Historic
New
For Sale
$1,450,000
403 1st Ave, Asbury Park, NJ 07712
Four residential units include three one-bedroom layouts and one three-bedroom layout.
Property Size2,560 SF
Days on Market4
Property Features for 403 1st Ave
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Investment
Property Condition
Severity
Minor
Evidence
needs work
Units
Unit Mix
3 x 1-bedroom, 1 x 3-bedroom
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$21,513
Building Details
Building Size
2,560 SF
Year Built
1920
Units
4
Listing Agency:
Evermoore Homes & Estate PC
(201) 618-2921
Listed By:
Kevin Homer
(201) 618-2921
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 17 at 6:04AM
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 Evermoore Homes & Estate PC
Investment Insights
Based on property information with market context.
Built in 1920, this registered historical home at 403 1st Ave features a four-unit residential configuration. The layout includes three one-bedroom units and one three-bedroom unit, with a full kitchen in each residence and 3.5 bathrooms overall. The property is being offered as-is and requires work, providing a substantial existing structure for redevelopment or renovation.
Library Square Park is located across the street. The property is also positioned near Asbury Park destinations including the Stone Pony and Asbury Park Convention Hall. WalkScore is 61, rated Somewhat Walkable, while BikeScore is 63, rated Bikeable.
Library Square Park is located across the street. The property is also positioned near Asbury Park destinations including the Stone Pony and Asbury Park Convention Hall. WalkScore is 61, rated Somewhat Walkable, while BikeScore is 63, rated Bikeable.
Key Highlights
- Four‑unit layout with three 1‑bedroom units and one 3‑bedroom unit
- Full kitchen included in each residential unit
- Built in 1920
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
$42,845
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
2.95%
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%
$856,900
$856.9K
Cap Rate 7%
$612,071
$612.1K
Cap Rate 9%
$476,056
$476.1K
Market Conditions
NOI Build-Up for 2,560 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
$65.4K $25.56/SF
− Vacancy
−$4.2K −$1.65/SF
EGI
$61.2K $23.91/SF
− OpEx
−$18.4K −$7.17/SF
NOI
$42.8K $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%
$856,900
Cap Rate 7%
$612,071
Cap Rate 9%
$476,056
Alternative Uses
Best Use
Multifamily LT 5
$612.1K
$535.6K – $714.1K
NOI $42,845 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$562.4K
$492.1K – $656.1K
NOI $39,368 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$668.5K
$584.9K – $779.9K
NOI $46,793 @ 7.0% cap · market cap 3.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,843
Businesses Nearby
Explore this area
Business Placement
Demographics for 07712, NJ
39,397
Population
19,321
Households
2
Avg Household Size
42
Median Age
49%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
3,229
Density / Sq Mi
$95,691
Median Household Income
$51,924
Median Earnings
$1,496
Median Rent
$578,300
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?
Quadplex - Four residential units include three one-bedroom layouts and one three-bedroom layout.
Where is this quadplex located?
The property is located at 403 1st Ave Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Four‑unit layout with three 1‑bedroom units and one 3‑bedroom unit; Full kitchen included in each residential unit; Built in 1920
