905 Grand Ave · Asbury Park, NJ 07712

$1,200,000

None bd · None ba · 4,086 sqft · MultiFamily public records · 80 Days on market

Built 1925 3,920 sqft lot Est $1634k · 27% under

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Why this score? — see what drove the C+ 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.4/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Beautifully renovated and maintained 5-unit apartment building on Grand Avenue. Mix consists of 2 studios and 3 1-BR. All leased. Exterior recently renovated. Newer electric and boiler.

Key facts

• Newer electric
• Newer boiler
• 3,920 sq ft lot

Tags

• RENOVATED APARTMENT BUILDING
• EXTERIOR RECENTLY RENOVATED
• NEWER ELECTRIC
• NEWER BOILER

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 2×?bd/1ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $537/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.20M).
• Recommended offer: $1.13M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 0.8% in Asbury Park — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#171 in NJ, #4,521 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, crime A-, health & safety B+; Watch: schools F, cost of living F.
• Asbury Park School District (suburban): math 3% / reading 18% proficiency, ranked #470 of 472 in NJ (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.3%/yr); 274 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,840 units permitted in Monmouth County in 2024 (484 in 5+ unit buildings).
• At $13,653/mo this rent would consume 169% of the median local household income ($97k/yr) (locally 2655% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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 $280k; list at $1.20M implies a 329% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $1,128,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.59%
• DSCR: 1.43
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $1,634,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 4th Ave	0.19mi	8/7.0	3,665 (-10%)	3mo	$1,465,000	$400	72
71-73 Webb Ave Unit 3-Family	0.69mi	9/5.0	3,831 (-6%)	11mo	$1,375,000	$359	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.29% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-33,109
• Equity at exit: $178,924

10-year hold

• IRR: 6.3%
• Equity multiple: 1.45×
• Total profit: $152,463
• Equity at exit: $103,754

Cash invested: $336,000 (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 07712

• Rents YoY: 2.3%
• Active inventory: 274
• Price-to-rent: 38.0×

Monthly cashflow live

• Estimated rent: $13,653 high
• Mortgage (P&I): −$6,293
• Tax from tax record: −$1,309 /mo · $15,708/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,867
• Net cashflow: $2,684

Break-even live

Break-even rent $10,256

Max offer price $1,200,000

Occupancy floor 75%

Sensitivity live

Price	-10% $3,363	-5% $3,024	+0% $2,684	+5% $2,344	+10% $2,005
Rent	-10% $1,605	-5% $2,145	+0% $2,684	+5% $3,223	+10% $3,762
Rate	-1.0pp $3,288	-0.5pp $2,989	base $2,684	+0.5pp $2,373	+1.0pp $2,057

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$7,890
▸ 2× units	0	1	$5,762
Total (5 units)			$13,653

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
922 4th Ave Unit 3A Asbury Park, NJ	1.0	1.0	5400	$3,000	$0.56	25d	1	0.42mi
922 4th Ave Unit 2B Asbury Park, NJ	1.0	1.0	5400	$2,250	$0.42	25d	1	0.42mi
22 Embury Ave Unit 1 Ocean Grove, NJ	2.0	2.5	3009	$3,300	$1.10	44d	1	0.72mi
113 Central Ave Unit 1 Ocean Grove, NJ	3.0	1.0	4214	$2,300	$0.55	44d	1	0.89mi
101 Anelve Ave Unit 5 Neptune City, NJ	2.0	1.0	4464	$2,500	$0.56	19d	1	1.19mi

Listing history 25 events

1. 2026-06-18
   days on market $1,200,000 Active 80 DOM
2. 2026-06-17
   days on market $1,200,000 Active 79 DOM
3. 2026-06-16
   days on market $1,200,000 Active 78 DOM
4. 2026-06-15
   days on market $1,200,000 Active 77 DOM
5. 2026-06-13
   days on market $1,200,000 Active 75 DOM
6. 2026-06-13
   days on market $1,200,000 Active 74 DOM
7. 2026-06-09
   days on market $1,200,000 Active 71 DOM
8. 2026-06-08
   days on market $1,200,000 Active 70 DOM
9. 2026-06-07
   days on market $1,200,000 Active 69 DOM
10. 2026-06-04
    days on market $1,200,000 Active 66 DOM
11. 2026-06-03
    days on market $1,200,000 Active 65 DOM
12. 2026-06-02
    days on market $1,200,000 Active 64 DOM
13. 2026-06-01
    days on market $1,200,000 Active 63 DOM
14. 2026-05-31
    days on market $1,200,000 Active 62 DOM
15. 2026-03-30
    listed $1,200,000 Active 189-char remark

    Show marketing remark (189 chars)

    Beautifully renovated and maintained 5-unit apartment building on Grand Avenue. Mix consists of 2 studios and 3 1-BR. All leased. Exterior recently renovated. Newer electric and boiler.

16. 2021-02-21
    historical
17. 2020-12-10
    price $1,200,000
18. 2020-09-15
    price $1,350,000
19. 2020-09-05
    listed $1,475,000 Active
20. 2020-09-03
    historical
21. 2020-08-21
    listed $1,475,000 Active
22. 2002-09-11
    soldstatus $280,000
23. 1986-09-30
    soldstatus $169,000
24. 1984-02-08
    soldstatus $130,600
25. 1983-10-01
    soldstatus $41,000

ⓘ 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: $15,708 · $1,309/mo
• Projected year-2 tax: $22,794 · $1,900/mo
• Expected delta: +$7,086/yr (+$590/mo · 45.1%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $163,836
• − Mortgage interest: −$67,219
• − Property taxes: −$15,708
• − Insurance: −$6,000
• − Repairs & maintenance: −$13,107
• − Management: −$13,107
• − Depreciation: −$34,909
• Taxable income: $13,786
• Est. tax owed @ 24.0%: −$3,309
• After-tax cash flow: $28,898/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: Asbury Park School District
• NCES district ID: 3400930
• Math proficiency: 3% ▼ -5.00%
• Reading proficiency: 18% ▲ 1.00%
• Median HH income: $34,895
• Composite: 8.54/100
• National rank: #9903
• State rank: #470 of 472 in NJ

Livability — Asbury Park

• Score: 74/100
• State rank: #171
• US rank: #4521

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Asbury Park, NJ
• County: Monmouth County · 505,557 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 40,194
• Household income: $96,725
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 2655.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 17% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 3%
• Common ancestry: Romanian 5% Hispanic 4% Scotch-Irish 2%
• Foreign-born: 19% · Canada, Dominican Republic, China
• Languages at home: 75% English-only · Spanish 14% French/Haitian/Cajun 5% 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: ▼ -451.85%
• Current HPI: 345.7119
• Rent YoY: ▲ 2.29%
• 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

+2826.8% since first listed

11 events — show timeline

• 2026-03-30 Listed $1,200,000 MOMLS
• 2021-02-21 Delisted — MOMLS
• 2020-12-10 Price Changed $1,200,000 MOMLS
• 2020-09-15 Price Changed $1,350,000 MOMLS
• 2020-09-05 Listed $1,475,000 MOMLS
• 2020-09-03 Delisted — MOMLS
• 2020-08-21 Listed $1,475,000 MOMLS
• 2002-09-11 Sold (Public Records) $280,000 Public Records
• 1986-09-30 Sold (Public Records) $169,000 Public Records
• 1984-02-08 Sold (Public Records) $130,600 Public Records
• 1983-10-01 Sold (Public Records) $41,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $15,708 · +13.5% YoY. Source: county tax records.