Triplex With Detached
New
For Sale
$699,000
438 Brickyard Rd, Freehold, NJ 07728
Three-unit property with two apartments in the main house and a separate studio building on nearly one acre.
Property Size2,125 SF
Days on Market3
Property Features for 438 Brickyard Rd
General Information
Standard status
Active
Size
2,125 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,388
Building Details
Building Size
2,125 SF
Year Built
1948
Buildings
2
Units
3
Listing Agency:
Jersey Property Group Realty
(732) 800-1767
Listed By:
Susan Haley Bonner
(732) 800-1767
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 10:54AM
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 Jersey Property Group Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property includes two apartments within the primary residence: a 3-bedroom, 1-bath first-floor layout and a 2-bedroom, 1-bath apartment above it. The upper unit includes walk-up attic access. A detached building functions as the third unit and is currently configured as a studio. The property also includes a detached garage and outdoor area on nearly one acre.
Built in 1948, the property is located at 438 Brickyard Rd in Freehold, New Jersey. Walk Score is 5, indicating a car-dependent setting, while the Bike Score is 26, categorized as somewhat bikeable. The property also offers the possibility of conversion to a single-family residence.
Built in 1948, the property is located at 438 Brickyard Rd in Freehold, New Jersey. Walk Score is 5, indicating a car-dependent setting, while the Bike Score is 26, categorized as somewhat bikeable. The property also offers the possibility of conversion to a single-family residence.
Key Highlights
- Three‑unit layout with two apartments in the main house and a detached studio building
- 3‑bedroom, 1‑bath first‑floor apartment
- 2‑bedroom, 1‑bath second‑floor apartment with walk‑up attic access
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
$35,564
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
5.09%
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%
$711,280
$711.3K
Cap Rate 7%
$508,057
$508.1K
Cap Rate 9%
$395,156
$395.2K
Market Conditions
NOI Build-Up for 2,125 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
$54.3K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.8K $23.91/SF
− OpEx
−$15.2K −$7.17/SF
NOI
$35.6K $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%
$711,280
Cap Rate 7%
$508,057
Cap Rate 9%
$395,156
Alternative Uses
Best Use
Multifamily LT 5
$508.1K
$444.6K – $592.7K
NOI $35,564 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$554.9K
$485.5K – $647.4K
NOI $38,842 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 07728, NJ
56,444
Population
21,150
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
49.6 sq mi
ZIP Area
1,138
Density / Sq Mi
$107,042
Median Household Income
$56,824
Median Earnings
$1,941
Median Rent
$490,000
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?
Triplex - Three-unit property with two apartments in the main house and a separate studio building on nearly one acre.
Where is this triplex located?
The property is located at 438 Brickyard Rd Freehold, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three‑unit layout with two apartments in the main house and a detached studio building; 3‑bedroom, 1‑bath first‑floor apartment; 2‑bedroom, 1‑bath second‑floor apartment with walk‑up attic access
