Renovated Three-Family Corner
For Sale
$1,099,999
413 Ridge Ave, Asbury Park, NJ 07712
Recently renovated three-unit building with tenant occupancy and a mix of 3BR and 1BR layouts.
Property Size2,037 SF
Price / SF$549
Days on Market50
Property Features for 413 Ridge Ave
General Information
Standard status
Active
Size
2,037 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,702
Building Details
Building Size
2,037 SF
Year Built
1935
Units
3
Tenancy
Multi
Listing Agency:
C21/ Solid Gold Realty
(732) 531-7772
Listed By:
Victor Alhalabi
(732) 531-7772
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 9 at 10:58AM
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 C21/ Solid Gold Realty
Investment Insights
Based on property information with market context.
This recently renovated three-family property is configured as two 3-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The building offers more than 2,000 square feet of income-producing residential space and is currently tenant occupied. The property is presented as a turnkey option for buyers seeking a multi-unit setup with multiple unit types under one roof.
Set on a prime corner lot in Asbury Park, the building is described as being close to the beach, hospitals, and major highways. It also sits within an area noted for ongoing revitalization, supporting day-to-day livability for residents and practical access for commuting and errands.
For investors, the unit mix provides a blend of layouts, with two larger 3BR/1BA homes and a smaller 1BR/1BA apartment within the same property. With the building already tenant occupied, buyers can review current tenancy and income-generation details as part of their acquisition process. The corner-lot configuration and proximity to regional destinations may also appeal to tenants looking for convenient access to everyday needs.
Set on a prime corner lot in Asbury Park, the building is described as being close to the beach, hospitals, and major highways. It also sits within an area noted for ongoing revitalization, supporting day-to-day livability for residents and practical access for commuting and errands.
For investors, the unit mix provides a blend of layouts, with two larger 3BR/1BA homes and a smaller 1BR/1BA apartment within the same property. With the building already tenant occupied, buyers can review current tenancy and income-generation details as part of their acquisition process. The corner-lot configuration and proximity to regional destinations may also appeal to tenants looking for convenient access to everyday needs.
Key Highlights
- 1935‑built, recently renovated 3‑family building with tenant occupancy
- 6 total bedrooms across three units: two 3BR/1BA and one 1BR/1BA unit
- Over 2,000 sq ft of income‑producing space
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
$33,472
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
3.04%
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%
$669,440
$669.4K
Cap Rate 7%
$478,171
$478.2K
Cap Rate 9%
$371,911
$371.9K
Market Conditions
NOI Build-Up for 2,000 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
$51.1K $25.56/SF
− Vacancy
−$3.3K −$1.65/SF
EGI
$47.8K $23.91/SF
− OpEx
−$14.3K −$7.17/SF
NOI
$33.5K $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%
$669,440
Cap Rate 7%
$478,171
Cap Rate 9%
$371,911
Alternative Uses
Best Use
Multifamily LT 5
$478.2K
$418.4K – $557.9K
NOI $33,472 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$439.4K
$384.5K – $512.6K
NOI $30,756 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,557 @ 7.0% cap · market cap 3.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
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?
Triplex - Recently renovated three-unit building with tenant occupancy and a mix of 3BR and 1BR layouts.
Where is this triplex located?
The property is located at 413 Ridge Ave Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,099,999.
What are key features of this property?
This property features: 1935‑built, recently renovated 3‑family building with tenant occupancy; 6 total bedrooms across three units: two 3BR/1BA and one 1BR/1BA unit; Over 2,000 sq ft of income‑producing space
