Two-Family Home with Bonus
For Sale
$798,000
266 Main St Readington Twp., Whitehouse Station, NJ 08889
Legal two-family residence with updated kitchens and baths, two kitchens, and a detached 3-car garage with finished bonus room.
Property Size4,686 SF
Price / SF$170.29
Days on Market55
Property Features for 266 Main St Readington Twp.
General Information
Standard status
Active
Size
4,686 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
VC
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,155
Amenities
Asphalt Shingle
Additional Parking,Crushed Stone
Public Sewer
Hunterdon
Detached Garage,Loft Storage
Active
1922
Ceiling Fan
1 Unit
6
2025
Readington Twp.
Electric,See Remarks
Rt. 22 to Main Street
2
Closing
1890
13
Electric
3
11155
398700
3-Three Story
8
Bilco-Style Door,Full,Unfinished
Oil Tank Above Ground - Inside
1534
7
1510
1
Carbon Monoxide Detector,Ceiling Fan(s),Dishwasher,Microwave Oven,Range/Oven - Electric,Refrigerator,Smoke Detector
Carbon Monoxide Detector,Ceiling Fan(s),Microwave Oven,Range/Oven - Gas,Refrigerator,Smoke Detector
4
Carbon Monoxide Detector,High Ceilings,Smoke Detector,Tile Floors,Wood Floors
1.0
3000
3500
Bedrooms,Dining Room,Kitchen,Laundry Room,Living Room,Porch
Attic,Bedrooms,Dining Room,Kitchen,Living Room
No
Well
116.61'x200'
0.52
4686
Vinyl Siding
Building Details
Building Size
4,686 SF
Year Built
1890
Tenancy
Multi
Listing Agency:
(609) 891-3848
Listed By:
Luisa Mancuso-Clews
(609) 891-3848
Source:
Remaxwelcomehomenj
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 30 at 1:03PM
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 Luisa Mancuso-Clews
Investment Insights
Based on property information with market context.
This legal two-family home offers separate living arrangements with two kitchens, spacious living and dining rooms, and original woodwork. The property includes refinished hardwood floors and soaring ceilings, with 6 bedrooms and 2 full baths. A wraparound porch and a large basement provide additional indoor and outdoor space. Also included is a detached 3-car garage with a finished bonus room above.
The home is located on Main St in the Village Commercial (VC) zoning district. The garage may provide flexibility for a home office, studio, workshop, storage, or other permitted uses, depending on final approvals. The property is described as being moments from downtown Whitehouse Station, NJ Transit, shopping, restaurants, and major commuter routes.
The upstairs unit was previously leased for $3,400/month prior to the final phase of renovations, offering a basis for potential rental upside following completion of upgrades.
The home is located on Main St in the Village Commercial (VC) zoning district. The garage may provide flexibility for a home office, studio, workshop, storage, or other permitted uses, depending on final approvals. The property is described as being moments from downtown Whitehouse Station, NJ Transit, shopping, restaurants, and major commuter routes.
The upstairs unit was previously leased for $3,400/month prior to the final phase of renovations, offering a basis for potential rental upside following completion of upgrades.
Key Highlights
- Legal 2‑family home built in 1890 with 2 kitchens and updated kitchens and baths
- Up to 6 bedrooms and 2 full baths, with spacious living and dining rooms plus original woodwork and refinished hardwood floors
- Finished bonus room above a detached 3‑car garage, with additional possibilities for office, studio, or workshop use per VC zoning
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
$72,061
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
9.03%
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%
$1,441,220
$1.4M
Cap Rate 7%
$1,029,443
$1.0M
Cap Rate 9%
$800,678
$800.7K
Market Conditions
NOI Build-Up for 4,686 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
$140.6K $30.00/SF
− Vacancy
−$9.6K −$2.04/SF
EGI
$131.0K $27.96/SF
− OpEx
−$59.0K −$12.58/SF
NOI
$72.1K $15.38/SF
Area
Hunterdon 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%
$1,441,220
Cap Rate 7%
$1,029,443
Cap Rate 9%
$800,678
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$980.3K – $1.31M
NOI $78,426 @ 7.0% cap · market cap 9.83%
Second Best
Apartment 5plus
$1.03M
$900.8K – $1.20M
NOI $72,061 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,653 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 08889, NJ
9,928
Population
4,449
Households
2.2
Avg Household Size
50
Median Age
61%
College-Educated
98%
High-School Grad
23.1 sq mi
ZIP Area
430
Density / Sq Mi
$147,048
Median Household Income
$78,772
Median Earnings
$1,458
Median Rent
$523,100
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 - Legal two-family residence with updated kitchens and baths, two kitchens, and a detached 3-car garage with finished bonus room.
Where is this duplex located?
The property is located at 266 Main St Readington Twp. Whitehouse Station, NJ.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Legal 2‑family home built in 1890 with 2 kitchens and updated kitchens and baths; Up to 6 bedrooms and 2 full baths, with spacious living and dining rooms plus original woodwork and refinished hardwood floors; Finished bonus room above a detached 3‑car garage, with additional possibilities for office, studio, or workshop use per VC zoning
