Updated Duplex with
For Sale
$579,000
21 N Lincoln Ave, Washington, NJ 07882
Multi-Family, Triplex, Washington Boro, NJ
Property Size2,764 SF
Lot Size0.17 Acres
Price / SF$209.48
Days on Market51
Property Features for 21 N Lincoln Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R3
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bedroom 5, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Basement, Bathroom 2
Parking
2
Patio and Porch features
Patio, Porch, Deck
Interior features
Blinds, Carbon Monoxide Detector, Carpeting, Smoke Detector, Tile Floors, Vinyl-Linoleum Floors, Wood Floors
Exterior features
Curbs, Deck, Open Porch(es), Patio, Privacy Fence, Sidewalk, Storage Shed, Storm Door(s), Wood Fence
Fencing
Privacy, Wood
Lot features
Level Lot, Open Lot
Elementary school
TAYLOR ST.
Middle school
WASHINGTON
High school
WARRNHILLS
Directions
Follow GPS.
Standard status
Active
Size
2,764 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9824
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating), Hot Water(Heating), Other (Heating)
Cooling system
Ductless
Water source
Public
Amenities
wrap-around front porch
covered deck
fenced yard
Building Details
Year built
1907
Number of units
2
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
KELLER WILLIAMS REAL ESTATE · Keller Williams Realty
(908) 751-7750
Listed By:
NADINE LOCASCIO
(855) 592-5468
Added: Aug 4
Changed: Sep 15
Last Checked: Sep 23 at 2:06AM
MLS# 4044878
Copyright © 2026 Garden State MLS, LLC. 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 2,764-square-foot duplex was built in 1907 and includes two residential units, updated interior finishes, and a two-car garage with heating, air conditioning, new wiring, doors, and an awning. Improvements include a newer kitchen, hickory hardwood flooring, nine-foot ceilings, Pella windows on the second floor and most of the first floor, natural-gas conversion, and ductless cooling. Outdoor features include a wrap-around porch, decks, patio areas, fencing, and a storage shed.
A third unit was completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings. Warren County zoning permits the space to function as additional area for Unit 1 or Unit 2, while use as a third residential rental would require a variance. The property occupies 0.17 acres in Washington Boro and is served by public water and public sewer, with shopping, restaurants, and town amenities nearby.
A third unit was completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings. Warren County zoning permits the space to function as additional area for Unit 1 or Unit 2, while use as a third residential rental would require a variance. The property occupies 0.17 acres in Washington Boro and is served by public water and public sewer, with shopping, restaurants, and town amenities nearby.
Key Highlights
- 2,764‑square‑foot duplex on a 0.17‑acre lot
- Third unit completed in 2025; residential rental use requires a variance
- Two‑car garage with heat, air conditioning, new wiring, doors, and awning
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
$40,719
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
7.03%
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%
$814,380
$814.4K
Cap Rate 7%
$581,700
$581.7K
Cap Rate 9%
$452,433
$452.4K
Market Conditions
NOI Build-Up for 2,764 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
$61.4K $22.20/SF
− Vacancy
−$3.2K −$1.15/SF
EGI
$58.2K $21.05/SF
− OpEx
−$17.5K −$6.31/SF
NOI
$40.7K $14.73/SF
Area
Warren County, NJ
Vacancy
5.20%
Lease Rate
$22.20 /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%
$814,380
Cap Rate 7%
$581,700
Cap Rate 9%
$452,433
Alternative Uses
Best Use
Multifamily LT 5
$581.7K
$509.0K – $678.7K
NOI $40,719 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$522.6K
$457.3K – $609.8K
NOI $36,585 @ 7.0% cap · market cap 6.32%
Theoretical Best
Warehouse
$1.04M
$912.4K – $1.22M
NOI $72,995 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 07882, NJ
14,971
Population
6,290
Households
2.4
Avg Household Size
44
Median Age
38%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
474
Density / Sq Mi
$100,852
Median Household Income
$55,316
Median Earnings
$1,411
Median Rent
$333,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-family property with upgraded interiors, public utilities, and additional finished space subject to zoning limitations.
Where is this duplex located?
The property is located at 21 N Lincoln Ave Washington, NJ.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 2,764‑square‑foot duplex on a 0.17‑acre lot; Third unit completed in 2025; residential rental use requires a variance; Two‑car garage with heat, air conditioning, new wiring, doors, and awning
