Duplex with General Business
For Sale
Under Contract
$749,999
603 Lincoln Boulevard, Middlesex, NJ 08846
Residential Income, Middlesex, NJ
Property Size2,184 SF
Lot Size0.14 Acres
Price / SF$343.41
Days on Market68
Property Features for 603 Lincoln Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GB
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking features
Garage
Interior features
Unit 1(1 Bedroom, 2+ Baths), Unit 2(2 Bedrooms, 1 Bath)
Appliances
Water Heater(Gas)
Subdivision
Lincoln
Elementary school district
Middlesex Borough School Distr
Middle school district
Middlesex Borough School Distr
High school district
Middlesex Borough School Distr
Directions
Google Map
Standard status
Active Under Contract
APN
1000314000000003
Size
2,184 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11136
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Radiant
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Listing Agency:
REAL
(855) 450-0442
Listed By:
Julissa Rengifo
(908) 377-4240
Added: Jul 3
Changed: Sep 5
Last Checked: Sep 8 at 9:06PM
MLS# 2700410R
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 2,184-square-foot duplex, built in 1920, contains two separate residential units. The first-floor residence has 1 bedroom and 2 full bathrooms. The second-floor unit includes 2 bedrooms, 1 full bathroom, and a finished attic with 2 bonus rooms; permitted use of the attic areas should be independently verified. A basement, gas water heater, baseboard and radiant heating, garage, and public water and sewer are also included.
The property sits on 0.14 acres and carries GB, or General Business, zoning. The driveway provides parking for approximately 20 vehicles. A storage container positioned to the right of the garage is included, while the air-conditioning units and items stored in the garage are excluded from the sale.
The property sits on 0.14 acres and carries GB, or General Business, zoning. The driveway provides parking for approximately 20 vehicles. A storage container positioned to the right of the garage is included, while the air-conditioning units and items stored in the garage are excluded from the sale.
Key Highlights
- Two‑unit duplex with 1‑bedroom and 2‑bedroom residences
- 2,184 square feet on a 0.14‑acre lot
- Finished attic includes 2 bonus rooms; permitted use requires buyer verification
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
$36,552
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
4.87%
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%
$731,040
$731.0K
Cap Rate 7%
$522,171
$522.2K
Cap Rate 9%
$406,133
$406.1K
Market Conditions
NOI Build-Up for 2,184 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
$55.8K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.2K $23.91/SF
− OpEx
−$15.7K −$7.17/SF
NOI
$36.6K $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%
$731,040
Cap Rate 7%
$522,171
Cap Rate 9%
$406,133
Alternative Uses
Best Use
Multifamily LT 5
$522.2K
$456.9K – $609.2K
NOI $36,552 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$479.8K
$419.8K – $559.8K
NOI $33,586 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$570.3K
$499.0K – $665.3K
NOI $39,920 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 08846, NJ
14,636
Population
5,703
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
91%
High-School Grad
3.5 sq mi
ZIP Area
4,182
Density / Sq Mi
$107,063
Median Household Income
$58,140
Median Earnings
$1,493
Median Rent
$414,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with flexible upper-level space, public utilities, garage parking, and a large paved driveway.
Where is this duplex located?
The property is located at 603 Lincoln Boulevard Middlesex, NJ.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: Two‑unit duplex with 1‑bedroom and 2‑bedroom residences; 2,184 square feet on a 0.14‑acre lot; Finished attic includes 2 bonus rooms; permitted use requires buyer verification
