Duplex with Two-Car
New
For Sale
$650,000
255 Ohio St, Union, NJ 07083
Two distinct living units support owner occupancy, rental use, or a combination of both.
Property Size2,400 SF
Price / SF$270.83
Days on Market2
Property Features for 255 Ohio St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
backyard
washer/dryer
storage
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Nj Real Estate Boutique Llc
Listed By:
Mikaela Arpino · License #307600
(973) 866-5125
Source:
Srrealestategroup
Added: Sep 10
Last Checked: Sep 9 at 2:43PM
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 Nj Real Estate Boutique Llc
Investment Insights
Based on property information with market context.
This 1923 duplex at 255 Ohio St includes two separate residences: a first-floor unit with 2 bedrooms and 1 full bathroom, plus a second-floor unit with 3 bedrooms and 2 full bathrooms. The basement has been renovated with a French drain and dual pumps installed in 2024, along with separate washer/dryer connections, individual storage areas, and newer water heaters from 2024.
Exterior improvements include a 3 year old roof, a backyard, and substantial paved parking. The 2021 driveway extends to a two-car garage and attached carport, providing multiple parking options for the property’s occupants. Route 22, Route 78, and the Garden State Parkway are nearby, with NJ Transit bus service and Union Station’s Raritan Valley line also serving the area. The property has a walk score of 68 and a bike score of 42.
Exterior improvements include a 3 year old roof, a backyard, and substantial paved parking. The 2021 driveway extends to a two-car garage and attached carport, providing multiple parking options for the property’s occupants. Route 22, Route 78, and the Garden State Parkway are nearby, with NJ Transit bus service and Union Station’s Raritan Valley line also serving the area. The property has a walk score of 68 and a bike score of 42.
Key Highlights
- Two‑family layout with 2‑bedroom/1‑bath and 3‑bedroom/2‑bath units
- Renovated basement with French drain and dual pumps installed in 2024
- Separate washer/dryers, storage areas, and newer water heaters from 2024
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
$40,167
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
6.18%
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%
$803,340
$803.3K
Cap Rate 7%
$573,814
$573.8K
Cap Rate 9%
$446,300
$446.3K
Market Conditions
NOI Build-Up for 2,400 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
$61.3K $25.56/SF
− Vacancy
−$4.0K −$1.65/SF
EGI
$57.4K $23.91/SF
− OpEx
−$17.2K −$7.17/SF
NOI
$40.2K $16.74/SF
Area
Union 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%
$803,340
Cap Rate 7%
$573,814
Cap Rate 9%
$446,300
Alternative Uses
Best Use
Multifamily LT 5
$573.8K
$502.1K – $669.5K
NOI $40,167 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$527.2K
$461.3K – $615.1K
NOI $36,907 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$626.7K
$548.4K – $731.1K
NOI $43,868 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 07083, NJ
56,131
Population
20,792
Households
2.7
Avg Household Size
41
Median Age
41%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
6,452
Density / Sq Mi
$118,106
Median Household Income
$58,443
Median Earnings
$1,938
Median Rent
$425,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct living units support owner occupancy, rental use, or a combination of both.
Where is this duplex located?
The property is located at 255 Ohio St Union, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑family layout with 2‑bedroom/1‑bath and 3‑bedroom/2‑bath units; Renovated basement with French drain and dual pumps installed in 2024; Separate washer/dryers, storage areas, and newer water heaters from 2024
