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 Market39
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
(732) 212-0440
Listed By:
Jo Ann Davenport · License #9033200
Source:
Soldbypattie
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 7:07PM
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
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 = 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
$53,823
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
3.99%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
