Updated Duplex with Flexible
New
For Sale
$625,000
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$226.12
Days on Market2
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
(908) 751-7750
Source:
Luminancerealty
Added: Sep 11
Last Checked: Sep 12 at 1:15PM
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
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 = 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
$40,719
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
6.52%
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%
$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
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
$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 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%
$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 6.52%
Second Best
Apartment 5plus
$522.6K
$457.3K – $609.8K
NOI $36,585 @ 7.0% cap · market cap 5.85%
Theoretical Best
Warehouse
$1.04M
$912.4K – $1.22M
NOI $72,995 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Explore this area
Business Placement
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 $625,000.
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
