Historic Four-Unit Multifamily
New
For Sale
$1,450,000
403 1st Avenue, Asbury Park, NJ 07712
MULTI_FAMILY - Asbury Park, NJ
Property Size2,560 SF
Lot Size0.11 Acres
Price / SF$566.41
Days on Market2
Property Features for 403 1st Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 3, Bedroom 6, Basement
Parking
2
Fireplace
1
Elementary school
Thurgood Mar
Middle school
Martin Luther King Jr. Middle School
High school
Asbury Park
Directions
Main Street to First Ave
Subdivision
NE Asbury Pk
Standard status
Active
APN
04-03302-0000-00015
Size
2,560 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
21513
Utilities
Sewer type
Public Sewer
Cooling system
Zoned
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Listing Agency:
Evermoore Homes & Estate PC
(201) 618-2921
Listed By:
Kevin Homer
(201) 618-2921
Added: Aug 13
Last Checked: Aug 14 at 7:06AM
MLS# 22625104
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.
Registered as a historical home, this 2,560-square-foot multifamily property was built in 1920 and occupies 0.11 acres. The interior is arranged as four units: three one-bedroom apartments and one three-bedroom apartment, with a full kitchen in each unit. The property includes 3.5 bathrooms, a basement, zoned cooling, a fireplace, public water, and public sewer. It requires renovation and is offered in its current as-is condition.
The property is located at 403 1st Avenue in Asbury Park, directly across from Library Square Park. Stone Pony and Asbury Park Convention Hall are identified among the nearby city destinations, with local eateries and museums also noted in the surrounding area.
The property is located at 403 1st Avenue in Asbury Park, directly across from Library Square Park. Stone Pony and Asbury Park Convention Hall are identified among the nearby city destinations, with local eateries and museums also noted in the surrounding area.
Key Highlights
- Four‑unit configuration with three 1‑bedroom units and one 3‑bedroom unit
- 2,560 square feet on a 0.11‑acre lot
- Built in 1920 and registered as a historical home
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Three one-bedroom units and one three-bedroom unit provide a varied layout, each with a full kitchen.
Where is this quadplex located?
The property is located at 403 1st Avenue 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 configuration with three 1‑bedroom units and one 3‑bedroom unit; 2,560 square feet on a 0.11‑acre lot; Built in 1920 and registered as a historical home
