Two-Family Residential Income
For Sale
$639,000
309 Washington St, Perth Amboy, NJ 08861
Duplex with separate gas, electric, and water meters and two unit layouts totaling five bedrooms.
Property Size1,922 SF
Price / SF$332.47
Days on Market73
Property Features for 309 Washington St
General Information
Standard status
Active
Size
1,922 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Cap Rate
8%
Multifamily Units
2
Building Details
Year Built
1914
Stories
2
Listing Agency:
RE/MAX COMPETITIVE EDGE
Listed By:
NADEEM QAVI · License #1109799
(908) 791-1010
Source:
Mynewjerseyrealestate
Added: Jul 22
Changed: Sep 25
Last Checked: Oct 1 at 2:29PM
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 RE/MAX COMPETITIVE EDGE
Investment Insights
Based on property information with market context.
This two-family duplex offers separate utilities with independent gas, electric, and water meters. The first-floor apartment includes two bedrooms, a living room, and an eat-in kitchen. The second-floor apartment features three bedrooms, a living room, and an eat-in kitchen, with two additional bonus rooms in the attic.
The property also includes a detached two-car garage that is rented, along with parking for four cars with two additional rented parking spots.
Each unit structure is designed for straightforward residential rental use, with tenants responsible for utilities as stated in the remarks.
The property also includes a detached two-car garage that is rented, along with parking for four cars with two additional rented parking spots.
Each unit structure is designed for straightforward residential rental use, with tenants responsible for utilities as stated in the remarks.
Key Highlights
- 1914‑built 2‑family duplex with separate gas, electric, and water meters for each unit
- 1st‑floor unit: 2 bedrooms, living room, and eat‑in kitchen
- 2nd‑floor unit: 3 bedrooms, living room, and eat‑in kitchen, plus 2 attic bonus rooms
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
$32,167
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
5.03%
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%
$643,340
$643.3K
Cap Rate 7%
$459,529
$459.5K
Cap Rate 9%
$357,411
$357.4K
Market Conditions
NOI Build-Up for 1,922 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
$49.1K $25.56/SF
− Vacancy
−$3.2K −$1.65/SF
EGI
$46.0K $23.91/SF
− OpEx
−$13.8K −$7.17/SF
NOI
$32.2K $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 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%
$643,340
Cap Rate 7%
$459,529
Cap Rate 9%
$357,411
Alternative Uses
Best Use
Multifamily LT 5
$459.5K
$402.1K – $536.1K
NOI $32,167 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$422.2K
$369.5K – $492.6K
NOI $29,557 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$501.9K
$439.1K – $585.5K
NOI $35,131 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,410
Businesses Nearby
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Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
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 - Duplex with separate gas, electric, and water meters and two unit layouts totaling five bedrooms.
Where is this duplex located?
The property is located at 309 Washington St Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: 1914‑built 2‑family duplex with separate gas, electric, and water meters for each unit; 1st‑floor unit: 2 bedrooms, living room, and eat‑in kitchen; 2nd‑floor unit: 3 bedrooms, living room, and eat‑in kitchen, plus 2 attic bonus rooms
