22 Dewitt Ave Asbury Park, NJ 07712
- Residential income homes
Current Use by Public Records
- Residential income homes
Property Details for 22 Dewitt Ave
- Year built
- 1935
- Property type
- Residential income homes
Description
Exceptional investment opportunity in Asbury Park, NJ, presents a turnkey, three-unit multifamily building at 22 Dewitt Ave. This property boasts a strong 8.55% capitalization rate and a substantial net operating income (NOI) of $76,940. The building, constructed in 1935 and extensively renovated in 2023, comprises three stories and sits on a sizable 7,501 square foot lot (50' frontage x 150' depth). The property is zoned MF-08, allowing for various uses. The three units generate a healthy gross income of $6,800 per month when fully rented. Unit 1 features two bedrooms and one bathroom, currently renting for $2,000 monthly. Unit 2 offers three bedrooms and one bathroom, commanding $2,400 per month in rent. Finally, Unit 3, also a two-bedroom, one-bathroom unit, rents for $2,400 monthly. This property represents a compelling buy-and-hold investment in a thriving Asbury Park location, offering immediate cash flow and significant potential for future appreciation. The asking price is $900,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Asbury Park
- County
- Monmouth
- State
- New Jersey
- Longitude
- -74.023419163618
- Latitude
- 40.214024780285
