Mixed-Use Brick
For Sale
$725,000
721 State St, Perth Amboy, NJ 08861
Well-maintained brick building on an approximately 75-by-100 lot with a leased grocery store and three apartments plus garage spaces.
Property Size4,921 SF
Price / SF$147.33
Days on Market1801
Property Features for 721 State St
General Information
Standard status
Active
Size
4,921 SF
Total Parking Spaces
5
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,437
Building Details
Construction
brick
Tenancy
Multi
Listing Agency:
J.J. ELEK REALTY CO.
(732) 634-9100
Listed By:
ANGEL W. SOTO
Source:
Exprealty
Added: Nov 1, 2021
Changed: Sep 8
Last Checked: Oct 5 at 9:26PM
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 J.J. ELEK REALTY CO.
Investment Insights
Based on property information with market context.
Well-maintained brick building on an approximately 75-by-100 lot. The property includes one commercial space currently leased as a grocery store, along with three apartments and an additional room. Also included are five garage spaces, four of which are rented and one garage is owner occupied.
The building’s commercial and residential income streams are supported by a provided rent roll, including the grocery store and separate apartment rents, along with rental income from four garages and a small billboard income item. Approximate yearly gross income and stated annual expenses for property taxes, hazard insurance, water/sewer, and gas are included with the remarks.
This is a mixed-use asset configured to support both retail and residential occupancy within a single brick building, with on-site garage parking available through the included garage spaces.
The building’s commercial and residential income streams are supported by a provided rent roll, including the grocery store and separate apartment rents, along with rental income from four garages and a small billboard income item. Approximate yearly gross income and stated annual expenses for property taxes, hazard insurance, water/sewer, and gas are included with the remarks.
This is a mixed-use asset configured to support both retail and residential occupancy within a single brick building, with on-site garage parking available through the included garage spaces.
Key Highlights
- Brick mixed‑use building on an approx. 75x100 lot with 1 commercial space and 3 apartments
- Commercial grocery store space currently leased
- Apartment unit rents include 3BR at $1,350/month, 1BR at $1,150/month, and studio at $800/month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,579
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$851,580
$851.6K
Cap Rate 7%
$608,271
$608.3K
Cap Rate 9%
$473,100
$473.1K
Market Conditions
NOI Build-Up for 4,921 SF
Gross rent
$77.9K $15.84/SF
− Vacancy
−$9.8K −$2.00/SF
EGI
$68.1K $13.84/SF
− OpEx
−$25.5K −$5.19/SF
NOI
$42.6K $8.65/SF
Area
Middlesex County, NJ
Vacancy
12.60%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$851,580
Cap Rate 7%
$608,271
Cap Rate 9%
$473,100
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.37M
NOI $82,359 @ 7.0% cap · market cap 11.36%
Second Best
Apartment 5plus
$1.08M
$945.9K – $1.26M
NOI $75,675 @ 7.0% cap · market cap 10.44%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,948 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
528
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?
Mixed-use property - Well-maintained brick building on an approximately 75-by-100 lot with a leased grocery store and three apartments plus garage spaces.
Where is this mixed-use property located?
The property is located at 721 State St Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Brick mixed‑use building on an approx. 75x100 lot with 1 commercial space and 3 apartments; Commercial grocery store space currently leased; Apartment unit rents include 3BR at $1,350/month, 1BR at $1,150/month, and studio at $800/month
