Duplex With Two Newly Remodeled
For Sale
$1,350,000
383 Navesink Avenue, Atlantic Highlands, NJ 07716
MULTI_FAMILY - Atlantic Highlands, NJ
Property Size3,500 SF
Lot Size0.21 Acres
Price / SF$385.71
Days on Market57
Property Features for 383 Navesink Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Single Family, Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Basement, Bedroom 1
Patio and Porch features
Deck
Exterior features
Deck
Fencing
Fenced
Basement
Full
Lot features
Corner Lot, Fenced Area
Elementary school
Navesink Elementary
Middle school
Bayshore
High school
Middle South
Directions
Corner of Navesink Avenue & Owens Avenue. Second Home is 105 Owens
Subdivision
Navesink
Standard status
Active
APN
32-00779-0000-00009
Size
3,500 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13272
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Forced Air
Water source
Public
Amenities
Quartz Countertops
new fixtures & trim
new replacement windows
open floor plan
backyard
Building Details
Year built
1908
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Wood
Roof type
Shingle, Wood
Listing Agency:
Resources Real Estate
(732) 212-0440
Listed By:
Jo Ann Davenport · License #9033200
(732) 212-0440
Added: Jun 12
Changed: Aug 7
Last Checked: Aug 7 at 9:06AM
MLS# 22617877
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 duplex features two newly remodeled homes on one lot, offering two separate living spaces under one address. The larger home has three bedrooms and three bathrooms, with a first-floor open layout that includes a living room, dining room, and eat-in kitchen. It also includes two additional rooms that could serve as offices or additional bedrooms. The second home offers two bedrooms and one bathroom, with an open kitchen and living area highlighted by exposed brickwork, plus a spacious backyard.
Throughout both homes, updates include quartz countertops, new fixtures and trim, and replacement windows. Exterior amenities include a deck and fenced yard.
The property was built in 1908 and includes a basement. Heating includes forced air and baseboard. Utilities include public water and public sewer. Roof materials are wood and shingle, and the interior flooring includes wood and ceramic tile.
Throughout both homes, updates include quartz countertops, new fixtures and trim, and replacement windows. Exterior amenities include a deck and fenced yard.
The property was built in 1908 and includes a basement. Heating includes forced air and baseboard. Utilities include public water and public sewer. Roof materials are wood and shingle, and the interior flooring includes wood and ceramic tile.
Key Highlights
- Two newly remodeled homes on one lot
- Larger home: 3 bedrooms and 3 bathrooms with open living/dining/eat‑in kitchen
- Second home: 2 bedrooms and 1 bathroom with open kitchen/living and exposed brickwork
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
$58,577
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
4.34%
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%
$1,171,540
$1.2M
Cap Rate 7%
$836,814
$836.8K
Cap Rate 9%
$650,856
$650.9K
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
$89.5K $25.56/SF
− Vacancy
−$5.8K −$1.65/SF
EGI
$83.7K $23.91/SF
− OpEx
−$25.1K −$7.17/SF
NOI
$58.6K $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%
$1,171,540
Cap Rate 7%
$836,814
Cap Rate 9%
$650,856
Alternative Uses
Best Use
Multifamily LT 5
$836.8K
$732.2K – $976.3K
NOI $58,577 @ 7.0% cap · market cap 4.34%
Second Best
Apartment 5plus
$768.9K
$672.8K – $897.1K
NOI $53,823 @ 7.0% cap · market cap 3.99%
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
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
522
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?
Duplex - Duplex with a 3-bed/3-bath home and a 2-bed/1-bath home, with public water and public sewer.
Where is this duplex located?
The property is located at 383 Navesink Avenue 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 newly remodeled homes on one lot; Larger home: 3 bedrooms and 3 bathrooms with open living/dining/eat‑in kitchen; Second home: 2 bedrooms and 1 bathroom with open kitchen/living and exposed brickwork
