Two-Unit Residential Income
For Sale
$264,900
Pending
124 Nassau Street, Trenton, NJ 08638
Two separate units offer flexible occupancy or rental options with separate utilities for each unit.
Property Size1,590 SF
Days on Market89
Property Features for 124 Nassau Street
General Information
Standard status
Pending
Size
1,590 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RES
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,223
Amenities
No
Refrigerator, Stove
No Pool
Exterior Lighting, Sidewalks, Street Lights
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty
(609) 556-3155
Listed By:
Janeira Charles · License #2081974
(609) 556-3155
Source:
Compass
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 1 at 12:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex includes two separate units. Unit 1 has two bedrooms and one bathroom and is described as currently rented for $1,400. Unit 2 has three bedrooms and one bathroom and is currently vacant, with separate utilities for each unit. The property is being sold strictly as-is, with the buyer responsible for all inspections and certifications.
The property is located in Trenton in Mercer County. Transportation and access are supported by nearby public transit options, including a bus stop less than one mile, and commuter rail and lots within five miles. The listing also notes proximity to an airport under 10 miles, along with access to shopping and dining.
For buyers seeking residential income or flexible living arrangements, the duplex layout allows one unit to be owner-occupied while the other supports rental income. The presence of separate utilities may help simplify tenant billing and unit-level management. Buyers should factor in the as-is condition and plan for due diligence accordingly.
The property is located in Trenton in Mercer County. Transportation and access are supported by nearby public transit options, including a bus stop less than one mile, and commuter rail and lots within five miles. The listing also notes proximity to an airport under 10 miles, along with access to shopping and dining.
For buyers seeking residential income or flexible living arrangements, the duplex layout allows one unit to be owner-occupied while the other supports rental income. The presence of separate utilities may help simplify tenant billing and unit-level management. Buyers should factor in the as-is condition and plan for due diligence accordingly.
Key Highlights
- Two‑family home built in 1920 with 2 separate units in Trenton City (21111)
- Unit 1: 2 bed, 1 bath rented for $1,400
- Unit 2: 3 bed, 1 bath is vacant with separate utilities for each unit
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
$24,267
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
9.16%
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%
$485,340
$485.3K
Cap Rate 7%
$346,671
$346.7K
Cap Rate 9%
$269,633
$269.6K
Market Conditions
NOI Build-Up for 1,590 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
$47.7K $30.00/SF
− Vacancy
−$3.6K −$2.25/SF
EGI
$44.1K $27.75/SF
− OpEx
−$19.9K −$12.49/SF
NOI
$24.3K $15.26/SF
Area
Mercer County, NJ
Vacancy
7.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$485,340
Cap Rate 7%
$346,671
Cap Rate 9%
$269,633
Alternative Uses
Best Use
Multifamily LT 5
$401.4K
$351.2K – $468.3K
NOI $28,098 @ 7.0% cap · market cap 10.61%
Second Best
Apartment 5plus
$346.7K
$303.3K – $404.5K
NOI $24,267 @ 7.0% cap · market cap 9.16%
Theoretical Best
Warehouse
$511.6K
$447.6K – $596.8K
NOI $35,809 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 08638, NJ
23,548
Population
10,148
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
89%
High-School Grad
5.4 sq mi
ZIP Area
4,361
Density / Sq Mi
$65,650
Median Household Income
$40,374
Median Earnings
$1,499
Median Rent
$226,700
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 separate units offer flexible occupancy or rental options with separate utilities for each unit.
Where is this duplex located?
The property is located at 124 Nassau Street Trenton, NJ.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Two‑family home built in 1920 with 2 separate units in Trenton City (21111); Unit 1: 2 bed, 1 bath rented for $1,400; Unit 2: 3 bed, 1 bath is vacant with separate utilities for each unit
