes, and the NY Ferry, approximately 5 minutes away. The configuration supports arrangements such as occupying one residence while generating income from the other or maintaining separate household living.
Key Highlights
- Two remodeled homes on one lot
- Primary residence includes 3 bedrooms, 3 baths, and two additional rooms
- Second home offers 2 bedrooms, 1 bath, exposed brickwork, and a spacious backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,823
Cap Rate
3.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,076,460
$1.1M
Cap Rate 7%
$768,900
$768.9K
Cap Rate 9%
$598,033
$598.0K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$105.0K $30.00/SF
− Vacancy
−$7.1K −$2.04/SF
EGI
$97.9K $27.96/SF
− OpEx
−$44.0K −$12.58/SF
NOI
$53.8K $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%
$1,076,460
Cap Rate 7%
$768,900
Cap Rate 9%
$598,033
Alternative Uses
Best Use
Apartment 5plus
$768.9K
$672.8K – $897.1K
NOI $53,823 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$913.9K
$799.7K – $1.07M
NOI $63,974 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
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Business Placement
Demographics for 07716, NJ
8,713
Population
3,931
Households
2.2
Avg Household Size
48
Median Age
47%
College-Educated
92%
High-School Grad
4.4 sq mi
ZIP Area
1,980
Density / Sq Mi
$124,096
Median Household Income
$60,639
Median Earnings
$1,863
Median Rent
$621,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate residences share one parcel and offer updated interiors with flexible occupancy options.
Where is this multifamily property located?
The property is located at 383 Navesink Ave Atlantic Highlands, NJ.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two remodeled homes on one lot; Primary residence includes 3 bedrooms, 3 baths, and two additional rooms; Second home offers 2 bedrooms, 1 bath, exposed brickwork, and a spacious backyard
