Victorian Waterfront
For Sale
$495,000
43 S MAIN Street, Allentown, NJ 08501
MULTI_FAMILY - Victorian - ALLENTOWN, NJ
Property Size2,029 SF
Price / SF$243.96
Days on Market120
Property Features for 43 S MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Appliances
Oven/Range - Electric, Refrigerator
High school
ALLENTOWN
Elementary school district
UPPER FREEHOLD REGIONAL SCHOOLS
Middle school district
UPPER FREEHOLD REGIONAL SCHOOLS
High school district
UPPER FREEHOLD REGIONAL SCHOOLS
Standard status
Active
Size
2,029 SF
Taxes and HOA fees
Tax Annual Amount
7424
Utilities
Heating system
Steam
Water front features
Waterfront
Water front
1
Building Details
Year built
1900
Number of units
2
Building materials
Frame
Architectural style
Victorian
Listing Agency:
RE/MAX Select - Princeton · RE/MAX International
(609) 921-9202
Listed By:
Joe DeLorenzo · License #9483422
(609) 635-0714
Added: Apr 14
Changed: Jul 30
Last Checked: Aug 11 at 9:06AM
MLS# NJMM2004384
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 Victorian duplex at 43 S Main Street features a frame two-story layout built in 1900. The lower unit is a 1-bedroom, 1-bath arrangement and is currently occupied on a lease. The upstairs unit offers 1 bedroom, 1 bath, plus a spacious loft that can be used as a bedroom, office, den, or other flexible space, and it is currently vacant for an owner-user.
The home is positioned with waterfront frontage on Connies Millpond in downtown Allentown, with a deep backyard designed to capture water views. Heating is provided by steam, and the property includes on-street parking. Appliances include an electric oven/range and a refrigerator.
With its combination of an occupied unit and an upstairs space ready for immediate occupancy, this property can support both live-in and rental use based on how you configure the loft.
The home is positioned with waterfront frontage on Connies Millpond in downtown Allentown, with a deep backyard designed to capture water views. Heating is provided by steam, and the property includes on-street parking. Appliances include an electric oven/range and a refrigerator.
With its combination of an occupied unit and an upstairs space ready for immediate occupancy, this property can support both live-in and rental use based on how you configure the loft.
Key Highlights
- Victorian two‑story frame duplex built in 1900
- Lower unit: 1 bedroom, 1 bath and currently occupied on a lease
- Upstairs unit: 1 bedroom, 1 bath plus a spacious loft; 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
$33,958
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
6.86%
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%
$679,160
$679.2K
Cap Rate 7%
$485,114
$485.1K
Cap Rate 9%
$377,311
$377.3K
Market Conditions
NOI Build-Up for 2,029 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
$51.9K $25.56/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$48.5K $23.91/SF
− OpEx
−$14.6K −$7.17/SF
NOI
$34.0K $16.74/SF
Area
Monmouth 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%
$679,160
Cap Rate 7%
$485,114
Cap Rate 9%
$377,311
Alternative Uses
Best Use
Multifamily LT 5
$485.1K
$424.5K – $566.0K
NOI $33,958 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$445.7K
$390.0K – $520.0K
NOI $31,202 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$529.8K
$463.6K – $618.1K
NOI $37,087 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Explore this area
Business Placement
Demographics for 08501, NJ
6,574
Population
2,495
Households
2.6
Avg Household Size
46
Median Age
60%
College-Educated
96%
High-School Grad
27.2 sq mi
ZIP Area
242
Density / Sq Mi
$133,015
Median Household Income
$71,700
Median Earnings
$1,457
Median Rent
$530,100
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-story Victorian duplex with a downstairs one-bedroom unit and an upstairs one-bedroom plus loft, set on the waterfront.
Where is this duplex located?
The property is located at 43 S MAIN Street Allentown, NJ.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Victorian two‑story frame duplex built in 1900; Lower unit: 1 bedroom, 1 bath and currently occupied on a lease; Upstairs unit: 1 bedroom, 1 bath plus a spacious loft; currently vacant
