69 Washington St · Red Bank, NJ 07701

$1,299,900

36 bd · 36.0 ba · 2,631 sqft · MultiFamily public records · 36 Days on market

Built 1900 6,534 sqft lot

---

Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Rent growth +4.1/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare value-add opportunity in the heart of Red Bank! This 6-family multifamily offers below-market rents with significant upside through strategic adjustments as units turn over -- a true investor's dream with the hard work already priced in. Tenants enjoy walkable access to NJ Transit with direct NYC service, plus Red Bank's acclaimed dining, bars, and entertainment -- amenities that keep units full and tenants renewing. A major Netflix production hub coming within 5 miles will drive further demand for quality housing in the area. Premier location, embedded rent growth, and a generational demand catalyst on the doorstep. Don't miss this one. Property is being sold as is.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $9k ($109k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.30M).
• Recommended offer: $1.26M (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 82/100 on livability (#45 in NJ, #1,151 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Red Bank Regional School District (suburban): math 34% / reading 49% proficiency, ranked #143 of 472 in NJ (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Red Bank Primary School (math 8% / reading 22%, grade F, #1,124 of 1,303 statewide, top 88%, 591 students, 78% FRL); Red Bank Middle School (math 12% / reading 30%, grade F, #387 of 431 statewide, top 90%, 601 students, 79% FRL); Red Bank Regional High School (math 34% / reading 49%, grade F, #177 of 399 statewide, top 45%, 1,195 students, 29% FRL).
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-16 pts) — the specific schools serving this property underperform the Red Bank Regional School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.5%/yr); 141 active listings in the ZIP; high-income renter base; 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Monmouth County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $364k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $290k; list at $1.30M implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,260,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 14.70%
• Cash-on-cash: 30.04%
• DSCR: 2.34
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.45% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 2.23×
• Total profit: $449,363
• Equity at exit: $193,819

10-year hold

• IRR: 37.7%
• Equity multiple: 5.09×
• Total profit: $1,489,879
• Equity at exit: $112,392

Cash invested: $363,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07701

• Rents YoY: 6.5%
• Active inventory: 141
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $22,213 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$1,080 /mo · $12,956/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,665
• Net cashflow: $9,110

Break-even live

Break-even rent $10,681

Max offer price $1,299,900

Occupancy floor 54%

Sensitivity live

Price	-10% $9,846	-5% $9,478	+0% $9,110	+5% $8,742	+10% $8,374
Rent	-10% $7,355	-5% $8,233	+0% $9,110	+5% $9,988	+10% $10,865
Rate	-1.0pp $9,765	-0.5pp $9,441	base $9,110	+0.5pp $8,773	+1.0pp $8,431

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$22,212
Total (6 units)			$22,213

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $324,975
• Closing costs: $38,997
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-11
   status Pending
2. 2026-03-06
   listed $1,299,900 Active
3. 2026-03-04
   historical $1,299,900
4. 2025-11-20
   status Pending
5. 2025-10-12
   listed $1,299,900 Active
6. 2025-10-11
   historical
7. 2015-10-09
   soldstatus $290,000
8. 2003-06-24
   soldstatus $360,000
9. 1999-11-29
   soldstatus $218,500
10. 1979-07-01
    soldstatus $76,200

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $12,956 · $1,080/mo
• Projected year-2 tax: $22,662 · $1,888/mo
• Expected delta: +$9,706/yr (+$809/mo · 74.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $266,556
• − Mortgage interest: −$72,815
• − Property taxes: −$12,956
• − Insurance: −$6,500
• − Repairs & maintenance: −$21,324
• − Management: −$21,324
• − Depreciation: −$37,815
• Taxable income: $93,821
• Est. tax owed @ 24.0%: −$22,517
• After-tax cash flow: $86,805/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Red Bank Regional School District
• NCES district ID: 3413750
• Math proficiency: 34% ▼ -14.00%
• Reading proficiency: 49% ▼ -18.00%
• Median HH income: $141,699
• Composite: 44.45/100
• National rank: #2805
• State rank: #143 of 472 in NJ

Livability — Red Bank

• Score: 82/100
• State rank: #45
• US rank: #1151

Category grades

Amenities A+ Commute A+ Cost of living F Crime B+ Employment A+ Housing B+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Bank, NJ
• County: Monmouth County · 505,557 people
• City population: 24,376
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 24,376
• Household income: $112,143
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 854.0

Population outlook (Monmouth County) Hauer SSP2

• Today (2025): 620,308 people
• By 2030: 612,309 · -1.3%
• By 2040: 587,297 · -5.3%
• By 2050: 551,342 · -11.1%
• By 2075: 472,934 · -23.8%
• By 2100: 381,534 · -38.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 18% Two or more races 8% Black 4% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 14% · Canada, Dominican Republic, China
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 3%

Political lean MEDSL · Monmouth

• 2024 margin: R (+11.4) · D 43.4% · R 54.8% · Other 1.8%
• 2008→2024 swing: -7.7pp toward R · 2008: -3.7pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: R+2.8 2016: R+9.5 2012: R+5.5 2008: R+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -428.28%
• Current HPI: 350.124
• Rent YoY: ▲ 6.45%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+1605.9% since first listed

10 events — show timeline

• 2026-04-11 Pending — MOMLS
• 2026-03-06 Listed $1,299,900 MOMLS
• 2026-03-04 Coming Soon $1,299,900 MOMLS
• 2025-11-20 Pending — MOMLS
• 2025-10-12 Listed $1,299,900 MOMLS
• 2025-10-11 Coming Soon — MOMLS
• 2015-10-09 Sold (Public Records) $290,000 Public Records
• 2003-06-24 Sold (Public Records) $360,000 Public Records
• 1999-11-29 Sold (Public Records) $218,500 Public Records
• 1979-07-01 Sold (Public Records) $76,200 Public Records

Property tax history

+1.4%/yr

Latest (2025): $12,956 · -1.7% YoY. Source: county tax records.