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41 Atlantic Street, Keyport, NJ 41 Atlantic St 3 Unit Apartment Building $675,000 ($225,000/Unit) 9.15% Cap Rate Keyport, NJ 07735
Investment Highlights
- Oversized Lot - 3 apartments RARE
- 3200 SF of living space!
- Second floor apartment currently rented
Executive Summary
Rare legal three-family located one block from the Keyport Yacht Club and minutes from Keyport's vibrant waterfront downtown district. With approximately 3,200 square feet of living space, this property presents a strong opportunity for investors or owner-occupants seeking rental income. There are three units: a 2-bedroom, 1-bath apartment leased through December 2026. The 2-bedroom, 1-bath unit and 1-bedroom, 1-bath unit are vacant and ready for renovation. There is potential opportunity to increase income through improvements. Recent improvements include roof replaced in 2019, water heaters in May 2023, and furnace in January 2024. The oversized lot features a saltwater heated in-ground pool and common basement laundry. Buyer to conduct due diligence regarding zoning and permitted uses. Current rent roll is $1850 per month. Second floor apartment is rented. First floor and basement apartments need renovation. Property is being sold AS-IS - Property owned by an estate.
Financial Summary (Pro Forma - 2027) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2027) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $675,000 | Apartment Style | Low-Rise |
| Price Per Unit | $225,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 9.15% | Building Size | 3,200 SF |
| Gross Rent Multiplier | 12.6 | Average Occupancy | 33% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1909 |
| Property Subtype | Apartment | ||
| Zoning | RA - This building is located in a Residential Zone. It is a LEGAL NON-CONFORMING use and will cannot be modified without zoning/planning board approval. | ||
| Price | $675,000 |
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| Cap Rate | 9.15% |
| Gross Rent Multiplier | 12.6 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 3,200 SF |
| Average Occupancy | 33% |
| No. Stories | 2 |
| Year Built | 1909 |
| Zoning | RA - This building is located in a Residential Zone. It is a LEGAL NON-CONFORMING use and will cannot be modified without zoning/planning board approval. |
Amenities
Site Amenities
- Fenced Lot
- Laundry Facilities
- Picnic Area
- Pool
- Tenant Controlled HVAC
- Vintage Building
- Storage Space
- Individual Leases Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $2,325 | 1,250 - 1,300 |
| 1+1 | 1 | $1,500 | 650 |
| 2+1 | 1 | $2,800 | 1,400 |
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 24-00096-0000-00004 | Total Assessment | $612,400 (2025) |
| Land Assessment | $217,400 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $395,000 (2025) | Tax Year | 2027 Payable 2027 |
Property Taxes
Parcel Number
24-00096-0000-00004
Land Assessment
$217,400 (2025)
Improvements Assessment
$395,000 (2025)
Total Assessment
$612,400 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2027 Payable 2027
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41 Atlantic Street, Keyport, NJ | 41 Atlantic St