Building Details

Year Built 1947

Listing Agency: Keller Williams Team Realty k***@kw.com Show Phone

Listed By: ALICIA ALARCON · License #2296931 Show Phone

Source: Cummingsrealtors

Added: Aug 18 Changed: Oct 11 Last Checked: Oct 12 at 7:24PM

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Investment Insights

Based on property information with market context.

This two-family duplex, built in 1938, offers separate residential units with a three-bedroom, one-bath layout on the first floor and a one-bedroom, one-bath layout above. Both units will be delivered vacant. Recent improvements include updated kitchens, newer appliances, remodeled bathrooms, new flooring, fresh paint, and vinyl siding. A detached two-car garage and basement crawl space provide additional utility. The property is being sold strictly as-is.

The home is located near I-195, I-295, the NJ Turnpike, and Route 1. WalkScore is 83, indicating a very walkable setting; BikeScore is 51, and TransitScore is 36. The property is identified as being in Hamilton Twp., NJ, with the address at 229 Parkinson Ave.

Key Highlights

• Two‑family duplex built in 1938 with vacant delivery
• First‑floor unit has 3 bedrooms and 1 bathroom
• Second‑floor unit includes 1 bedroom and 1 bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,568

Cap Rate

6.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$551,360 $551.4K

Cap Rate 7%

$393,829 $393.8K

Cap Rate 9%

$306,311 $306.3K

Market Conditions

NOI Build-Up for 1,560 SF

Gross rent

$42.1K $27.00/SF

− Vacancy

−$2.7K −$1.76/SF

EGI

$39.4K $25.25/SF

− OpEx

−$11.8K −$7.57/SF

NOI

$27.6K $17.67/SF

Area

Mercer County, NJ

Vacancy

6.50%

Lease Rate

$27.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$551,360

Cap Rate 7%

$393,829

Cap Rate 9%

$306,311

Alternative Uses

Best Use

Multifamily LT 5

$393.8K

$344.6K – $459.5K (±1% cap)

NOI $27,568 @ 7.0% cap · market cap 6.34%

Second Best

Apartment 5plus

$340.1K

$297.6K – $396.8K (±1% cap)

NOI $23,810 @ 7.0% cap · market cap 5.47%

Theoretical Best

Warehouse

$501.9K

$439.2K – $585.6K (±1% cap)

NOI $35,134 @ 7.0% cap · market cap 8.08%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage (Bike/Boat/Book/etc) Store Storage Facility Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

592

Businesses Nearby

Explore this area Business Placement

Demographics for 08609, NJ

14,867

Population

5,347

Households

2.8

Avg Household Size

33

Median Age

10%

College-Educated

72%

High-School Grad

1.3 sq mi

ZIP Area

11,436

Density / Sq Mi

$56,932

Median Household Income

$36,133

Median Earnings

$1,218

Median Rent

$96,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Vacant two-unit property with refreshed interiors, a detached garage, and storage space.

Where is this duplex located?

The property is located at 229 PARKINSON Hamilton, NJ.

What is the asking price?

The asking price for this property is $435,000.

What are key features of this property?

This property features: Two‑family duplex built in 1938 with vacant delivery; First‑floor unit has 3 bedrooms and 1 bathroom; Second‑floor unit includes 1 bedroom and 1 bathroom