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    Two-Family Residential Income Property Title is generated by Realmo AI

    23 East Street, South River, NJ 08882

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    Claim this Listing
    New
    For Sale
    $615,000

    MULTI_FAMILY - South River, NJ

    Property size:
    1,744 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $352/SF
    Added:
    Jun 1, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 5 at 1:06 pm

    Property Features for 23 East Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Basement, Bathroom 3, Bathroom 2, Bathroom 1
    Parking features
    On Street
    Patio and Porch features
    Patio, Porch
    Interior features
    Unit 1(3 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 2(3 Bedrooms, Kitchen, 1 Bath, Living Room)
    Exterior features
    Barbecue, Patio, Porch(es) - Enclosed, Sidewalk, Fencing/Wall, Storage Shed, Yard, Semi-Private Entry, Porch, Private Entrance
    Fencing
    Fenced
    Appliances
    Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
    Standard status
    Active
    APN
    2300284000000006
    Size
    1,744 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6707

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Maryemma Terron

    Listing agent Maryemma Terron

    Listing office PETRA BEST REALTY LLC 329 SMITH ST, Perth Amboy, NJ

    Listing date Jun 1, 2026

    MLS# 2616757R Listing URL

    Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two‑family home built in 1910 with two units, each offering 3 bedrooms, 1 full bathroom, living room, and eat‑in kitchen.
    • First‑floor unit will be delivered vacant, allowing flexible owner‑occupant or immediate rental use.
    • Partially finished basement plus large attic space for storage, with basement and 3 full bathrooms listed in the rooms.
    • Central heating and central air, with vinyl siding and an asphalt roof.
    • Outdoor features include enclosed porch, patio, yard with fenced area, and storage shed.
    • Utilities include public water and public sewer; parking available on‑street.

    Overview

    This updated two-family residential property includes two separate units, each with three bedrooms, one full bathroom, a living room, and an eat-in kitchen. The home also features a partially finished basement and a large attic for additional storage, along with a backyard.

    Located in South River, New Jersey, the property is described as conveniently near Routes 18 and 1, the NJ Turnpike, and the Garden State Parkway, with easy access to NJ Transit. The remarks also note proximity to Rutgers University, Robert Wood Johnson University Hospital, Saint Peter's University Hospital, shopping, restaurants, parks, and schools.

    The first-floor unit is planned to be delivered vacant, creating a practical setup for an owner-occupant seeking rental income or for an investor looking for an immediate path to occupancy. With both units laid out similarly and updated interiors, the property supports a straightforward living-and-leasing arrangement or rental-focused ownership strategy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South River
    County
    Middlesex
    State
    New Jersey
    Longitude
    -74.3731333
    Latitude
    40.4448205

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    FAQs

    What type of property is this?
    Duplex - Updated two-family home with two 3-bedroom units, offering flexibility for owner-occupants or investors.
    Where is this duplex located?
    The property is located at 23 East Street South River, NJ.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: Two‑family home built in 1910 with two units, each offering 3 bedrooms, 1 full bathroom, living room, and eat‑in kitchen.; First‑floor unit will be delivered vacant, allowing flexible owner‑occupant or immediate rental use.; Partially finished basement plus large attic space for storage, with basement and 3 full bathrooms listed in the rooms.
    (732) 442-1400
    We can help!
    Listing Contact
    Maryemma Terron
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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