Brick Duplex with Separate
For Sale
$310,000
332 Elmer St, Trenton, NJ 08611
Two apartments offer separate utilities, with one unit vacant and the other currently occupied.
Property Size1,488 SF
Price / SF$208.33
Days on Market46
Property Features for 332 Elmer St
General Information
Standard status
Active
Size
1,488 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Additional Details
Multifamily Units
2
Building Details
Year Built
1980
Buildings
1
Construction
brick
Listing Agency:
Keller Williams Premier
(201) 233-1908
Listed By:
Nona Kulikova · License #566637
Source:
Premierehomegroup
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 25 at 5:20AM
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 Keller Williams Premier
Investment Insights
Based on property information with market context.
Located at 332 ELMER ST in Trenton, NJ, this 1,488-square-foot duplex is a two-family brick building with two separate apartments. The first-floor unit is configured as a 1-2 bedroom apartment and is currently vacant. The second-floor apartment has two bedrooms and is currently occupied.
Each unit has separate utilities. The property is being offered in its existing condition and requires TLC, providing a straightforward duplex configuration for an owner-user or rental property buyer.
Each unit has separate utilities. The property is being offered in its existing condition and requires TLC, providing a straightforward duplex configuration for an owner-user or rental property buyer.
Key Highlights
- 1,488‑square‑foot two‑family brick building
- First‑floor 1‑2 bedroom apartment is vacant
- Second‑floor apartment has 2 bedrooms and is currently occupied
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
$26,295
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
8.48%
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%
$525,900
$525.9K
Cap Rate 7%
$375,643
$375.6K
Cap Rate 9%
$292,167
$292.2K
Market Conditions
NOI Build-Up for 1,488 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
$40.2K $27.00/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$37.6K $25.25/SF
− OpEx
−$11.3K −$7.57/SF
NOI
$26.3K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /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%
$525,900
Cap Rate 7%
$375,643
Cap Rate 9%
$292,167
Alternative Uses
Best Use
Multifamily LT 5
$375.6K
$328.7K – $438.3K
NOI $26,295 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$324.4K
$283.9K – $378.5K
NOI $22,711 @ 7.0% cap · market cap 7.33%
Theoretical Best
Warehouse
$478.7K
$418.9K – $558.5K
NOI $33,512 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 08611, NJ
31,531
Population
11,638
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
70%
High-School Grad
2.9 sq mi
ZIP Area
10,873
Density / Sq Mi
$50,806
Median Household Income
$29,185
Median Earnings
$1,300
Median Rent
$142,400
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 apartments offer separate utilities, with one unit vacant and the other currently occupied.
Where is this duplex located?
The property is located at 332 Elmer St Trenton, NJ.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 1,488‑square‑foot two‑family brick building; First‑floor 1‑2 bedroom apartment is vacant; Second‑floor apartment has 2 bedrooms and is currently occupied
