Building Details

Year Built 1868

Tenancy Multi

Listing Agency: EXIT REALTY CONNECTIONS

Listed By: JAMES ULTIMO · License #295997 Show Phone

Source: Compass

Added: Feb 17 Changed: Oct 25 Last Checked: Oct 26 at 7:26PM

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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 EXIT REALTY CONNECTIONS

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Investment Insights

Based on property information with market context.

This brick exterior four-unit apartment building includes two 2-bedroom units and two 1-bedroom units, and each unit has one bathroom. The property was remodeled within the last eight years, and a recent roof replacement has been completed. Off-street parking is available for up to four cars.

Located in Belvidere, the building is positioned for everyday access, with a reported walk score of 64 and bike score of 53. The reported utility arrangement is practical for tenants and owners alike: tenants pay for all utilities except water/sewer and garbage.

For investors or operators, the tenant mix provides a balanced layout with both 1-bedroom and 2-bedroom options in one building. From an operational standpoint, the combination of recent updates, roof work, and straightforward utility responsibility supports an easier day-to-day management profile for a small multifamily portfolio.

Key Highlights

• Brick 4‑unit multifamily built in 1868 in the heart of Belvidere
• Unit mix: two 2BR apartments and two 1BR apartments; each has 1 BA
• Remodeled within the last 8 years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,223

Suggested Prices Based on Cap Rates

Cap Rate 5%

$264,460 $264.5K

Cap Rate 7%

$188,900 $188.9K

Cap Rate 9%

$146,922 $146.9K

What to ask about pricing

Market Conditions

NOI Build-Up for 999 SF

Gross rent

$25.2K $25.20/SF

− Vacancy

−$1.1K −$1.13/SF

EGI

$24.0K $24.07/SF

− OpEx

−$10.8K −$10.83/SF

NOI

$13.2K $13.24/SF

Area

Warren County, NJ

Vacancy

4.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$264,460

Cap Rate 7%

$188,900

Cap Rate 9%

$146,922

Alternative Uses

Best Use

Multifamily LT 5

$210.2K

$184.0K – $245.3K (±1% cap)

NOI $14,717 @ 7.0% cap · market cap 1,401.62%

Second Best

Apartment 5plus

$188.9K

$165.3K – $220.4K (±1% cap)

NOI $13,223 @ 7.0% cap · market cap 1,259.33%

Theoretical Best

Warehouse

$376.9K

$329.8K – $439.7K (±1% cap)

NOI $26,383 @ 7.0% cap · market cap 2,512.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

4

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

354

Businesses Nearby

Explore this area Business Placement

Demographics for 07823, NJ

7,102

Population

3,643

Households

1.9

Avg Household Size

53

Median Age

24%

College-Educated

94%

High-School Grad

25.1 sq mi

ZIP Area

283

Density / Sq Mi

$84,381

Median Household Income

$42,805

Median Earnings

$948

Median Rent

$314,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four remodeled apartments with four off-street parking spaces and tenant-paid utilities, excluding water/sewer and garbage.

Where is this quadplex located?

The property is located at 332 Water Street Belvidere, NJ.

What are key features of this property?

This property features: Brick 4‑unit multifamily built in 1868 in the heart of Belvidere; Unit mix: two 2BR apartments and two 1BR apartments; each has 1 BA; Remodeled within the last 8 years