Two-Unit Duplex with
For Sale
$289,999
257 PROGRESS Street, Riverside, NJ 08075
MULTI_FAMILY - Other - RIVERSIDE, NJ
Property Size1,522 SF
Lot Size0.04 Acres
Price / SF$190.54
Days on Market141
Property Features for 257 PROGRESS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Appliances
Dryer, Oven/Range - Gas, Refrigerator, Stove, Washer
Subdivision
NONE AVA ILABLE
Elementary school
RIVERSIDE E.S.
Middle school
RIVERSIDE M.S.
High school
RIVERSIDE H.S.
Elementary school district
RIVERSIDE TOWNSHIP PUBLIC SCHOOLS
Middle school district
RIVERSIDE TOWNSHIP PUBLIC SCHOOLS
High school district
RIVERSIDE TOWNSHIP PUBLIC SCHOOLS
Standard status
Active
Size
1,522 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5863
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Amenities
basement storage
private laundry
in-unit washer/dryer
shared backyard
Building Details
Year built
1920
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
Keller Williams Realty - Moorestown
(856) 316-1100
Listed By:
Patricia E Pomeranz · License #9231492
(848) 469-6691
Added: Apr 3
Changed: Aug 13
Last Checked: Aug 21 at 10:06AM
MLS# NJBL2108918
Copyright © 2026 Bright MLS. 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 1,522-square-foot duplex, built in 1920, contains two separate residences with a practical unit mix. The first-floor apartment offers one bedroom and one bathroom, along with living and dining rooms, a kitchen, basement access, storage, and private laundry. The second-floor apartment includes two bedrooms, one bathroom, living and dining areas, a kitchen, and in-unit laundry. Window unit cooling and gas cooking appliances are among the existing features.
Both apartments are currently rented. The property also includes two rear garages that generate additional owner income and are accessed from Sylvan Street. Separate utility systems support distinct residential operations, while a shared backyard provides outdoor space. The sewer line was recently replaced. The property is within walking distance of shopping, schools, and transportation, with on-street parking available.
Both apartments are currently rented. The property also includes two rear garages that generate additional owner income and are accessed from Sylvan Street. Separate utility systems support distinct residential operations, while a shared backyard provides outdoor space. The sewer line was recently replaced. The property is within walking distance of shopping, schools, and transportation, with on-street parking available.
Key Highlights
- 1,522 SF duplex on a 0.0404‑acre lot
- Two apartments: 1 bedroom/1 bathroom and 2 bedrooms/1 bathroom
- Two rear garages accessed from Sylvan Street
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
Location Intelligence
Trade Area within ½ mile
348
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 - Rented duplex with separate utilities, shared outdoor space, basement storage, and two detached garages.
Where is this duplex located?
The property is located at 257 PROGRESS Street 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 SF duplex on a 0.0404‑acre lot; Two apartments: 1 bedroom/1 bathroom and 2 bedrooms/1 bathroom; Two rear garages accessed from Sylvan Street
