Renovated Two-Family
For Sale
$435,000
229 PARKINSON, Hamilton, NJ 08609
Vacant two-unit property with refreshed interiors, a detached garage, and storage space.
Property Size1,560 SF
Price / SF$278.85
Days on Market9
Property Features for 229 PARKINSON
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Duplex
Building Details
Year Built
1947
Listing Agency:
Keller Williams Team Realty
(973) 920-0005
Listed By:
ALICIA ALARCON
(973) 920-0005
Source:
Cummingsrealtors
Added: Aug 16
Changed: Aug 24
Last Checked: Aug 24 at 5:29AM
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 Team Realty
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.
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 = 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
$27,568
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
6.34%
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%
$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
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
$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 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%
$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
NOI $27,568 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$340.1K
$297.6K – $396.8K
NOI $23,810 @ 7.0% cap · market cap 5.47%
Theoretical Best
Warehouse
$501.9K
$439.2K – $585.6K
NOI $35,134 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
