Two-Building Mixed-Use
For Sale
$650,000
78 1st Street, Keyport, NJ 07735
COMMERCIAL - Keyport, NJ
Property Size3,787 SF
Lot Size0.10 Acres
Price / SF$171.64
Days on Market492
Property Features for 78 1st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Multi-Family, Single Family, Retail, Residential, Professional, Multi-Use, Live-in Professional
Rooms
Basement
Parking
4
Parking features
Alley, Off Street, On Street
Exterior features
Display Window, Outdoor Shower
Basement
Dirt Floor, Partial
Lot features
Level
Directions
Route 36 West, Rt on Atlantic, Left on First St. Property on Left.
Standard status
Active
APN
24-00093-0000-00003
Size
3,787 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13875
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Forced Air
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Flooring type
Wood
Listing Agency:
Better Homes and Gardens Real Estate Murphy & Co.
(732) 741-3030
Listed By:
Valli Morano
(732) 741-3030
Added: Apr 11, 2025
Changed: Aug 7
Last Checked: Aug 15 at 5:06AM
MLS# 22510519
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 mixed-use property includes two buildings and three income-producing units. One unit offers retail/office space of approximately 850 SF, with a three-bedroom apartment above. The second building is described as a Colonial-style house of approximately 2,500 SF with five bedrooms plus living room, dining room, fireplace, and basement. The property is fully rented at this time, with no leases provided.
The parcel totals 0.1 acres, and the overall property size is 3,787 SF. Built in 1920, the buildings include wood flooring and features such as a display window and an outdoor shower. Heating is listed as forced air, hot water, and baseboard, with cooling via window unit(s) and central air.
Parking is available via off-street, on-street, and alley arrangements. Utilities are described as public water and public sewer.
The parcel totals 0.1 acres, and the overall property size is 3,787 SF. Built in 1920, the buildings include wood flooring and features such as a display window and an outdoor shower. Heating is listed as forced air, hot water, and baseboard, with cooling via window unit(s) and central air.
Parking is available via off-street, on-street, and alley arrangements. Utilities are described as public water and public sewer.
Key Highlights
- Two buildings with three income‑producing units
- Retail/office space plus apartment above, and a Colonial‑style house
- Approximately 850 SF retail/office unit and approximately 2,500 SF house
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
$57,941
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
8.91%
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%
$1,158,820
$1.2M
Cap Rate 7%
$827,729
$827.7K
Cap Rate 9%
$643,789
$643.8K
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
$113.6K $30.00/SF
− Vacancy
−$36.4K −$9.60/SF
EGI
$77.3K $20.40/SF
− OpEx
−$19.3K −$5.10/SF
NOI
$57.9K $15.30/SF
Area
Monmouth County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,158,820
Cap Rate 7%
$827,729
Cap Rate 9%
$643,789
Alternative Uses
Best Use
Office B
$827.7K
$724.3K – $965.7K
NOI $57,941 @ 7.0% cap · market cap 8.91%
Second Best
Retail
$772.2K
$675.7K – $900.9K
NOI $54,053 @ 7.0% cap · market cap 8.32%
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
Lease Details
1
Office units
100%
Occupancy
Multi-tenant
Tenancy
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with three income-producing units, combining retail/office space with apartment and a colonial-style house.
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: Two buildings with three income‑producing units; Retail/office space plus apartment above, and a Colonial‑style house; Approximately 850 SF retail/office unit and approximately 2,500 SF house
