Two-Unit Duplex with
For Sale
$390,000
244 Sitgreaves St, Phillipsburg, NJ 08865
Under-over duplex with separate one- and two-bedroom units, attic storage, and both off-street and on-street parking.
Property Size1,998 SF
Price / SF$195.20
Days on Market37
Property Features for 244 Sitgreaves St
General Information
Standard status
Active
Size
1,998 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
COLDWELL BANKER REALTY
(908) 735-8080
Listed By:
NICOLE YARD · License #271237
Source:
Luminancerealty
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 30 at 7:27PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
Located at 244 Sitgreaves St in Phillipsburg Town, NJ 08865, this two-unit residential property offers an under-over configuration with 1,998 square feet of total property size. The lower residence includes 1 bedroom, 1 full bath, a living room, and a kitchen. Upstairs, the second unit provides 2 bedrooms, 1 full bath, a kitchen, and an open living and dining area.
A walk-up attic adds storage space, while parking is available both on and off the street. The property was built in 1920, and some updates were completed in 2022. The existing two-unit layout supports separate residential occupancy, with each unit offering its own kitchen and bath.
A walk-up attic adds storage space, while parking is available both on and off the street. The property was built in 1920, and some updates were completed in 2022. The existing two-unit layout supports separate residential occupancy, with each unit offering its own kitchen and bath.
Key Highlights
- Two‑unit under‑over duplex with 1,998 square feet of total property size
- Lower unit includes 1 bedroom, 1 full bath, living room, and kitchen
- Upper unit features 2 bedrooms, 1 full bath, kitchen, and open living‑dining area
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
$29,434
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
7.55%
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%
$588,680
$588.7K
Cap Rate 7%
$420,486
$420.5K
Cap Rate 9%
$327,044
$327.0K
Market Conditions
NOI Build-Up for 1,998 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
$44.4K $22.20/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$42.0K $21.05/SF
− OpEx
−$12.6K −$6.31/SF
NOI
$29.4K $14.73/SF
Area
Warren County, NJ
Vacancy
5.20%
Lease Rate
$22.20 /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%
$588,680
Cap Rate 7%
$420,486
Cap Rate 9%
$327,044
Alternative Uses
Best Use
Multifamily LT 5
$420.5K
$367.9K – $490.6K
NOI $29,434 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$377.8K
$330.6K – $440.8K
NOI $26,446 @ 7.0% cap · market cap 6.78%
Theoretical Best
Warehouse
$753.8K
$659.6K – $879.4K
NOI $52,765 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 08865, NJ
30,537
Population
14,146
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
93%
High-School Grad
41.5 sq mi
ZIP Area
736
Density / Sq Mi
$78,519
Median Household Income
$49,811
Median Earnings
$1,248
Median Rent
$244,200
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 - Under-over duplex with separate one- and two-bedroom units, attic storage, and both off-street and on-street parking.
Where is this duplex located?
The property is located at 244 Sitgreaves St Phillipsburg, NJ.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit under‑over duplex with 1,998 square feet of total property size; Lower unit includes 1 bedroom, 1 full bath, living room, and kitchen; Upper unit features 2 bedrooms, 1 full bath, kitchen, and open living‑dining area
