Renovated Two-Family
New
For Sale
$825,000
21 Market St, Edison, NJ 08817
Two distinct residences provide flexibility for owner occupancy, rental use, or a combination of both.
Property Size3,250 SF
Price / SF$253.85
Days on Market2
Property Features for 21 Market St
General Information
Standard status
Active
Size
3,250 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,795
Building Details
Year Built
1949
Units
2
Listing Agency:
RE/MAX 1st. Advantage
(732) 382-0200
Listed By:
MICHELE KELEMAN · License #8544216
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 6 at 8:25AM
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 1st. Advantage
Investment Insights
Based on property information with market context.
This fully renovated duplex offers 3,250 sq. ft. arranged as two separate living quarters. The property was rebuilt from the studs and includes two updated kitchens with quartz countertops, marble backsplashes, custom 42-inch wood cabinetry, and recessed lighting. Three new full bathrooms, new flooring, and ample storage further support the residential configuration.
The second residence has a private entrance, while the attached sun porch connects to a 2-car garage and provides additional space for gatherings or everyday use. Major improvements include new plumbing, electrical service, roof, siding, and windows. Located in Edison, the property also carries a Walk Score of 68 and a Bike Score of 53.
The second residence has a private entrance, while the attached sun porch connects to a 2-car garage and provides additional space for gatherings or everyday use. Major improvements include new plumbing, electrical service, roof, siding, and windows. Located in Edison, the property also carries a Walk Score of 68 and a Bike Score of 53.
Key Highlights
- 3,250 sq. ft. duplex with two separate living quarters
- Fully rebuilt from the studs with new plumbing and electrical
- Two kitchens with quartz countertops, marble backsplashes, and 42‑inch custom cabinetry
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
$59,525
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
7.22%
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%
$1,190,500
$1.2M
Cap Rate 7%
$850,357
$850.4K
Cap Rate 9%
$661,389
$661.4K
Market Conditions
NOI Build-Up for 3,250 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
$89.7K $27.60/SF
− Vacancy
−$4.7K −$1.44/SF
EGI
$85.0K $26.16/SF
− OpEx
−$25.5K −$7.85/SF
NOI
$59.5K $18.32/SF
Area
Edison, NJ
Vacancy
5.20%
Lease Rate
$27.60 /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%
$1,190,500
Cap Rate 7%
$850,357
Cap Rate 9%
$661,389
Alternative Uses
Best Use
Multifamily LT 5
$850.4K
$744.1K – $992.1K
NOI $59,525 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$756.9K
$662.3K – $883.0K
NOI $52,982 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$1.05M
$921.7K – $1.23M
NOI $73,732 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 08817, NJ
48,243
Population
17,260
Households
2.8
Avg Household Size
37
Median Age
49%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
4,551
Density / Sq Mi
$109,734
Median Household Income
$54,631
Median Earnings
$1,946
Median Rent
$411,100
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 distinct residences provide flexibility for owner occupancy, rental use, or a combination of both.
Where is this duplex located?
The property is located at 21 Market St Edison, NJ.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,250 sq. ft. duplex with two separate living quarters; Fully rebuilt from the studs with new plumbing and electrical; Two kitchens with quartz countertops, marble backsplashes, and 42‑inch custom cabinetry
