Under-Construction Apartment
For Sale
$26,500,000
979 Palmer Avenue, Holmdel, NJ 07733
COMMERCIAL - Holmdel, NJ
Property Size72,091 SF
Lot Size6.72 Acres
Price / SF$367.59
Days on Market9
Property Features for 979 Palmer Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking
57
Parking features
Covered
Directions
RT 35 to Palmer Avenue
Standard status
Active
APN
20-00052-0000-00017-01
Size
72,091 SF
Lot size
6.72 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2027
Floors in Building
4
Listing Agency:
Neuhaus Realty, Inc.
(732) 946-2911
Listed By:
Michele Weidmyer
(732) 946-2911
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 20 at 3:06PM
MLS# 22625261
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.
Located at 979 Palmer Avenue in Holmdel, New Jersey, this apartment-building property is under construction and encompasses 72,091 square feet on 6.72 acres. The project carries a 2027 year-built designation and is configured with forced-air heating and covered parking.
Public water and public sewer serve the property. Its location in Monmouth County provides a defined municipal setting for the multifamily asset, while the address identifies the site along Palmer Avenue in the 07733 postal area.
Public water and public sewer serve the property. Its location in Monmouth County provides a defined municipal setting for the multifamily asset, while the address identifies the site along Palmer Avenue in the 07733 postal area.
Key Highlights
- 72,091‑square‑foot apartment‑building property
- 6.72‑acre site at 979 Palmer Avenue, Holmdel, NJ 07733
- Under construction with 2027 listed as the year built
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
$1,108,615
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
4.18%
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%
$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
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
$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 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%
$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
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
NOI $1,317,708 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
407
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The property features forced-air heating, covered parking, and public water and sewer service.
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: 72,091‑square‑foot apartment‑building property; 6.72‑acre site at 979 Palmer Avenue, Holmdel, NJ 07733; Under construction with 2027 listed as the year built
