Updated Two-Family
For Sale
$615,000
23 East Street, South River, NJ 08882
Updated two-family home with 3-bedroom units, eat-in kitchens, and a partially finished basement.
Property Size1,744 SF
Price / SF$352.64
Days on Market101
Property Features for 23 East Street
General Information
Standard status
Active
Size
1,744 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
PETRA BEST REALTY LLC
Listed By:
MARYEMMA TERRON
(833) 740-1234
Source:
Actionplusrealty
Added: Apr 29
Changed: Jul 27
Last Checked: Aug 6 at 5:13AM
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 PETRA BEST REALTY LLC
Investment Insights
Based on property information with market context.
This updated two-family residence offers two separate units, each with three bedrooms, one full bathroom, a comfortable living room, and an eat-in kitchen. The property includes a partially finished basement and a large attic for additional storage, along with a backyard.
The first-floor unit is set to be delivered vacant. The home is described as conveniently located near Routes 18 and 1 and provides access to the NJ Turnpike and the Garden State Parkway, with nearby NJ Transit service and multiple area destinations including shopping, restaurants, parks, and schools.
As presented, the layout is designed for straightforward multi-family living, with both units sharing similar bedroom and bathroom configurations, and supplemental space available in the basement and attic.
The first-floor unit is set to be delivered vacant. The home is described as conveniently located near Routes 18 and 1 and provides access to the NJ Turnpike and the Garden State Parkway, with nearby NJ Transit service and multiple area destinations including shopping, restaurants, parks, and schools.
As presented, the layout is designed for straightforward multi-family living, with both units sharing similar bedroom and bathroom configurations, and supplemental space available in the basement and attic.
Key Highlights
- Updated two‑family home built in 1910, offering 2 separate units
- Each unit features 3 bedrooms, 1 full bathroom, a living room, and an eat‑in kitchen
- First‑floor unit will be delivered vacant, supporting immediate owner occupancy or rental use
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
$29,188
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
4.75%
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%
$583,760
$583.8K
Cap Rate 7%
$416,971
$417.0K
Cap Rate 9%
$324,311
$324.3K
Market Conditions
NOI Build-Up for 1,744 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
$44.6K $25.56/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$41.7K $23.91/SF
− OpEx
−$12.5K −$7.17/SF
NOI
$29.2K $16.74/SF
Area
Middlesex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$583,760
Cap Rate 7%
$416,971
Cap Rate 9%
$324,311
Alternative Uses
Best Use
Multifamily LT 5
$417.0K
$364.9K – $486.5K
NOI $29,188 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$383.1K
$335.2K – $447.0K
NOI $26,819 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$455.4K
$398.5K – $531.3K
NOI $31,878 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
Demographics for 08882, NJ
16,118
Population
5,789
Households
2.8
Avg Household Size
39
Median Age
31%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
5,756
Density / Sq Mi
$101,853
Median Household Income
$51,323
Median Earnings
$1,599
Median Rent
$382,500
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 - Updated two-family home with 3-bedroom units, eat-in kitchens, and a partially finished basement.
Where is this duplex located?
The property is located at 23 East Street South River, NJ.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Updated two‑family home built in 1910, offering 2 separate units; Each unit features 3 bedrooms, 1 full bathroom, a living room, and an eat‑in kitchen; First‑floor unit will be delivered vacant, supporting immediate owner occupancy or rental use
