Building Details

Year built 2027

Floors in Building 4

Listing Agency: Neuhaus Realty, Inc. Show Phone

Listed By: Michele Weidmyer · License #1864887 Show Phone

Added: Aug 12 Changed: Sep 6 Last Checked: Sep 20 at 5:06PM

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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.

This apartment building is under construction on a 6.72-acre site, with 72,091 square feet of planned property area and a scheduled 2027 year built. The improvements are specified with forced-air heating and covered parking.

The property is located at 979 Palmer Avenue in Holmdel, New Jersey, within Monmouth County. Public water and public sewer serve the site, supporting the planned multifamily use.

Key Highlights

• 72,091‑square‑foot apartment building under construction
• 6.72‑acre site in Holmdel, NJ
• Scheduled 2027 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 (±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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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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 - Planned multifamily development with covered parking, forced-air heating, 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 under construction; 6.72‑acre site in Holmdel, NJ; Scheduled 2027 year built