Duplex with Renovated
New
For Sale
$650,000
255 Ohio St, Union, NJ 07083
Multi-Family, 3-Three Story, Union Twp., NJ
Property Size2,400 SF
Lot Size0.11 Acres
Price / SF$270.83
Days on Market2
Property Features for 255 Ohio St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 3
Parking
7
Patio and Porch features
Porch
Interior features
Carbon Monoxide Detector, Carpeting, Fire Alarm Sys, Tile Floors, Track Lighting, Walk-In Closet, Wood Floors
Exterior features
Enclosed Porch(es), Partially Fenced, Storm Window(s)
Fencing
Partial
Directions
Laurel Ave to Ohio St
Standard status
Active
Size
2,400 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8792
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Steam
Water source
Public
Amenities
backyard
separate washer/dryers
separate storage
garage
carport
Building Details
Year built
1923
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
NJ REAL ESTATE BOUTIQUE LLC
(973) 866-5125
Listed By:
MIKAELA ARPINO
(908) 531-7413
Added: Sep 8
Last Checked: Sep 9 at 12:06AM
MLS# 4051322
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 2,400-square-foot duplex at 255 Ohio St features two distinct living units: one with 2 bedrooms and 1 full bathroom, and the other with 3 bedrooms and 2 full bathrooms. The basement was renovated in 2024 with a French drain and dual pumps, and includes separate laundry areas, storage, and newer water heaters. Interior details include wood and tile flooring, carpeting, track lighting, a walk-in closet, fire alarm systems, and carbon monoxide detectors.
The 0.11-acre property includes a 3-year-old shingle roof, enclosed porch, partially fenced yard, paved driveway completed in 2021, two-car garage, and attached carport. Public water and public sewer serve the property. Route 22, Route 78, the Garden State Parkway, NJ Transit bus service, and Union Station’s Raritan Valley line are nearby.
The 0.11-acre property includes a 3-year-old shingle roof, enclosed porch, partially fenced yard, paved driveway completed in 2021, two-car garage, and attached carport. Public water and public sewer serve the property. Route 22, Route 78, the Garden State Parkway, NJ Transit bus service, and Union Station’s Raritan Valley line are nearby.
Key Highlights
- Two‑unit layout with 2‑bedroom/1‑bath and 3‑bedroom/2‑bath residences
- 2,400 square feet on a 0.11‑acre parcel
- Basement renovated with French drain and dual pumps in 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
Property Profile
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
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 separate residences combine with substantial parking, outdoor space, and public utilities in Union Township.
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‑unit layout with 2‑bedroom/1‑bath and 3‑bedroom/2‑bath residences; 2,400 square feet on a 0.11‑acre parcel; Basement renovated with French drain and dual pumps in 2024
