Renovated Apartment
For Sale
$1,100,000
Pending
905 Grand Avenue, Asbury Park, NJ 07712
Multi-Family, Asbury Park, NJ
Property Size4,086 SF
Lot Size0.09 Acres
Days on Market182
Property Features for 905 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential, Professional
Rooms
Basement
Parking features
On Street
Basement
Full
Directions
Asbury Avenue to Grand Avenue, make left on left.
Subdivision
NE Asbury Pk
Standard status
Pending
APN
04-03301-0000-00007
Size
4,086 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15708
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
5
Listing Agency:
Sackman Realty
(732) 798-8188
Listed By:
Patrick Schiavino · License #0454705
(732) 859-1458
Added: Mar 30
Changed: Sep 7
Last Checked: Sep 27 at 4:06PM
MLS# 22608378
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 4,086-square-foot apartment building contains five units: two studios and three one-bedroom apartments. The property was built in 1925 and includes a basement, public water, and public sewer. Recent improvements include exterior renovations, newer electrical service, and a newer boiler.
Located at 905 Grand Avenue in Asbury Park, the property offers on-street parking and is currently fully leased. Its 0.09-acre lot supports a compact multifamily configuration with a defined unit mix and established building infrastructure.
Located at 905 Grand Avenue in Asbury Park, the property offers on-street parking and is currently fully leased. Its 0.09-acre lot supports a compact multifamily configuration with a defined unit mix and established building infrastructure.
Key Highlights
- Five‑unit apartment building with 2 studios and 3 1‑BR units
- 4,086 square feet on a 0.09‑acre lot
- All units are leased
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
$62,835
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
5.71%
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%
$1,256,700
$1.3M
Cap Rate 7%
$897,643
$897.6K
Cap Rate 9%
$698,167
$698.2K
Market Conditions
NOI Build-Up for 4,086 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
$122.6K $30.00/SF
− Vacancy
−$8.3K −$2.04/SF
EGI
$114.2K $27.96/SF
− OpEx
−$51.4K −$12.58/SF
NOI
$62.8K $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%
$1,256,700
Cap Rate 7%
$897,643
Cap Rate 9%
$698,167
Alternative Uses
Best Use
Apartment 5plus
$897.6K
$785.4K – $1.05M
NOI $62,835 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.6K – $1.24M
NOI $74,686 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,105
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased property with updated building systems, public utilities, and on-street parking.
Where is this apartment building located?
The property is located at 905 Grand Avenue Asbury Park, NJ.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five‑unit apartment building with 2 studios and 3 1‑BR units; 4,086 square feet on a 0.09‑acre lot; All units are leased
