7-Unit Multifamily
For Sale
Contact for pricing
2835-2837 S Broad St & 70 Miles Ave, Trenton, NJ 08610
Three-building residential property with full occupancy and RES zoning.
Property Size6,000 SF
Price / SF$165.83
Days on Market211
Property Features for 2835-2837 S Broad St & 70 Miles Ave
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multifamily
Zoning
RES
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
7
Building Details
Buildings
3
Listing Agency:
EXP Realty
Listed By:
Peter Boutros · License #300361
(866) 201-6210
Source:
Crexi
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 30 at 10:18PM
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
Investment Insights
Based on property information with market context.
This multifamily package combines three separate buildings containing 7 fully occupied units and approximately 6,000 square feet of property. The assets are identified as 2835-2837 S Broad St and 70 Miles Ave, with residential zoning designated RES.
The properties are described as well maintained, with ongoing upkeep across the buildings and established tenancy. The portfolio is positioned near major highways, shopping, dining, and public transportation. Rent rolls and financial statements are available to qualified buyers.
The properties are described as well maintained, with ongoing upkeep across the buildings and established tenancy. The portfolio is positioned near major highways, shopping, dining, and public transportation. Rent rolls and financial statements are available to qualified buyers.
Key Highlights
- 7 fully occupied units across 3 separate buildings
- Approximately 6,000 square feet of multifamily property
- RES zoning designation
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
$91,575
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
9.20%
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%
$1,831,500
$1.8M
Cap Rate 7%
$1,308,214
$1.3M
Cap Rate 9%
$1,017,500
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$180.0K $30.00/SF
− Vacancy
−$13.5K −$2.25/SF
EGI
$166.5K $27.75/SF
− OpEx
−$74.9K −$12.49/SF
NOI
$91.6K $15.26/SF
Area
Mercer County, NJ
Vacancy
7.50%
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%
$1,831,500
Cap Rate 7%
$1,308,214
Cap Rate 9%
$1,017,500
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,575 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.93M
$1.69M – $2.25M
NOI $135,130 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
Explore this area
Business Placement
Demographics for 08610, NJ
32,649
Population
12,363
Households
2.6
Avg Household Size
38
Median Age
25%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
4,412
Density / Sq Mi
$87,159
Median Household Income
$43,990
Median Earnings
$1,491
Median Rent
$248,900
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 - Three-building residential property with full occupancy and RES zoning.
Where is this apartment building located?
The property is located at 2835-2837 S Broad St & 70 Miles Ave Trenton, NJ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 7 fully occupied units across 3 separate buildings; Approximately 6,000 square feet of multifamily property; RES zoning designation
