Fully Occupied Two-Unit
For Sale
$550,000
Pending
346 N 6Th Ave, Manville, NJ 08835
Two private apartments feature separate utilities, individual entrances, and shared outdoor space with a deck.
Property Size1,300 SF
Days on Market41
Property Features for 346 N 6Th Ave
General Information
Standard status
Pending
Size
1,300 SF
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,790
Amenities
private rear yard
deck
basement storage
Building Details
Year Built
1944
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Elite, Realtors
(732) 549-1998
Listed By:
LORRAINE COLAVITO
Source:
Elliman
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 1:22AM
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 Elite, Realtors
Investment Insights
Based on property information with market context.
Built in 1944, this duplex contains approximately 1,300 square feet of living area arranged as two separate apartments. Each residence includes two bedrooms, one full bathroom, a living room, and an eat-in kitchen. Gas baseboard heat, a mix of hardwood and carpeted floors, private entrances, and separate utilities support practical unit-level operation.
Both apartments are currently occupied. Additional property features include basement storage, a rear yard, a deck, and on-street parking. The home is located in Manville near parks, shopping, restaurants, and schools, with access to Route 206, I-287, and NJ Transit.
Both apartments are currently occupied. Additional property features include basement storage, a rear yard, a deck, and on-street parking. The home is located in Manville near parks, shopping, restaurants, and schools, with access to Route 206, I-287, and NJ Transit.
Key Highlights
- Two 2‑bedroom / 1‑bath units, both fully occupied
- Approximately 1,300 sq. ft. of total living space
- Separate utilities and private entrances for each apartment
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
$18,553
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
3.37%
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%
$371,060
$371.1K
Cap Rate 7%
$265,043
$265.0K
Cap Rate 9%
$206,144
$206.1K
Market Conditions
NOI Build-Up for 1,300 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
$28.1K $21.60/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$26.5K $20.39/SF
− OpEx
−$8.0K −$6.12/SF
NOI
$18.6K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.61%
Lease Rate
$21.60 /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%
$371,060
Cap Rate 7%
$265,043
Cap Rate 9%
$206,144
Alternative Uses
Best Use
Multifamily LT 5
$265.0K
$231.9K – $309.2K
NOI $18,553 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$230.7K
$201.9K – $269.1K
NOI $16,148 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$339.5K
$297.0K – $396.0K
NOI $23,762 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 08835, NJ
10,953
Population
4,538
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
2.3 sq mi
ZIP Area
4,762
Density / Sq Mi
$93,872
Median Household Income
$45,559
Median Earnings
$1,837
Median Rent
$321,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two private apartments feature separate utilities, individual entrances, and shared outdoor space with a deck.
Where is this duplex located?
The property is located at 346 N 6Th Ave Manville, NJ.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two 2‑bedroom / 1‑bath units, both fully occupied; Approximately 1,300 sq. ft. of total living space; Separate utilities and private entrances for each apartment
