Two-Unit Duplex with
New
For Sale
$289,999
257 PROGRESS ST, Riverside, NJ 08075
Separate utilities, private laundry areas, and a shared backyard support distinct residential layouts.
Property Size1,522 SF
Price / SF$190.54
Days on Market5
Property Features for 257 PROGRESS ST
General Information
Standard status
Active
Size
1,522 SF
Total Parking Spaces
2
Property subtype
Multi-family
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
basement storage
on-site laundry
shared backyard
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty - Moorestown
(848) 469-6691
Listed By:
Patricia E Pomeranz · License #9231492
(848) 469-6691
Source:
Imanirealtors
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 3:46PM
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 Keller Williams Realty - Moorestown
Investment Insights
Based on property information with market context.
This 1,522-square-foot duplex contains two rented residences with different configurations. The first-floor unit offers 1 bedroom and 1 bathroom, along with a living room, dining area, equipped kitchen, full-basement access, storage, and private laundry facilities. The second-floor unit includes 2 bedrooms and 1 bathroom, a large living room, formal dining area, kitchen, and an in-unit washer and dryer.
The property also provides access to a shared backyard, while separate utilities distinguish the two residences. A recently replaced sewer line adds to the property’s updated infrastructure. Two rear garages are included and are reached from Sylvan Street. The property is within walking distance of shopping, schools, and transportation, with additional access to two income-producing garage spaces.
The property also provides access to a shared backyard, while separate utilities distinguish the two residences. A recently replaced sewer line adds to the property’s updated infrastructure. Two rear garages are included and are reached from Sylvan Street. The property is within walking distance of shopping, schools, and transportation, with additional access to two income-producing garage spaces.
Key Highlights
- 1,522‑square‑foot duplex with 1‑bedroom and 2‑bedroom units
- First‑floor unit includes full‑basement access, storage, and private laundry facilities
- Second‑floor residence has 2 bedrooms, 1 bathroom, and an in‑unit washer and dryer
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
$25,472
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
8.78%
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%
$509,440
$509.4K
Cap Rate 7%
$363,886
$363.9K
Cap Rate 9%
$283,022
$283.0K
Market Conditions
NOI Build-Up for 1,522 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
$38.9K $25.56/SF
− Vacancy
−$2.5K −$1.65/SF
EGI
$36.4K $23.91/SF
− OpEx
−$10.9K −$7.17/SF
NOI
$25.5K $16.74/SF
Area
Paterson, 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%
$509,440
Cap Rate 7%
$363,886
Cap Rate 9%
$283,022
Alternative Uses
Best Use
Multifamily LT 5
$363.9K
$318.4K – $424.5K
NOI $25,472 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$334.4K
$292.6K – $390.1K
NOI $23,405 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$397.4K
$347.8K – $463.7K
NOI $27,820 @ 7.0% cap · market cap 9.59%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 08075, NJ
30,327
Population
12,092
Households
2.5
Avg Household Size
39
Median Age
38%
College-Educated
92%
High-School Grad
9.9 sq mi
ZIP Area
3,063
Density / Sq Mi
$94,576
Median Household Income
$47,979
Median Earnings
$1,427
Median Rent
$288,200
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 - Separate utilities, private laundry areas, and a shared backyard support distinct residential layouts.
Where is this duplex located?
The property is located at 257 PROGRESS ST Riverside, NJ.
What is the asking price?
The asking price for this property is $289,999.
What are key features of this property?
This property features: 1,522‑square‑foot duplex with 1‑bedroom and 2‑bedroom units; First‑floor unit includes full‑basement access, storage, and private laundry facilities; Second‑floor residence has 2 bedrooms, 1 bathroom, and an in‑unit washer and dryer
