Multifamily Income Property with
For Sale
$16,000,000
1672-1676 North Olden Avenue & 1571 6th Street, Ewing, NJ 08638
Three-building portfolio totals 57,500 SF with 20 residential units and three commercial daycare tenants.
Property Size57,500 SF
Price / SF$278.26
Days on Market47
Property Features for 1672-1676 North Olden Avenue & 1571 6th Street
General Information
Standard status
Active
Size
57,500 SF
Total Parking Spaces
172
Property subtype
Multifamily
Additional Details
Sprinkler System
Yes
Multifamily Units
20
Amenities
laundry facilities
elevator
security systems
Building Details
Tenancy
Multi
Listed By:
Thomas Scatuorchio
(908) 675-5703
Source:
Kislakrealty
Added: Jul 23
Changed: Sep 6
Last Checked: Sep 7 at 5:39AM
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 Thomas Scatuorchio
Investment Insights
Based on property information with market context.
The property is a three-building multifamily portfolio totaling 57,500 SF, featuring 20 residential apartments and three commercial tenants operating daycare and related services. The commercial component includes adult medical daycare as well as child preschool and child daycare.
Two of the three commercial leases are structured on an NNN basis, which is intended to minimize landlord operating burden and expense exposure. The remaining commercial tenant is described as Senior Star, with rent characterized in the remarks as government-guaranteed through Medicaid and MLTSS, along with the NJ State Respite Program.
Residential and building amenities include parking for 172 cars, laundry facilities, an elevator, security systems, and a whole-building sprinkler system. The remarks also indicate modern vintage construction from 2012/2016 and no rent control on the residential units.
Two of the three commercial leases are structured on an NNN basis, which is intended to minimize landlord operating burden and expense exposure. The remaining commercial tenant is described as Senior Star, with rent characterized in the remarks as government-guaranteed through Medicaid and MLTSS, along with the NJ State Respite Program.
Residential and building amenities include parking for 172 cars, laundry facilities, an elevator, security systems, and a whole-building sprinkler system. The remarks also indicate modern vintage construction from 2012/2016 and no rent control on the residential units.
Key Highlights
- Three‑building portfolio totaling 57,500 SF with 20 residential apartments and 3 commercial daycare tenants
- Adult medical daycare and child preschool/child daycare commercial tenants provide diversified income across multiple businesses
- Two of three commercial leases are structured NNN, minimizing landlord operating expense exposure
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
$877,594
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
5.48%
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%
$17,551,880
$17.6M
Cap Rate 7%
$12,537,057
$12.5M
Cap Rate 9%
$9,751,044
$9.8M
Market Conditions
NOI Build-Up for 57,500 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
$1.73M $30.00/SF
− Vacancy
−$129.4K −$2.25/SF
EGI
$1.60M $27.75/SF
− OpEx
−$718.0K −$12.49/SF
NOI
$877.6K $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%
$17,551,880
Cap Rate 7%
$12,537,057
Cap Rate 9%
$9,751,044
Alternative Uses
Best Use
Apartment 5plus
$12.54M
$10.97M – $14.63M
NOI $877,594 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$18.50M
$16.19M – $21.58M
NOI $1,294,992 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
757
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?
Apartment building - Three-building portfolio totals 57,500 SF with 20 residential units and three commercial daycare tenants.
Where is this apartment building located?
The property is located at 1672-1676 North Olden Avenue & 1571 6th Street Ewing, NJ.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: Three‑building portfolio totaling 57,500 SF with 20 residential apartments and 3 commercial daycare tenants; Adult medical daycare and child preschool/child daycare commercial tenants provide diversified income across multiple businesses; Two of three commercial leases are structured NNN, minimizing landlord operating expense exposure
