Building Details

Year Built 1986

Listing Agency: Callaway Henderson Sotheby's Int'l-Princeton i***@callawayhenderson.com Show Phone

Listed By: Lauren Adams · License #1756236 Show Phone

Source: Cummingsrealtors

Added: Sep 24 Changed: Oct 1 Last Checked: Oct 1 at 11:06AM

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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 Callaway Henderson Sotheby's Int'l-Princeton

Investment Insights

Based on property information with market context.

This 1,044-square-foot, ground-level end condo has two bedrooms and two full bathrooms, with no stairs inside the unit. The primary bedroom includes an ensuite bath and walk-in closet; the second bedroom connects to a full bath that also opens to the hall. Luxury vinyl flooring covers the main living areas, and the kitchen is equipped with stainless steel appliances. A private patio extends the living space outdoors.

Replacement windows and a new electrical panel were installed in 2021, and the roof was replaced in 2026. The 1986-built condo community includes a pool, tennis and basketball courts, playground areas, sidewalks, and unassigned parking. Shopping, restaurants, daily necessities, and major commuter routes are accessible from the property’s location near Route 9.

Key Highlights

• Two‑bedroom, two‑bathroom condo with 1,044 square feet
• Ground‑level end unit with private patio
• Replacement windows and electrical panel installed in 2021

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

$16,055

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

5.02%

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%

$321,100 $321.1K

Cap Rate 7%

$229,357 $229.4K

Cap Rate 9%

$178,389 $178.4K

Market Conditions

NOI Build-Up for 1,044 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

$31.3K $30.00/SF

− Vacancy

−$2.1K −$2.04/SF

EGI

$29.2K $27.96/SF

− OpEx

−$13.1K −$12.58/SF

NOI

$16.1K $15.38/SF

Area

Monmouth County, NJ

Vacancy

6.80%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

45.00%

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%

$321,100

Cap Rate 7%

$229,357

Cap Rate 9%

$178,389

Alternative Uses

Best Use

Apartment 5plus

$229.4K

$200.7K – $267.6K (±1% cap)

NOI $16,055 @ 7.0% cap · market cap 5.02%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$272.6K

$238.5K – $318.1K (±1% cap)

NOI $19,083 @ 7.0% cap · market cap 5.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Restaurant Parking Lot & Garage Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

232

Businesses Nearby

Explore this area Business Placement

Demographics for 07731, NJ

39,677

Population

14,102

Households

2.8

Avg Household Size

40

Median Age

42%

College-Educated

94%

High-School Grad

31.8 sq mi

ZIP Area

1,248

Density / Sq Mi

$130,064

Median Household Income

$57,228

Median Earnings

$2,619

Median Rent

$454,900

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Single-level access, a private patio, and community recreation amenities complement the two-bedroom layout.

Where is this residential income property located?

The property is located at 49 CHINKABERRY COURT Howell, NJ.

What is the asking price?

The asking price for this property is $319,900.

What are key features of this property?

This property features: Two‑bedroom, two‑bathroom condo with 1,044 square feet; Ground‑level end unit with private patio; Replacement windows and electrical panel installed in 2021