Duplex With Detached
For Sale
Under Contract
$639,000
309 Washington Street, Perth Amboy, NJ 08861
Residential Income, Perth Amboy, NJ
Property Size1,922 SF
Lot Size0.09 Acres
Price / SF$332.47
Days on Market47
Property Features for 309 Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-25
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Parking features
Garage
Interior features
Unit 1(2 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 2(3 Bedrooms, Kitchen, 1 Bath, Living Room)
Appliances
Water Heater(See Remarks), Water Heater
Lot features
Near Train
Elementary school district
Perth Amboy City School Dist
Middle school district
Perth Amboy City School Dist
High school district
Perth Amboy City School Dist
Directions
From Perth Amboy Train Station take Maple St to East Ave & Left on to Washington St.
Standard status
Active Under Contract
APN
160016600000002201
Size
1,922 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8100
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1914
Floors in Building
2
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
RE/MAX COMPETITIVE EDGE · RE/MAX International
(732) 548-5555
Listed By:
Nadeem Qavi · License #1109799
(908) 791-1010
Added: Jul 20
Changed: Sep 1
Last Checked: Sep 4 at 6:06PM
MLS# 2701129R
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.
Investment Insights
Based on property information with market context.
This 1,922-square-foot duplex contains two residential apartments with distinct layouts. The first-floor unit includes two bedrooms, a living room, eat-in kitchen, and one bathroom. Upstairs, the second unit provides three bedrooms, a living room, eat-in kitchen, and one bathroom. Two additional attic rooms, a basement, vinyl siding, an asphalt roof, and hot-water baseboard heating add to the property’s physical configuration. Separate gas, electric, and water meters serve the apartments, with public water and sewer connected.
The property includes a detached two-car garage and parking for four vehicles. Located at 309 Washington Street in Perth Amboy, the home is approximately a 12-minute walk from the Perth Amboy train station, which offers direct service to New York City. The property carries R-25 zoning and was built in 1914.
The property includes a detached two-car garage and parking for four vehicles. Located at 309 Washington Street in Perth Amboy, the home is approximately a 12-minute walk from the Perth Amboy train station, which offers direct service to New York City. The property carries R-25 zoning and was built in 1914.
Key Highlights
- 1,922‑square‑foot duplex with two separate residential units
- First‑floor apartment has 2 bedrooms; second‑floor apartment has 3 bedrooms
- Two bonus rooms in the attic, plus a basement
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
$32,167
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
5.03%
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%
$643,340
$643.3K
Cap Rate 7%
$459,529
$459.5K
Cap Rate 9%
$357,411
$357.4K
Market Conditions
NOI Build-Up for 1,922 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
$49.1K $25.56/SF
− Vacancy
−$3.2K −$1.65/SF
EGI
$46.0K $23.91/SF
− OpEx
−$13.8K −$7.17/SF
NOI
$32.2K $16.74/SF
Area
Middlesex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$643,340
Cap Rate 7%
$459,529
Cap Rate 9%
$357,411
Alternative Uses
Best Use
Multifamily LT 5
$459.5K
$402.1K – $536.1K
NOI $32,167 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$422.2K
$369.5K – $492.6K
NOI $29,557 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$501.9K
$439.1K – $585.5K
NOI $35,131 @ 7.0% cap · market cap 5.50%
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
2,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
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 - Two residential units offer separate meters, individual kitchens, and a two- and three-bedroom layout.
Where is this duplex located?
The property is located at 309 Washington Street Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 1,922‑square‑foot duplex with two separate residential units; First‑floor apartment has 2 bedrooms; second‑floor apartment has 3 bedrooms; Two bonus rooms in the attic, plus a basement
