Two-Family Duplex with Finished
For Sale
Under Contract
$699,999
640 Florida Grove Road, Perth Amboy, NJ 08861
MULTI_FAMILY - Perth Amboy, NJ
Property Size2,146 SF
Lot Size0.12 Acres
Price / SF$326.19
Days on Market34
Property Features for 640 Florida Grove Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-60
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Dining Room, Basement, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 3
Interior features
Unit 1(1 Bath, 2 Bedrooms, Dining Room, Kitchen, Living Room), Unit 2(1 Bath, 2 Bedrooms, Dining Room, Kitchen, Living Room)
Appliances
Water Heater(Gas), Water Heater, Unit 1(Dryer, Range/Oven, Refrigerator), Unit 2(Refrigerator)
Elementary school district
Perth Amboy Ps
Middle school district
Perth Amboy Ps
High school district
Perth Amboy Ps
Directions
See Gps
Standard status
Active Under Contract
APN
1600299000000017
Size
2,146 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9010
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Flooring type
Carpet
Building materials
Brick
Listing Agency:
REAL
(855) 450-0442
Listed By:
Ivettelis Castro
(212) 380-3203
Added: Jul 23
Changed: Aug 5
Last Checked: Aug 25 at 4:06AM
MLS# 2770151M
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 well-maintained two-family duplex features two separate units, each with two bedrooms and one full bathroom. Interior space includes a finished basement with a private entrance, offering flexible room for an owner-occupant or additional living space. The property is constructed with brick, with carpet flooring throughout and radiant heating. Cooling is provided via window unit(s). Appliances include a gas water heater, and unit-specific appliances such as ranges/ovens and refrigerators.
Set on a 0.124-acre lot, the home includes public water and public sewer service. The driveway and backyard were updated with newer pavers installed in 2020, supporting low-maintenance outdoor space for parking and entertaining. Built in 1949, this duplex is positioned for commuter access, with major nearby routes including Routes 287, 440, 35, 1 & 9, and the New Jersey Turnpike.
Zoned R-60, the property is a straightforward two-unit opportunity well suited to a live-in setup or rental use.
Set on a 0.124-acre lot, the home includes public water and public sewer service. The driveway and backyard were updated with newer pavers installed in 2020, supporting low-maintenance outdoor space for parking and entertaining. Built in 1949, this duplex is positioned for commuter access, with major nearby routes including Routes 287, 440, 35, 1 & 9, and the New Jersey Turnpike.
Zoned R-60, the property is a straightforward two-unit opportunity well suited to a live-in setup or rental use.
Key Highlights
- Two‑unit duplex with each unit offering 2 bedrooms and 1 full bathroom
- Finished basement with a private entrance
- Brick construction with radiant heating and window unit(s) cooling
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
$35,916
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
5.13%
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%
$718,320
$718.3K
Cap Rate 7%
$513,086
$513.1K
Cap Rate 9%
$399,067
$399.1K
Market Conditions
NOI Build-Up for 2,146 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
$54.9K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$51.3K $23.91/SF
− OpEx
−$15.4K −$7.17/SF
NOI
$35.9K $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%
$718,320
Cap Rate 7%
$513,086
Cap Rate 9%
$399,067
Alternative Uses
Best Use
Multifamily LT 5
$513.1K
$449.0K – $598.6K
NOI $35,916 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$471.4K
$412.5K – $550.0K
NOI $33,001 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$560.4K
$490.3K – $653.8K
NOI $39,225 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
892
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 - R-60 zoned two-family duplex on a 0.124-acre lot with two-bedroom units and a finished basement with private entrance.
Where is this duplex located?
The property is located at 640 Florida Grove Road Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Two‑unit duplex with each unit offering 2 bedrooms and 1 full bathroom; Finished basement with a private entrance; Brick construction with radiant heating and window unit(s) cooling
