Two-Unit Property with Finished
For Sale
$699,999
Pending
640 Florida Grove Rd, Perth Amboy, NJ 08861
Multi-Family, 2-Two Story, Perth Amboy City, NJ
Property Size2,146 SF
Lot Size0.12 Acres
Days on Market51
Property Features for 640 Florida Grove Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2
Parking
2
Directions
USE GPS
Standard status
Pending
Size
2,146 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9009
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating)
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REAL
(855) 450-0442
Listed By:
JULIANA HOYOS-SUESCUN
Added: Jul 21
Changed: Sep 5
Last Checked: Sep 9 at 5:06AM
MLS# 4042060
Copyright © 2026 Garden State MLS, LLC. 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.
Located at 640 Florida Grove Rd in Perth Amboy City, this duplex contains 2,146 square feet on a 0.12-acre lot. The two units each include 2 bedrooms and 1 full bathroom, while the finished basement adds flexible space and has its own entrance. The property was built in 1949 and includes radiant and hot water heating, a shingle roof, public water, and public sewer.
Outdoor improvements include a driveway and backyard finished with pavers installed in 2020. The property is near shopping, dining, schools, public transportation, and major highways, including Routes 287, 440, 35, and 1 & 9, as well as the New Jersey Turnpike. The layout is suited to either an owner-occupant or an investor.
Outdoor improvements include a driveway and backyard finished with pavers installed in 2020. The property is near shopping, dining, schools, public transportation, and major highways, including Routes 287, 440, 35, and 1 & 9, as well as the New Jersey Turnpike. The layout is suited to either an owner-occupant or an investor.
Key Highlights
- Duplex with 2,146 square feet on a 0.12‑acre lot
- Each unit has 2 bedrooms and 1 full bathroom
- Finished basement with a private entrance
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
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
745
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 matching bedroom and bathroom layouts, plus additional basement space with a private entrance.
Where is this duplex located?
The property is located at 640 Florida Grove Rd 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: Duplex with 2,146 square feet on a 0.12‑acre lot; Each unit has 2 bedrooms and 1 full bathroom; Finished basement with a private entrance
