Updated Duplex with Flexible
For Sale
$579,000
21 N Lincoln Ave Unit 2, Washington, NJ 07882
Two-family property with public utilities, renovated interiors, a heated garage, and additional finished space.
Property Size2,764 SF
Price / SF$209.48
Days on Market48
Property Features for 21 N Lincoln Ave Unit 2
General Information
Standard status
Active
Size
2,764 SF
Property subtype
Multi-Family
Building Details
Year Built
1907
Listing Agency:
KELLER WILLIAMS REAL ESTATE
Listed By:
NADINE LOCASCIO
(855) 592-5468
Source:
Luminancerealty
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 5 at 8:38PM
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 KELLER WILLIAMS REAL ESTATE
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Investment Insights
Based on property information with market context.
This 2,764-square-foot duplex, built in 1907, combines updated living areas with functional shared improvements. Interior features include hickory hardwood floors, a new kitchen, new sliders, 9-foot ceilings, natural gas conversion, Pella windows on the second floor and most of the first floor, and mini-split systems on the first floor. A wrap-around front porch and large walk-up attic add usable space.
A third space was completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings. Under the stated zoning, it may serve as additional space for either existing unit, a home office, or one-on-one music instruction; a variance would be required for use as a third residential rental. The two-car garage includes heating and air conditioning, new wiring, doors, and an awning. The fenced yard has a covered deck, mature flowering plants, artificial turf, and rubber mulch. Public utilities serve the property, which is near town, shopping, and restaurants.
A third space was completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings. Under the stated zoning, it may serve as additional space for either existing unit, a home office, or one-on-one music instruction; a variance would be required for use as a third residential rental. The two-car garage includes heating and air conditioning, new wiring, doors, and an awning. The fenced yard has a covered deck, mature flowering plants, artificial turf, and rubber mulch. Public utilities serve the property, which is near town, shopping, and restaurants.
Key Highlights
- 2,764‑square‑foot duplex built in 1907
- Third space completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings
- Third residential rental use requires a variance; space may serve either unit or a home office
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,719
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$814,380
$814.4K
Cap Rate 7%
$581,700
$581.7K
Cap Rate 9%
$452,433
$452.4K
Market Conditions
NOI Build-Up for 2,764 SF
Gross rent
$61.4K $22.20/SF
− Vacancy
−$3.2K −$1.15/SF
EGI
$58.2K $21.05/SF
− OpEx
−$17.5K −$6.31/SF
NOI
$40.7K $14.73/SF
Area
Warren County, NJ
Vacancy
5.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$814,380
Cap Rate 7%
$581,700
Cap Rate 9%
$452,433
Alternative Uses
Best Use
Multifamily LT 5
$581.7K
$509.0K – $678.7K
NOI $40,719 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$522.6K
$457.3K – $609.8K
NOI $36,585 @ 7.0% cap · market cap 6.32%
Theoretical Best
Warehouse
$1.04M
$912.4K – $1.22M
NOI $72,995 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
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Demographics for 07882, NJ
14,971
Population
6,290
Households
2.4
Avg Household Size
44
Median Age
38%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
474
Density / Sq Mi
$100,852
Median Household Income
$55,316
Median Earnings
$1,411
Median Rent
$333,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with public utilities, renovated interiors, a heated garage, and additional finished space.
Where is this duplex located?
The property is located at 21 N Lincoln Ave Unit 2 Washington, NJ.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 2,764‑square‑foot duplex built in 1907; Third space completed in 2025 with vinyl plank flooring, recessed lighting, and a covered deck with awnings; Third residential rental use requires a variance; space may serve either unit or a home office
