Updated Two-Unit
For Sale
$499,000
Pending
1999 Greenwood Avenue, Trenton, NJ 08609
Multi-Family, Trenton, NJ
Property Size2,350 SF
Lot Size0.11 Acres
Days on Market50
Property Features for 1999 Greenwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 2
Basement
Full
Directions
NJ-33 W. Drive to Greenwood Ave
Standard status
Pending
APN
03-01882-0000-00043
Size
2,350 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6767
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Listing Agency:
RE/MAX On the Move Realty
Listed By:
Elchonon Weinberg
(732) 901-0701
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 4 at 11:06AM
MLS# 22621885
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 2,350-square-foot duplex, built in 1925, contains two separately accessed residences. The larger unit has four bedrooms, one and a half bathrooms, a living room, an eat-in kitchen, unfinished attic space, and a full unfinished basement. Its kitchen has white cabinetry, stone countertops, stainless steel appliances, and gold-finish accents, while new flooring, paint, and fixtures have been installed throughout. The second residence includes one bedroom, one full bathroom, a living room, and a kitchen.
The property sits on 0.11 acres and includes a detached two-car garage. The smaller unit has its own driveway and entrance, and each residence has separate access to the backyard. Public water and public sewer serve the property, with baseboard heating.
The property sits on 0.11 acres and includes a detached two-car garage. The smaller unit has its own driveway and entrance, and each residence has separate access to the backyard. Public water and public sewer serve the property, with baseboard heating.
Key Highlights
- 2,350‑square‑foot duplex on a 0.11‑acre lot
- Two residences with separate entrances and backyard access
- Main unit offers 4 bedrooms and 1.5 bathrooms
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
$41,528
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
8.32%
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%
$830,560
$830.6K
Cap Rate 7%
$593,257
$593.3K
Cap Rate 9%
$461,422
$461.4K
Market Conditions
NOI Build-Up for 2,350 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
$63.5K $27.00/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$59.3K $25.25/SF
− OpEx
−$17.8K −$7.57/SF
NOI
$41.5K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$830,560
Cap Rate 7%
$593,257
Cap Rate 9%
$461,422
Alternative Uses
Best Use
Multifamily LT 5
$593.3K
$519.1K – $692.1K
NOI $41,528 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$512.4K
$448.3K – $597.8K
NOI $35,867 @ 7.0% cap · market cap 7.19%
Theoretical Best
Warehouse
$756.1K
$661.6K – $882.1K
NOI $52,926 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
596
Businesses Nearby
Explore this area
Business Placement
Demographics for 08609, NJ
14,867
Population
5,347
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
11,436
Density / Sq Mi
$56,932
Median Household Income
$36,133
Median Earnings
$1,218
Median Rent
$96,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances, private driveway, detached garage, and backyard access support flexible two-unit use.
Where is this duplex located?
The property is located at 1999 Greenwood Avenue Trenton, NJ.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,350‑square‑foot duplex on a 0.11‑acre lot; Two residences with separate entrances and backyard access; Main unit offers 4 bedrooms and 1.5 bathrooms
