Two-Story Residential Income
For Sale
$509,900
208 State Rt 284, Wantage Twp, NJ 07461
Two-story property with electric baseboard heat and an electric water heater.
Property Size2,400 SF
Price / SF$212.46
Days on Market153
Property Features for 208 State Rt 284
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,847
Amenities
Baseboard, Electric
Electric Water Heater
2-Two Story
Building Details
Year Built
1989
Stories
2
Listing Agency:
(973) 903-9198
Listed By:
LISA A PARROTT
(973) 903-9198
Source:
Evrealestate
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 31 at 2:18PM
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 LISA A PARROTT
Investment Insights
Based on property information with market context.
This residential income property is a two-story building constructed in 1989. Interior systems include electric baseboard heating and an electric water heater. The property size is listed as 2,400, with no unit of measurement specified.
The property is located at 208 State Rt 284 in Wantage Township, Sussex County, New Jersey. Access is described from Route 23 via Route 284, approximately 2.5 miles to the property on the left.
The property is located at 208 State Rt 284 in Wantage Township, Sussex County, New Jersey. Access is described from Route 23 via Route 284, approximately 2.5 miles to the property on the left.
Key Highlights
- Two‑story residential income property
- Constructed in 1989
- Property size listed as 2,400
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
$36,907
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
7.24%
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%
$738,140
$738.1K
Cap Rate 7%
$527,243
$527.2K
Cap Rate 9%
$410,078
$410.1K
Market Conditions
NOI Build-Up for 2,400 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
$72.0K $30.00/SF
− Vacancy
−$4.9K −$2.04/SF
EGI
$67.1K $27.96/SF
− OpEx
−$30.2K −$12.58/SF
NOI
$36.9K $15.38/SF
Area
Sussex 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%
$738,140
Cap Rate 7%
$527,243
Cap Rate 9%
$410,078
Alternative Uses
Best Use
Apartment 5plus
$527.2K
$461.3K – $615.1K
NOI $36,907 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$626.7K
$548.4K – $731.1K
NOI $43,868 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 07461, NJ
18,530
Population
7,972
Households
2.3
Avg Household Size
44
Median Age
28%
College-Educated
93%
High-School Grad
83.0 sq mi
ZIP Area
223
Density / Sq Mi
$104,441
Median Household Income
$46,590
Median Earnings
$1,456
Median Rent
$338,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-story property with electric baseboard heat and an electric water heater.
Where is this residential income property located?
The property is located at 208 State Rt 284 Wantage Twp, NJ.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Two‑story residential income property; Constructed in 1989; Property size listed as 2,400
