Historic Mixed-Use Keyport Income
For Sale
$650,000
78 1st Street, Keyport, NJ 07735
Two buildings with three income-producing units in historic Keyport.
Property Size3,787 SF
Lot Size0.10 Acres
Price / SF$171.64
Days on Market487
Property Features for 78 1st Street
General Information
Standard status
Active
Size
3,787 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,875
Amenities
Central air
Display Window
Outdoor Shower
Baseboard Heating
Central Air Cooling
Forced Air Heating
Hot Water Heating
In Alley
Level
Off Street
On Site
On Street
Window Unit(s) Cooling
Wood Flooring
Building Details
Year Built
1920
Listing Agency:
BETTER HOMES AND GARDENS REAL ESTATE MURPHY & CO.
(732) 741-3030
Listed By:
VALLI MORANO
Source:
Corcoran
Added: Apr 12, 2025
Changed: Aug 8
Last Checked: Jul 16 at 7:13AM
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 BETTER HOMES AND GARDENS REAL ESTATE MURPHY & CO.
Investment Insights
Based on property information with market context.
This unique property in historic Keyport features two buildings with a total of three income-producing units. The mixed-use building includes approximately 850 square feet of retail or office space and a three-bedroom apartment above. Additionally, there is a Colonial-style house of approximately 2500 square feet, featuring five bedrooms, a living room, dining room, fireplace, and basement. The property is currently fully rented with no leases. Located in a thriving area, the property is surrounded by restaurants, shops, antiques, and waterfront entertainment. The property is being offered in "as is" condition, with the seller offering a credit for repairs at full price. The total property size is 3787 square feet.
Key Highlights
- Three income‑producing units: retail/office space, 3‑bedroom apartment, and a 5‑bedroom house.
- Mixed‑use property in historic Keyport.
- Seller offering credit for repairs at full price in "as is" condition.
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
$54,053
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
8.32%
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%
$1,081,060
$1.1M
Cap Rate 7%
$772,186
$772.2K
Cap Rate 9%
$600,589
$600.6K
Market Conditions
NOI Build-Up for 3,787 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
$81.8K $21.60/SF
− Vacancy
−$4.6K −$1.21/SF
EGI
$77.2K $20.39/SF
− OpEx
−$23.2K −$6.12/SF
NOI
$54.1K $14.27/SF
Area
Monmouth County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$1,081,060
Cap Rate 7%
$772,186
Cap Rate 9%
$600,589
Alternative Uses
Best Use
Retail
$772.2K
$675.7K – $900.9K
NOI $54,053 @ 7.0% cap · market cap 8.32%
Second Best
Mixed Use
$730.4K
$639.1K – $852.1K
NOI $51,125 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$988.9K
$865.3K – $1.15M
NOI $69,220 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings with three income-producing units in historic Keyport.
Where is this mixed-use property located?
The property is located at 78 1st Street Keyport, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three income‑producing units: retail/office space, 3‑bedroom apartment, and a 5‑bedroom house.; Mixed‑use property in historic Keyport.; Seller offering credit for repairs at full price in "as is" condition.
