Triplex with Heated
For Sale
$675,000
41 Atlantic St, Keyport, NJ 07735
One apartment is leased through December 2026, while two additional units are vacant and available for renovation.
Property Size3,200 SF
Price / SF$210.94
Days on Market42
Property Features for 41 Atlantic St
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Multi-Family
Building Details
Year Built
1909
Listing Agency:
Heritage House Sotheby's International Realty
(732) 673-9347
Listed By:
Dennis Fotopoulos · License #2297828
Source:
Thebansalteam
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 6:50PM
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 Heritage House Sotheby's International Realty
Investment Insights
Based on property information with market context.
This legal three-family property contains approximately 3,200 square feet of living space across three apartments. The unit mix includes two 2-bedroom, 1-bath apartments and one 1-bedroom, 1-bath apartment. One 2-bedroom unit is leased through December 2026; the remaining 2-bedroom and 1-bedroom apartments are vacant and ready for renovation.
The oversized lot includes a saltwater heated in-ground pool, while the common basement provides laundry facilities. Recent capital improvements include a roof replacement in 2019, new water heaters in May 2023, and a furnace installed in January 2024. The property was built in 1909 and is located one block from the Keyport Yacht Club and minutes from Keyport’s waterfront downtown district. Buyer should complete due diligence regarding zoning and permitted uses.
The oversized lot includes a saltwater heated in-ground pool, while the common basement provides laundry facilities. Recent capital improvements include a roof replacement in 2019, new water heaters in May 2023, and a furnace installed in January 2024. The property was built in 1909 and is located one block from the Keyport Yacht Club and minutes from Keyport’s waterfront downtown district. Buyer should complete due diligence regarding zoning and permitted uses.
Key Highlights
- Legal three‑family property with approximately 3,200 square feet of living space
- Three units: two 2‑bedroom, 1‑bath apartments and one 1‑bedroom, 1‑bath apartment
- One 2‑bedroom unit leased through December 2026; two units are vacant for renovation
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
$53,556
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
7.93%
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%
$1,071,120
$1.1M
Cap Rate 7%
$765,086
$765.1K
Cap Rate 9%
$595,067
$595.1K
Market Conditions
NOI Build-Up for 3,200 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
$81.8K $25.56/SF
− Vacancy
−$5.3K −$1.65/SF
EGI
$76.5K $23.91/SF
− OpEx
−$23.0K −$7.17/SF
NOI
$53.6K $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%
$1,071,120
Cap Rate 7%
$765,086
Cap Rate 9%
$595,067
Alternative Uses
Best Use
Multifamily LT 5
$765.1K
$669.5K – $892.6K
NOI $53,556 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$703.0K
$615.1K – $820.2K
NOI $49,210 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$835.6K
$731.1K – $974.9K
NOI $58,491 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
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?
Triplex - One apartment is leased through December 2026, while two additional units are vacant and available for renovation.
Where is this triplex located?
The property is located at 41 Atlantic St Keyport, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Legal three‑family property with approximately 3,200 square feet of living space; Three units: two 2‑bedroom, 1‑bath apartments and one 1‑bedroom, 1‑bath apartment; One 2‑bedroom unit leased through December 2026; two units are vacant for renovation
