Four-Unit Residential
81 Wallace Street, Red Bank, NJ 07701
For Sale
$1,199,999
The property is fully occupied and offers four one-bedroom residences in Red Bank.
Property Size2,688 SF
Price / SF$446.43
Days on Market24
Property Features for 81 Wallace Street
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
O'Brien Realty, LLC
Listed By:
Scott T Gilbert · License #1540098
(732) 229-3532
Source:
Critellirealtors
Added: Oct 17
Changed: Nov 6
Last Checked: Nov 8 at 3:11PM
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 O'Brien Realty, LLC
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Investment Insights
Based on property information with market context.
This 2,688-square-foot residential income property contains four one-bedroom units and was built in 1910. All units are currently rented, providing existing rental occupancy at the property.
The building is located at 81 Wallace Street in Red Bank, New Jersey. Downtown destinations, including restaurants, shopping, and entertainment, are described as a short walk away.
The building is located at 81 Wallace Street in Red Bank, New Jersey. Downtown destinations, including restaurants, shopping, and entertainment, are described as a short walk away.
Key Highlights
- Four one‑bedroom units
- All four units are currently rented
- 2,688 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,987
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$899,740
$899.7K
Cap Rate 7%
$642,671
$642.7K
Cap Rate 9%
$499,856
$499.9K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$68.7K $25.56/SF
− Vacancy
−$4.4K −$1.65/SF
EGI
$64.3K $23.91/SF
− OpEx
−$19.3K −$7.17/SF
NOI
$45.0K $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%
$899,740
Cap Rate 7%
$642,671
Cap Rate 9%
$499,856
Alternative Uses
Best Use
Multifamily LT 5
$642.7K
$562.3K – $749.8K
NOI $44,987 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$590.5K
$516.7K – $688.9K
NOI $41,336 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$701.9K
$614.2K – $818.9K
NOI $49,132 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
Demographics for 07701, NJ
24,568
Population
11,082
Households
2.2
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
2,670
Density / Sq Mi
$113,630
Median Household Income
$62,309
Median Earnings
$1,971
Median Rent
$551,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - The property is fully occupied and offers four one-bedroom residences in Red Bank.
Where is this quadplex located?
The property is located at 81 Wallace Street Red Bank, NJ.
What is the asking price?
The asking price for this property is $1,199,999.
What are key features of this property?
This property features: Four one‑bedroom units; All four units are currently rented; 2,688 square feet
