Updated Two-Unit
For Sale
$600,000
241 N 3rd Ave, Manville, NJ 08835
Two leased residential units combine practical layouts with basement storage, outdoor space, and recently completed major improvements.
Property Size1,584 SF
Price / SF$378.79
Days on Market41
Property Features for 241 N 3rd Ave
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer
deck
backyard
Building Details
Year Built
1944
Listing Agency:
ERA SUBURB REALTY
(908) 322-4434
Listed By:
JENNI JEREMIAS
Source:
Goldstandardrealty
Added: Jul 20
Changed: Aug 27
Last Checked: Aug 28 at 12:47PM
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 ERA SUBURB REALTY
Investment Insights
Based on property information with market context.
This 1,584-square-foot duplex, built in 1944, contains two residential units, each with two bedrooms and one full bathroom. Both units are leased at market rent. An unfinished basement adds storage capacity and includes separate washer and dryer equipment for each unit. The property also provides a backyard and deck, along with a front entrance, stairs, and walkway that have been newly constructed or updated.
Recent capital improvements include a new HVAC heating and cooling system and a new roof. The property is in Manville Boro near shopping, restaurants, major highways, and public transportation, combining a two-unit configuration with accessible surrounding amenities.
Recent capital improvements include a new HVAC heating and cooling system and a new roof. The property is in Manville Boro near shopping, restaurants, major highways, and public transportation, combining a two-unit configuration with accessible surrounding amenities.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- Both units leased at market rent
- 1,584 SF duplex built in 1944
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
$22,606
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
3.77%
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%
$452,120
$452.1K
Cap Rate 7%
$322,943
$322.9K
Cap Rate 9%
$251,178
$251.2K
Market Conditions
NOI Build-Up for 1,584 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
$34.2K $21.60/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$32.3K $20.39/SF
− OpEx
−$9.7K −$6.12/SF
NOI
$22.6K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.61%
Lease Rate
$21.60 /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%
$452,120
Cap Rate 7%
$322,943
Cap Rate 9%
$251,178
Alternative Uses
Best Use
Multifamily LT 5
$322.9K
$282.6K – $376.8K
NOI $22,606 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$281.1K
$245.9K – $327.9K
NOI $19,675 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$413.6K
$361.9K – $482.6K
NOI $28,953 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 08835, NJ
10,953
Population
4,538
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
2.3 sq mi
ZIP Area
4,762
Density / Sq Mi
$93,872
Median Household Income
$45,559
Median Earnings
$1,837
Median Rent
$321,100
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 - Two leased residential units combine practical layouts with basement storage, outdoor space, and recently completed major improvements.
Where is this duplex located?
The property is located at 241 N 3rd Ave Manville, NJ.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; Both units leased at market rent; 1,584 SF duplex built in 1944
