Building Details

Year Built 2015

Listing Agency: WEICHERT REALTORS Show Phone

Listed By: MARIE NEWELL

Source: Corcoran

Added: Jun 26, 2025 Changed: Aug 8 Last Checked: Aug 8 at 4:44AM

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Investment Insights

Based on property information with market context.

This well-maintained apartment building, constructed in 2015, is situated on approximately 2 acres. The property features 13 apartments, with 12 located in the main building and 1 in the carriage house. The unit mix includes 6 one-bedroom and 6 two-bedroom apartments. The building was designed as a green building with a low carbon footprint. Each unit includes a kitchen, living room, and full bath, with some units also featuring private balconies or porches. Interior features include maple wood floors, Anderson windows, and Corian countertops. The apartments have 9-foot ceilings, carpeted hallways, and double sheetrock walls for sound control. Four units are handicapped accessible. The building is equipped with an alarm and fire sprinkler system, along with a Swiftkey lock system. A 2590-gallon water tank is located in the basement for fire prevention. Additional amenities include ample off-street parking, a coin-operated laundry area in the basement, and Wi-Fi throughout the building. Two EV car chargers are available for electric vehicle use. The property is located in a scenic rural area, commutable to Princeton, Flemington, and Lambertville. The building has a total size of 10704 square feet.

Key Highlights

• Well‑maintained apartment building built in 2015, featuring 13 units (mix of 1 and 2‑bedroom apartments).
• Green building design promotes low carbon footprint and reduces tenant costs.
• Quality construction with MAPLE WOOD FLOORS, ANDERSON WINDOWS, and CORIAN COUNTERTOPS.

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

$164,606

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

5.68%

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%

$3,292,120 $3.3M

Cap Rate 7%

$2,351,514 $2.4M

Cap Rate 9%

$1,828,956 $1.8M

Market Conditions

NOI Build-Up for 10,704 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

$321.1K $30.00/SF

− Vacancy

−$21.8K −$2.04/SF

EGI

$299.3K $27.96/SF

− OpEx

−$134.7K −$12.58/SF

NOI

$164.6K $15.38/SF

Area

Hunterdon County, NJ

Vacancy

6.80%

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%

$3,292,120

Cap Rate 7%

$2,351,514

Cap Rate 9%

$1,828,956

Alternative Uses

Best Use

Apartment 5plus

$2.35M

$2.06M – $2.74M (±1% cap)

NOI $164,606 @ 7.0% cap · market cap 5.68%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.80M

$2.45M – $3.26M (±1% cap)

NOI $195,652 @ 7.0% cap · market cap 6.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Nadine Heitz Physician Historic Wertsville Tour Operator

Suggested Use

Top Pick Auto Repair Shop Plumbing Service Kitchen & Bath Showroom Skin Care Clinic Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Explore this area Business Placement

Demographics for 08551, NJ

5,540

Population

2,196

Households

2.5

Avg Household Size

48

Median Age

65%

College-Educated

97%

High-School Grad

26.2 sq mi

ZIP Area

211

Density / Sq Mi

$154,966

Median Household Income

$70,446

Median Earnings

$2,125

Median Rent

$580,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Well-maintained apartment building with modern amenities in a scenic location.

Where is this apartment building located?

The property is located at 2 Lindbergh Rd East Amwell Twp, NJ.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: Well‑maintained apartment building built in 2015, featuring 13 units (mix of 1 and 2‑bedroom apartments).; Green building design promotes low carbon footprint and reduces tenant costs.; Quality construction with MAPLE WOOD FLOORS, ANDERSON WINDOWS, and CORIAN COUNTERTOPS.