Four-Unit Multifamily
509 4Th Ave, Asbury Park, NJ 07712
For Sale
$1,300,000
Multi-Family, Fixer Upper, Fourplex, Asbury Park City, NJ
Property Size2,952 SF
Lot Size0.17 Acres
Price / SF$440.38
Days on Market135
Property Features for 509 4Th Ave
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Exterior features
Directions
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Number of units
Roof type
Architectural style
Buildings
Listing Agency:
REALTY ONE GROUP PRODIGY
(973) 661-1719
Listed By:
WENDY MARTINEZ
(973) 277-2575
Added: Jul 1
Changed: Nov 6
Last Checked: Nov 12 at 10:06AM
MLS# 4037853
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This four-unit multifamily property in Asbury Park, New Jersey, contains 2,952 square feet on a 0.17-acre lot. Built in 1930, the property includes a carriage house and has shingle roofing. Heating is provided by hot water and another heating system; public water and public sewer serve the property.
The units are occupied by tenants on short-term leases. Showings require 24-hour notice.
The units are occupied by tenants on short-term leases. Showings require 24-hour notice.
Key Highlights
- Four‑unit multifamily property
- 2,952 square feet on a 0.17‑acre lot
- Tenant‑occupied with short‑term leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,405
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$988,100
$988.1K
Cap Rate 7%
$705,786
$705.8K
Cap Rate 9%
$548,944
$548.9K
Market Conditions
NOI Build-Up for 2,952 SF
Gross rent
$75.5K $25.56/SF
− Vacancy
−$4.9K −$1.65/SF
EGI
$70.6K $23.91/SF
− OpEx
−$21.2K −$7.17/SF
NOI
$49.4K $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 Rate 5%
$988,100
Cap Rate 7%
$705,786
Cap Rate 9%
$548,944
Alternative Uses
Best Use
Multifamily LT 5
$705.8K
$617.6K – $823.4K
NOI $49,405 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$648.5K
$567.5K – $756.6K
NOI $45,396 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$770.8K
$674.5K – $899.3K
NOI $53,958 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,883
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - The building is occupied by tenants on short-term leases.
Where is this quadplex located?
The property is located at 509 4Th Ave Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Four‑unit multifamily property; 2,952 square feet on a 0.17‑acre lot; Tenant‑occupied with short‑term leases
