Triplex With Detached
New
For Sale
$699,000
438 Brickyard Road, Freehold, NJ 07728
MULTI_FAMILY - Freehold, NJ
Property Size2,125 SF
Lot Size0.97 Acres
Price / SF$328.94
Days on Market6
Property Features for 438 Brickyard Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Single Family, Residential, Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 3, Basement, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 2
Parking features
Driveway
Basement
Full
High school
Freehold Twp
Directions
Route 18 to exit 22 for Colts Neck 537 E. Right on Five Points Road to Brickyard Road.
Subdivision
Freehold Twnsp
Standard status
Active
APN
21-00176-0000-00036-05
Size
2,125 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9388
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Oil
Cooling system
Multi Units
Water source
Well
Building Details
Year built
1948
Floors in Building
2
Number of units
3
Flooring type
Linoleum
Roof type
Shingle
Listing Agency:
Jersey Property Group Realty
(732) 800-1767
Listed By:
Susan Haley Bonner
(732) 800-1767
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 11:06PM
MLS# 22623864
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.
This triplex includes two apartments within the primary residence and a separate detached studio serving as the third unit. The first-floor apartment offers 3 bedrooms and 1 bathroom, while the second-floor apartment includes 2 bedrooms, 1 bathroom, and walk-up attic access. The property contains 2,125 square feet on a 0.97-acre parcel and also includes a detached garage, driveway parking, basement storage, and outdoor space.
Built in 1948, the property has radiant oil heat, multi-unit cooling, linoleum flooring, a shingle roof, well water, and a septic tank. The existing three-unit configuration provides distinct residential spaces, with the detached building offering flexibility for its current studio use. The main residence could also be adapted to a single-family layout, as described in the property information.
Built in 1948, the property has radiant oil heat, multi-unit cooling, linoleum flooring, a shingle roof, well water, and a septic tank. The existing three-unit configuration provides distinct residential spaces, with the detached building offering flexibility for its current studio use. The main residence could also be adapted to a single-family layout, as described in the property information.
Key Highlights
- Three‑unit property with two apartments in the main house and a detached studio
- Main residence contains 3‑bedroom and 2‑bedroom apartments
- 2,125 square feet on a 0.97‑acre parcel
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct units include two apartments in the main house and a detached studio building.
Where is this triplex located?
The property is located at 438 Brickyard Road 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 property with two apartments in the main house and a detached studio; Main residence contains 3‑bedroom and 2‑bedroom apartments; 2,125 square feet on a 0.97‑acre parcel
