Updated Duplex with New
For Sale
$600,000
241 N 3Rd Ave, Manville, NJ 08835
Multi-Family, 2-Two Story, Under/Over, Manville Boro, NJ
Property Size1,584 SF
Lot Size0.11 Acres
Price / SF$378.79
Days on Market52
Property Features for 241 N 3Rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bedroom 2
Parking
10
Security features
Security System
Patio and Porch features
Deck
Interior features
Blinds, Carpeting, Fire Alarm Sys, Fire Extinguisher, Security System, Smoke Detector, Walk-In Closet
Exterior features
Deck, Metal Fence, Sidewalk, Storm Window(s), Thermal Windows/Doors
Fencing
Fenced
Directions
Off of Noth Main Street turn on Brooks Blvd and right on North 3rd Ave
Standard status
Active
Size
1,584 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9073
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
basement
washer/dryer per unit
storage
backyard
deck
Building Details
Year built
1944
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
ERA SUBURB REALTY · ERA Real Estate
(908) 322-4434
Listed By:
JENNI JEREMIAS
(908) 322-4434
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 4039645
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with two bedrooms and one full bathroom. The property provides 1,584 square feet, a large unfinished basement, and separate washer and dryer equipment for each unit. A fenced backyard and deck extend the usable space, while a new HVAC heating and cooling system, new roof, and rebuilt front entrance with updated stairs and walkway address major property components.
Located in Manville Boro, the property has public water and public sewer service. Additional features include forced-air heating, central air conditioning, a shingle roof, thermal windows and doors, storm windows, security equipment, smoke detectors, and a metal fence. Both units are currently leased, providing an existing income-producing configuration.
Located in Manville Boro, the property has public water and public sewer service. Additional features include forced-air heating, central air conditioning, a shingle roof, thermal windows and doors, storm windows, security equipment, smoke detectors, and a metal fence. Both units are currently leased, providing an existing income-producing configuration.
Key Highlights
- Duplex with 2 units, each offering 2 bedrooms and 1 full bathroom
- 1,584 square feet with a large unfinished basement
- Separate washer and dryer for each unit
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
100%
Occupancy
Multi-tenant
Tenancy
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 units include separate laundry, basement storage, and access to a fenced backyard with deck.
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: Duplex with 2 units, each offering 2 bedrooms and 1 full bathroom; 1,584 square feet with a large unfinished basement; Separate washer and dryer for each unit
