Duplex with Second-Floor River
For Sale
$499,000
309 Harrison Street, Frenchtown, NJ 08825
Two-unit residential property near Frenchtown’s shops, dining, and center-town amenities.
Property Size2,100 SF
Price / SF$237.62
Days on Market228
Property Features for 309 Harrison Street
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi Family / 2-Two Story
Net Operating Income
$11,561
Taxes and HOA fees
Annual Taxes
$13,731
Amenities
Yes
Asphalt Shingle
Bilco-Style Door
Vinyl Siding
Building Details
Year Built
1885
Listing Agency:
KURFISS SOTHEBY'S INT REALTY
(215) 794-3227
Listed By:
NICOLE KULP · License #397839
(215) 794-3227
Source:
Compass
Added: Jan 14
Changed: Aug 30
Last Checked: Aug 30 at 3:02AM
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 KURFISS SOTHEBY'S INT REALTY
Investment Insights
Based on property information with market context.
Built in 1885, this 2,100-square-foot duplex contains two separate three-bedroom units. The 311 Harrison Street residence is vacant and includes one full bath, while the 309 Harrison Street unit has two full baths. Both interiors retain period character and offer layouts suited to updating. Exterior features include vinyl siding, asphalt shingle roofing, and a Bilco-style door.
The property is within walking distance of central Frenchtown, with shops, dining, and local amenities nearby. The Delaware River is visible from the second floor, adding a distinctive setting feature. The separate-unit configuration provides flexibility for renovation, occupancy, or continued residential income use.
The property is within walking distance of central Frenchtown, with shops, dining, and local amenities nearby. The Delaware River is visible from the second floor, adding a distinctive setting feature. The separate-unit configuration provides flexibility for renovation, occupancy, or continued residential income use.
Key Highlights
- Two separate units, each with 3 bedrooms
- 2,100 square feet across the duplex
- 311 Harrison Street unit is vacant and has 1 full bath
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
$35,146
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
7.04%
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%
$702,920
$702.9K
Cap Rate 7%
$502,086
$502.1K
Cap Rate 9%
$390,511
$390.5K
Market Conditions
NOI Build-Up for 2,100 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
$53.7K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.2K $23.91/SF
− OpEx
−$15.1K −$7.17/SF
NOI
$35.1K $16.74/SF
Area
Hunterdon 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%
$702,920
Cap Rate 7%
$502,086
Cap Rate 9%
$390,511
Alternative Uses
Best Use
Multifamily LT 5
$502.1K
$439.3K – $585.8K
NOI $35,146 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$461.3K
$403.7K – $538.2K
NOI $32,294 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$548.4K
$479.8K – $639.8K
NOI $38,385 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 08825, NJ
4,494
Population
2,139
Households
2.1
Avg Household Size
48
Median Age
50%
College-Educated
95%
High-School Grad
29.0 sq mi
ZIP Area
155
Density / Sq Mi
$104,750
Median Household Income
$65,850
Median Earnings
$1,639
Median Rent
$471,800
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?
Duplex - Two-unit residential property near Frenchtown’s shops, dining, and center-town amenities.
Where is this duplex located?
The property is located at 309 Harrison Street Frenchtown, NJ.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two separate units, each with 3 bedrooms; 2,100 square feet across the duplex; 311 Harrison Street unit is vacant and has 1 full bath
