Updated Two-Family
For Sale
$499,000
Pending
1999 GREENWOOD AVENUE, Hamilton, NJ 08609
Two updated units with separate entrances, a detached 2-car garage, and basement and attic storage.
Property Size2,350 SF
Days on Market53
Property Features for 1999 GREENWOOD AVENUE
General Information
Standard status
Pending
Size
2,350 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
RE/MAX On the Move Realty
Listed By:
Elchonon Weinberg · License #2331011
(732) 901-0701
Source:
Cummingsrealtors
Added: Jul 17
Changed: Sep 6
Last Checked: Sep 7 at 6:40AM
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 RE/MAX On the Move Realty
Investment Insights
Based on property information with market context.
This updated two-family residence offers two independently accessed living spaces with modern finishes throughout. The main unit features four bedrooms, 1.5 updated bathrooms, a bright living room, and an eat-in kitchen. Additional space includes an unfinished attic and a full, unfinished basement for storage and future possibilities. The kitchen highlights white cabinetry, stone countertops, stainless steel appliances, and gold accents, complemented by fresh paint, new flooring, and updated fixtures.
The second unit includes a private entrance and its own driveway, along with one bedroom, one full bathroom, a comfortable living room, and a kitchen. Both units have separate access to the backyard for added privacy and convenience.
A detached 2-car garage serves the main residence, and the overall configuration supports flexible occupancy and rental use.
The second unit includes a private entrance and its own driveway, along with one bedroom, one full bathroom, a comfortable living room, and a kitchen. Both units have separate access to the backyard for added privacy and convenience.
A detached 2-car garage serves the main residence, and the overall configuration supports flexible occupancy and rental use.
Key Highlights
- Two‑family home built in 1925 with two separate units and private access
- Main unit: 4 bedrooms, 1.5 updated bathrooms, bright living room, eat‑in kitchen, plus unfinished attic and full unfinished basement
- Second unit: 1 bedroom, 1 full bathroom, private entrance and driveway, living room and kitchen
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
$41,528
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
8.32%
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%
$830,560
$830.6K
Cap Rate 7%
$593,257
$593.3K
Cap Rate 9%
$461,422
$461.4K
Market Conditions
NOI Build-Up for 2,350 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
$63.5K $27.00/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$59.3K $25.25/SF
− OpEx
−$17.8K −$7.57/SF
NOI
$41.5K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /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%
$830,560
Cap Rate 7%
$593,257
Cap Rate 9%
$461,422
Alternative Uses
Best Use
Multifamily LT 5
$593.3K
$519.1K – $692.1K
NOI $41,528 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$512.4K
$448.3K – $597.8K
NOI $35,867 @ 7.0% cap · market cap 7.19%
Theoretical Best
Warehouse
$756.1K
$661.6K – $882.1K
NOI $52,926 @ 7.0% cap · market cap 10.61%
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
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 08609, NJ
14,867
Population
5,347
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
11,436
Density / Sq Mi
$56,932
Median Household Income
$36,133
Median Earnings
$1,218
Median Rent
$96,700
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 updated units with separate entrances, a detached 2-car garage, and basement and attic storage.
Where is this duplex located?
The property is located at 1999 GREENWOOD AVENUE Hamilton, NJ.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑family home built in 1925 with two separate units and private access; Main unit: 4 bedrooms, 1.5 updated bathrooms, bright living room, eat‑in kitchen, plus unfinished attic and full unfinished basement; Second unit: 1 bedroom, 1 full bathroom, private entrance and driveway, living room and kitchen
