Two-Unit Duplex with Off-Street
For Sale
$489,000
Pending
205 Thompson Avenue, Middletown, NJ 07748
Multi-Family, Middletown, NJ
Property Size1,810 SF
Lot Size0.11 Acres
Days on Market35
Property Features for 205 Thompson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bathroom 1, Bedroom 3, Bathroom 2, Basement, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
Off Street
Fencing
Fenced
Lot features
Bayside, Level
Directions
google maps
Standard status
Pending
APN
32-00112-0000-00003
Size
1,810 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7855
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Wood
Roof type
Shingle
Listing Agency:
Rewards Realty
(862) 262-5869
Listed By:
Maria Tsabrova
(908) 323-3878
Added: Aug 17
Changed: Sep 17
Last Checked: Sep 20 at 6:06PM
MLS# 22625744
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex contains 1,810 square feet on a 0.11-acre lot. The lower residence has three bedrooms, while the upper residence provides two bedrooms. Interior finishes include wood and ceramic tile flooring, with baseboard heat and multiple cooling units. A basement adds storage or utility space.
The property includes off-street parking and a fenced lot. Public water and public sewer serve the building, and the roof is shingle. Built in 1923, the duplex is occupied by long-term tenants who pay all utilities, including water and sewer.
The property includes off-street parking and a fenced lot. Public water and public sewer serve the building, and the roof is shingle. Built in 1923, the duplex is occupied by long-term tenants who pay all utilities, including water and sewer.
Key Highlights
- Two‑family duplex with 1,810 square feet of building area
- Three‑bedroom lower unit and two‑bedroom upper unit
- 0.11‑acre fenced lot with off‑street parking
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
$30,292
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
6.19%
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%
$605,840
$605.8K
Cap Rate 7%
$432,743
$432.7K
Cap Rate 9%
$336,578
$336.6K
Market Conditions
NOI Build-Up for 1,810 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
$46.3K $25.56/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.3K $23.91/SF
− OpEx
−$13.0K −$7.17/SF
NOI
$30.3K $16.74/SF
Area
Monmouth County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$605,840
Cap Rate 7%
$432,743
Cap Rate 9%
$336,578
Alternative Uses
Best Use
Multifamily LT 5
$432.7K
$378.7K – $504.9K
NOI $30,292 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$397.6K
$347.9K – $463.9K
NOI $27,834 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$472.6K
$413.6K – $551.4K
NOI $33,084 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Explore this area
Business Placement
Demographics for 07748, NJ
28,169
Population
10,446
Households
2.7
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
13.0 sq mi
ZIP Area
2,167
Density / Sq Mi
$152,488
Median Household Income
$72,287
Median Earnings
$1,483
Median Rent
$568,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature three- and two-bedroom layouts with off-street parking.
Where is this duplex located?
The property is located at 205 Thompson Avenue Middletown, NJ.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Two‑family duplex with 1,810 square feet of building area; Three‑bedroom lower unit and two‑bedroom upper unit; 0.11‑acre fenced lot with off‑street parking
