Two-Family Duplex with Private
For Sale
$580,000
27 Thomas St, South River, NJ 08882
Two residential units with separate outdoor access and a newly constructed two-car garage on a fully fenced lot.
Property Size1,615 SF
Price / SF$359.13
Days on Market49
Property Features for 27 Thomas St
General Information
Standard status
Active
Size
1,615 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Amenities
private balcony
finished attic
dedicated laundry room
backyard access
vinyl privacy fence
two car garage
spacious outdoor area
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
PROMINENT PROPERTIES SIR
Listed By:
ALEXANDER FAYN · License #10401321891
(347) 724-6393
Source:
Mynewjerseyrealestate
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 9 at 10:17PM
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 PROMINENT PROPERTIES SIR
Investment Insights
Based on property information with market context.
27 Thomas St is a well-maintained two-family duplex featuring two separate one-bedroom, one-bath residences within a single property. The first-floor unit includes direct access to the backyard and a dedicated laundry room. The second unit is a duplex-style one-bedroom, one-bath home with a private balcony and a finished attic that adds additional usable space.
The property sits on a large lot enclosed by a brand-new 6-foot vinyl privacy fence. A newly constructed two-car garage provides additional improvements and potential utility for the property’s occupants. Outdoor space includes room for everyday use and entertaining.
Conveniently located in South River, NJ, the home is described as being near shopping, dining, schools, and major highways, offering easy commuting access. The bike score is 53 and the walk score is 71.
The property sits on a large lot enclosed by a brand-new 6-foot vinyl privacy fence. A newly constructed two-car garage provides additional improvements and potential utility for the property’s occupants. Outdoor space includes room for everyday use and entertaining.
Conveniently located in South River, NJ, the home is described as being near shopping, dining, schools, and major highways, offering easy commuting access. The bike score is 53 and the walk score is 71.
Key Highlights
- 1910‑built two‑family home with two separate residential units in South River, NJ
- First‑floor 1 bed, 1 bath unit with direct backyard access and a dedicated laundry room
- Second unit is a duplex‑style 1 bed, 1 bath with a private balcony and a finished attic for extra living space
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
$27,029
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
4.66%
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%
$540,580
$540.6K
Cap Rate 7%
$386,129
$386.1K
Cap Rate 9%
$300,322
$300.3K
Market Conditions
NOI Build-Up for 1,615 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
$41.3K $25.56/SF
− Vacancy
−$2.7K −$1.65/SF
EGI
$38.6K $23.91/SF
− OpEx
−$11.6K −$7.17/SF
NOI
$27.0K $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 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%
$540,580
Cap Rate 7%
$386,129
Cap Rate 9%
$300,322
Alternative Uses
Best Use
Multifamily LT 5
$386.1K
$337.9K – $450.5K
NOI $27,029 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$354.8K
$310.4K – $413.9K
NOI $24,835 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$421.7K
$369.0K – $492.0K
NOI $29,520 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 08882, NJ
16,118
Population
5,789
Households
2.8
Avg Household Size
39
Median Age
31%
College-Educated
86%
High-School Grad
2.8 sq mi
ZIP Area
5,756
Density / Sq Mi
$101,853
Median Household Income
$51,323
Median Earnings
$1,599
Median Rent
$382,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units with separate outdoor access and a newly constructed two-car garage on a fully fenced lot.
Where is this duplex located?
The property is located at 27 Thomas St South River, NJ.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 1910‑built two‑family home with two separate residential units in South River, NJ; First‑floor 1 bed, 1 bath unit with direct backyard access and a dedicated laundry room; Second unit is a duplex‑style 1 bed, 1 bath with a private balcony and a finished attic for extra living space
