Two-Family Brick
For Sale
$310,000
332 ELMER Street, Trenton, NJ 08611
MULTI_FAMILY - TRENTON, NJ
Property Size1,488 SF
Lot Size0.05 Acres
Price / SF$208.33
Days on Market151
Property Features for 332 ELMER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
NONE AVAILABLE
Elementary school district
TRENTON PUBLIC SCHOOLS
Middle school district
TRENTON PUBLIC SCHOOLS
High school district
TRENTON PUBLIC SCHOOLS
Standard status
Active
Size
1,488 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4098
Utilities
Heating system
Baseboard, Hot Water(Heating)
Building Details
Year built
1980
Number of units
2
Building materials
Brick
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(609) 459-5100
Listed By:
Nona Kulikova · License #566637
(201) 233-1908
Added: Apr 1
Changed: Jul 28
Last Checked: Aug 29 at 6:06AM
MLS# NJME2074790
Copyright © 2026 Bright 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 two-family brick building offers two separate apartments with individual unit layouts. The first floor is described as a 1–2 bedroom apartment and is currently vacant, while the second floor is a 2-bedroom apartment and is currently rented. All separate utilities are noted for the units. The property is being sold as-is and the building needs some TLC.
Located at 332 Elmer Street in Trenton’s Chambersburg section of Mercer County, the property is positioned for buyers looking for a residence with rental income from the second unit. The current configuration supports an owner-occupant scenario where one unit can be lived in while the other provides ongoing rental revenue.
For investors, the building presents a straightforward duplex setup with separate utilities and one unit presently ready for occupancy or updating. For first-time buyers, the current vacancy on the first floor can allow a buyer to tailor that unit for their own use while relying on the second unit’s existing tenancy. The as-is condition should be considered for buyers planning renovations or light-to-moderate improvements.
Located at 332 Elmer Street in Trenton’s Chambersburg section of Mercer County, the property is positioned for buyers looking for a residence with rental income from the second unit. The current configuration supports an owner-occupant scenario where one unit can be lived in while the other provides ongoing rental revenue.
For investors, the building presents a straightforward duplex setup with separate utilities and one unit presently ready for occupancy or updating. For first-time buyers, the current vacancy on the first floor can allow a buyer to tailor that unit for their own use while relying on the second unit’s existing tenancy. The as-is condition should be considered for buyers planning renovations or light-to-moderate improvements.
Key Highlights
- Two‑family brick building with basement and on‑street parking
- Year built 1980
- First‑floor apartment (1–2 bedrooms) is currently vacant
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
$26,295
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
8.48%
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%
$525,900
$525.9K
Cap Rate 7%
$375,643
$375.6K
Cap Rate 9%
$292,167
$292.2K
Market Conditions
NOI Build-Up for 1,488 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
$40.2K $27.00/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$37.6K $25.25/SF
− OpEx
−$11.3K −$7.57/SF
NOI
$26.3K $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%
$525,900
Cap Rate 7%
$375,643
Cap Rate 9%
$292,167
Alternative Uses
Best Use
Multifamily LT 5
$375.6K
$328.7K – $438.3K
NOI $26,295 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$324.4K
$283.9K – $378.5K
NOI $22,711 @ 7.0% cap · market cap 7.33%
Theoretical Best
Warehouse
$478.7K
$418.9K – $558.5K
NOI $33,512 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 08611, NJ
31,531
Population
11,638
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
70%
High-School Grad
2.9 sq mi
ZIP Area
10,873
Density / Sq Mi
$50,806
Median Household Income
$29,185
Median Earnings
$1,300
Median Rent
$142,400
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 - Brick duplex with separate utilities, offering a vacant first-floor unit and a currently rented second-floor unit.
Where is this duplex located?
The property is located at 332 ELMER Street Trenton, NJ.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two‑family brick building with basement and on‑street parking; Year built 1980; First‑floor apartment (1–2 bedrooms) is currently vacant
