11-Unit Apartment
For Sale
Contact for pricing
261 French Street, New Brunswick, NJ 08901
New Brunswick multifamily property with studios, one-bedroom apartments, and a two-bedroom apartment.
Property Size9,050 SF
Price / SF$204.42
Days on Market13
Property Features for 261 French Street
General Information
Standard status
Active
Size
9,050 SF
Class
C
Total Parking Spaces
11
Property subtype
Multifamily
Zoning
5TH
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x studio, 6 x 1BR, 1 x 2BR
Multifamily Units
11
Building Details
Year Built
1950
Buildings
1
Units
11
Listing Agency:
GREA
Listed By:
Ken Wellar · License #PA 10401252368
Source:
Crexi
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 9:26AM
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 GREA
Investment Insights
Based on property information with market context.
Located at 261 French Street in New Brunswick, this 9,050-square-foot apartment building contains 11 units: four studios, six one-bedroom apartments, and one two-bedroom apartment. Constructed in 1950, the property is zoned 5TH and offers a mix of apartment layouts within an established multifamily asset.
The property is near Rutgers University, Robert Wood Johnson University Hospital, Saint Peter's University Hospital, and Downtown New Brunswick restaurants, cafés, retailers, and entertainment venues. NJ Transit service is nearby with direct rail connections to New York City and surrounding employment centers. Route 18, Route 27, and the New Jersey Turnpike provide regional roadway access.
The property information identifies apartment interiors and common areas as potential areas for renovation, with storage and laundry cited as possible ancillary income sources.
The property is near Rutgers University, Robert Wood Johnson University Hospital, Saint Peter's University Hospital, and Downtown New Brunswick restaurants, cafés, retailers, and entertainment venues. NJ Transit service is nearby with direct rail connections to New York City and surrounding employment centers. Route 18, Route 27, and the New Jersey Turnpike provide regional roadway access.
The property information identifies apartment interiors and common areas as potential areas for renovation, with storage and laundry cited as possible ancillary income sources.
Key Highlights
- 11‑unit apartment building with 9,050 square feet
- Unit mix includes 4 studios, 6 one‑bedroom apartments, and 1 two‑bedroom apartment
- Built in 1950 and zoned 5TH
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
$139,171
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
7.52%
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%
$2,783,420
$2.8M
Cap Rate 7%
$1,988,157
$2.0M
Cap Rate 9%
$1,546,344
$1.5M
Market Conditions
NOI Build-Up for 9,050 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
$271.5K $30.00/SF
− Vacancy
−$18.5K −$2.04/SF
EGI
$253.0K $27.96/SF
− OpEx
−$113.9K −$12.58/SF
NOI
$139.2K $15.38/SF
Area
Middlesex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,783,420
Cap Rate 7%
$1,988,157
Cap Rate 9%
$1,546,344
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,171 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,420 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 08901, NJ
56,278
Population
17,071
Households
3.3
Avg Household Size
27
Median Age
24%
College-Educated
66%
High-School Grad
6.3 sq mi
ZIP Area
8,933
Density / Sq Mi
$60,248
Median Household Income
$25,192
Median Earnings
$1,790
Median Rent
$316,800
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?
Apartment building - New Brunswick multifamily property with studios, one-bedroom apartments, and a two-bedroom apartment.
Where is this apartment building located?
The property is located at 261 French Street New Brunswick, NJ.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 11‑unit apartment building with 9,050 square feet; Unit mix includes 4 studios, 6 one‑bedroom apartments, and 1 two‑bedroom apartment; Built in 1950 and zoned 5TH
