3-Unit Renovated
New
For Sale
$1,199,000
262 Prospect Ave, Dunellen, NJ 08812
Three distinct residences combine updated interiors, private laundry, and individually metered utilities.
Property Size5,571 SF
Days on Market2
Property Features for 262 Prospect Ave
General Information
Standard status
Active
Size
5,571 SF
Total Parking Spaces
6
Property subtype
Investment
Financials
Cap Rate
7%
Gross Income
$112,800
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA, 1 x 3+BR/4BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,891
Amenities
hardwood floors
updated kitchen and bath
Andersen windows
in-unit laundry
paver patios
covered pergola
deck
barn/garage with loft storage and workshop
central air
Building Details
Building Size
5,571 SF
Year Built
1935
Year Renovated
2018
Stories
3
Listing Agency:
eXp Realty, LLC
Listed By:
GISEL LAINEZ JIMENEZ
(908) 246-4935
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 2:02PM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
Rebuilt and enlarged in 2018, this three-unit property includes hardwood flooring, updated kitchens and baths, Andersen windows, laundry in each residence, and separate utilities. The first unit has 2 bedrooms, 1 bath, and a breakfast nook on one level. The second offers 3 bedrooms, 2 baths, and finished third-floor space. Across three levels, the largest residence features 3+ bedrooms, 4 full baths, a 23' primary suite, fireplace, enclosed porch, finished attic, and an attached garage with loft above.
Outdoor features include paver patios, a covered pergola, a deck, parking for 6, and a large barn/garage with loft storage and workshop space. The property has natural gas, central air, public water, and public sewer; its rear portion lies in a flood zone. The reported cap rate is approximately 7%.
Outdoor features include paver patios, a covered pergola, a deck, parking for 6, and a large barn/garage with loft storage and workshop space. The property has natural gas, central air, public water, and public sewer; its rear portion lies in a flood zone. The reported cap rate is approximately 7%.
Key Highlights
- Three residences, rebuilt and expanded in 2018
- Unit 1: 2 bedrooms, 1 bath, and a breakfast nook; Unit 2: 3 bedrooms, 2 baths, and finished third‑floor space
- Largest unit spans three levels and includes 3+ bedrooms, 4 full baths, a 23' primary suite, fireplace, and enclosed porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,237
Cap Rate
7.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,864,740
$1.9M
Cap Rate 7%
$1,331,957
$1.3M
Cap Rate 9%
$1,035,967
$1.0M
Market Conditions
NOI Build-Up for 5,571 SF
Gross rent
$142.4K $25.56/SF
− Vacancy
−$9.2K −$1.65/SF
EGI
$133.2K $23.91/SF
− OpEx
−$40.0K −$7.17/SF
NOI
$93.2K $16.74/SF
Area
Middlesex 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 Rate 5%
$1,864,740
Cap Rate 7%
$1,331,957
Cap Rate 9%
$1,035,967
Alternative Uses
Best Use
Multifamily LT 5
$1.33M
$1.17M – $1.55M
NOI $93,237 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,671 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,829 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 08812, NJ
14,593
Population
4,916
Households
3
Avg Household Size
40
Median Age
42%
College-Educated
88%
High-School Grad
5.1 sq mi
ZIP Area
2,861
Density / Sq Mi
$119,534
Median Household Income
$50,266
Median Earnings
$1,557
Median Rent
$435,300
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
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences combine updated interiors, private laundry, and individually metered utilities.
Where is this triplex located?
The property is located at 262 Prospect Ave Dunellen, NJ.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Three residences, rebuilt and expanded in 2018; Unit 1: 2 bedrooms, 1 bath, and a breakfast nook; Unit 2: 3 bedrooms, 2 baths, and finished third‑floor space; Largest unit spans three levels and includes 3+ bedrooms, 4 full baths, a 23' primary suite, fireplace, and enclosed porch
