Brick Duplex with Separate
For Sale
$310,000
332 ELMER Street, Trenton, NJ 08611
Multi-Family, TRENTON, NJ
Property Size1,488 SF
Lot Size0.05 Acres
Price / SF$208.33
Days on Market166
Property Features for 332 ELMER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
NONE AVAILABLE
Elementary school district
TRENTON PUBLIC SCHOOLS
Middle school district
TRENTON PUBLIC SCHOOLS
High school district
TRENTON PUBLIC SCHOOLS
Standard status
Active
Size
1,488 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4098
Utilities
Heating system
Baseboard, Hot Water(Heating)
Building Details
Year built
1980
Number of units
2
Building materials
Brick
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(609) 459-5100
Listed By:
Nona Kulikova · License #566637
(201) 233-1908
Added: Apr 1
Changed: Sep 4
Last Checked: Sep 13 at 2:06AM
MLS# NJME2074790
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,488-square-foot duplex is a two-story brick residential property built in 1980. The lower apartment is vacant and configured as a one- to two-bedroom unit, while the upper apartment has two bedrooms and is currently occupied. Separate utilities serve the units. The property includes a basement and on-street parking, and it is being offered in its existing condition with repairs needed.
The property is located on Elmer Street in Trenton’s Chambersburg section, within Mercer County and ZIP Code 08611. Its 0.05-acre lot supports the existing two-unit configuration.
The property is located on Elmer Street in Trenton’s Chambersburg section, within Mercer County and ZIP Code 08611. Its 0.05-acre lot supports the existing two-unit configuration.
Key Highlights
- Two‑unit duplex on a 0.05‑acre lot
- 1,488 square feet of property size
- Brick construction completed in 1980
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
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Open Analytics
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
Check the figures for this property
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-unit residential property with a vacant lower apartment and an occupied upper apartment in Trenton’s Chambersburg section.
Where is this duplex located?
The property is located at 332 ELMER Street 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: Two‑unit duplex on a 0.05‑acre lot; 1,488 square feet of property size; Brick construction completed in 1980
