Fully Leased Apartment
388-398 Union Street Rahway, NJ 07065
388-398 Union Street, Rahway, NJ, 07065
$2,800,000
For Sale
$2,800,000
Well-maintained 12-unit apartment building on 0.32 acres.
Property Size9,478 SF
Lot Size0.32 Acres
Price / SF$295.42
Days on Market142
Property Features for 388-398 Union Street
General Information
- Standard status
- Active
- Size
- 9,478 SF
- Lot size
- 0.32 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1968
Listing Agency
Sitar Realty Company - Corporate
(732) 859-2144
Listed by
Douglas Sitar
(732) 859-2144
Source
Sitarcompany
Added: Feb 25 Checked: Jul 17 at 4:22 am
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 Sitar Realty Company - Corporate
Investment Insights
Based on property information with market context.
This attractive, fully leased apartment building features a brick-faced exterior and encompasses approximately 9,478 square feet, situated on approximately 0.32 acres. The property includes 12 well-maintained residential units, each consisting of approximately 790 square feet with one bedroom and one bathroom. Most apartments have been renovated with new bathrooms, kitchens, and granite countertops. Recent renovations facilitate easy turnover of upgraded units. Each unit features both a front entrance and a rear terrace. On-site amenities include a laundry facility and individual storage spaces. A newly paved parking lot is available. The property is located in a quiet neighborhood with both on-site and off-site parking options. Tenants are responsible for all utilities except water. The property tax is $35,404 (2025).
Key Highlights
- Fully leased, ±9,478 SF apartment building provides immediate income.
- Renovated units with new bathrooms, kitchens, and granite countertops offer premium appeal.
- Each unit has a front entrance and rear terrace.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $284.3k | $30.00 |
| − Vacancy | −$19.3k | −$2.04 |
| EGI | $265.0k | $27.96 |
| − OpEx | −$119.3k | −$12.58 |
| NOI | $145.8k | $15.38 |
9,478 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,753 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.17M – $2.89M
NOI $173,243 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 12-unit apartment building on 0.32 acres.
Where is this apartment building located?
The property is located at 388-398 Union Street Rahway, NJ.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Fully leased, ±9,478 SF apartment building provides immediate income.; Renovated units with new bathrooms, kitchens, and granite countertops offer premium appeal.; Each unit has a front entrance and rear terrace.
