Two-Unit Duplex with Attic
For Sale
$615,000
206 Ann St, Hillsborough, NJ 08844
Two-story units offer distinct living spaces, shared attic storage, and separate occupancy arrangements.
Property Size2,208 SF
Price / SF$278.53
Days on Market36
Property Features for 206 Ann St
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Multi-Family
Units
Unit Mix
3BR/2BA, 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1900
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
RE/MAX Instyle Realty Corp
Listed By:
Pallavi Masih
Source:
Premierehomegroup
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 5:19AM
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 Instyle Realty Corp
Investment Insights
Based on property information with market context.
This 2,208-square-foot duplex contains two two-story residential units with distinct layouts. Unit A includes three bedrooms, two full baths, formal living and dining areas, an eat-in kitchen, and first-floor laundry. Unit B provides two bedrooms, two full baths, a formal living room, an eat-in kitchen, and laundry. Exposed beams add character to Unit A’s dining area.
Both residences share a stair-accessed attic for additional storage. An unfinished basement is reached from outside near the front porch and contains the 2023 water heater. The HVAC system and septic tank were also installed in 2023. Unit A is vacant, while Unit B is occupied under a lease ending December 31, 2026. The property is being sold as-is and is not in a flood zone.
Located near the canal, public transportation, and the Hillsborough School District, the property is at 206 Ann Street in Hillsborough, New Jersey.
Both residences share a stair-accessed attic for additional storage. An unfinished basement is reached from outside near the front porch and contains the 2023 water heater. The HVAC system and septic tank were also installed in 2023. Unit A is vacant, while Unit B is occupied under a lease ending December 31, 2026. The property is being sold as-is and is not in a flood zone.
Located near the canal, public transportation, and the Hillsborough School District, the property is at 206 Ann Street in Hillsborough, New Jersey.
Key Highlights
- 2,208‑square‑foot duplex with two separate two‑story units
- Unit A has 3 bedrooms; Unit B has 2 bedrooms
- Unit A is vacant; Unit B lease ends December 31, 2026
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
$31,512
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
5.12%
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%
$630,240
$630.2K
Cap Rate 7%
$450,171
$450.2K
Cap Rate 9%
$350,133
$350.1K
Market Conditions
NOI Build-Up for 2,208 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
$47.7K $21.60/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$45.0K $20.39/SF
− OpEx
−$13.5K −$6.12/SF
NOI
$31.5K $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%
$630,240
Cap Rate 7%
$450,171
Cap Rate 9%
$350,133
Alternative Uses
Best Use
Multifamily LT 5
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$391.8K
$342.8K – $457.1K
NOI $27,426 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$576.6K
$504.5K – $672.7K
NOI $40,359 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Explore this area
Business Placement
Demographics for 08844, NJ
43,333
Population
16,168
Households
2.7
Avg Household Size
42
Median Age
62%
College-Educated
96%
High-School Grad
55.2 sq mi
ZIP Area
785
Density / Sq Mi
$153,785
Median Household Income
$74,977
Median Earnings
$2,171
Median Rent
$537,300
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-story units offer distinct living spaces, shared attic storage, and separate occupancy arrangements.
Where is this duplex located?
The property is located at 206 Ann St Hillsborough, NJ.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 2,208‑square‑foot duplex with two separate two‑story units; Unit A has 3 bedrooms; Unit B has 2 bedrooms; Unit A is vacant; Unit B lease ends December 31, 2026
