Building Details

Building Size 72,091 SF

Year Built 2027

Listing Agency: Neuhaus Realty, Inc.

Listed By: Michele Weidmyer · License #1864887 Show Phone

Source: Sackmanrealty

Added: Aug 14 Changed: Sep 26 Last Checked: Oct 5 at 11:03PM

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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 Neuhaus Realty, Inc.

Investment Insights

Based on property information with market context.

The apartment property is located at 979 Palmer Avenue in Holmdel, New Jersey, and is identified with a 2027 year built. The site encompasses 6.72 acres and includes public sewer service and 220-volt electrical capacity.

Access is directed from RT 35 to Palmer Avenue. The property is within the Holmdel (HOL) MLS area and carries a 07733 ZIP code.

Key Highlights

• 6.72‑acre apartment property
• 2027 year built
• Public sewer service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$1,108,615

Cap Rate

4.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$22,172,300 $22.2M

Cap Rate 7%

$15,837,357 $15.8M

Cap Rate 9%

$12,317,944 $12.3M

Market Conditions

NOI Build-Up for 72,091 SF

Gross rent

$2.16M $30.00/SF

− Vacancy

−$147.1K −$2.04/SF

EGI

$2.02M $27.96/SF

− OpEx

−$907.0K −$12.58/SF

NOI

$1.11M $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 Rate 5%

$22,172,300

Cap Rate 7%

$15,837,357

Cap Rate 9%

$12,317,944

Alternative Uses

Best Use

Apartment 5plus

$15.84M

$13.86M – $18.48M (±1% cap)

NOI $1,108,615 @ 7.0% cap · market cap 4.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$18.82M

$16.47M – $21.96M (±1% cap)

NOI $1,317,708 @ 7.0% cap · market cap 4.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Auto Repair Shop Big Box & Wholesale Store Electrical Service Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

493

Businesses Nearby

Explore this area Business Placement

Demographics for 07733, NJ

17,266

Population

6,318

Households

2.7

Avg Household Size

46

Median Age

67%

College-Educated

97%

High-School Grad

17.8 sq mi

ZIP Area

970

Density / Sq Mi

$175,559

Median Household Income

$100,004

Median Earnings

$3,501

Median Rent

$814,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Apartment property with public sewer service and 220-volt electrical capacity.

Where is this apartment building located?

The property is located at 979 Palmer Avenue Holmdel, NJ.

What is the asking price?

The asking price for this property is $26,500,000.

What are key features of this property?

This property features: 6.72‑acre apartment property; 2027 year built; Public sewer service