Waterfront Residential Income
For Sale
$609,000
340 The Promenade, Edgewater, NJ 07020
East-facing condominium residence in a gated community with doorman security, fitness facilities, and Hudson River pathway access.
Property Size1,500 SF
Price / SF$406
Days on Market90
Property Features for 340 The Promenade
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,222
Amenities
24-hour doorman security
fitness center
Building Details
Year Built
2003
Listing Agency:
Continental Real Estate Group, Inc.
(877) 996-5728
Listed By:
Derek P. Eisenberg · License #2011000022
(877) 996-5728
Source:
Elliman
Added: Jun 3
Changed: Aug 30
Last Checked: Aug 30 at 9:12PM
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 Continental Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This east-facing condominium residence offers approximately 1,500 square feet with 2 bedrooms and 2 full bathrooms. Built in 2003, the home includes central AC and gas-fired forced-air heating. The property is positioned within a gated community that provides 24-hour doorman security and a fitness center.
The residence is located at 340 The Promenade in Edgewater, New Jersey, with the Hudson River Waterfront Pathway just steps away. Dining and shopping are also described as nearby. Walk Score is 60, Bike Score is 32, and Transit Score is 68. Monthly HOA services include water and sewer.
The residence is located at 340 The Promenade in Edgewater, New Jersey, with the Hudson River Waterfront Pathway just steps away. Dining and shopping are also described as nearby. Walk Score is 60, Bike Score is 32, and Transit Score is 68. Monthly HOA services include water and sewer.
Key Highlights
- Approximately 1,500 square feet with 2 bedrooms and 2 full bathrooms
- Built in 2003 with central AC and gas‑fired forced‑air heating
- Gated community with 24‑hour doorman security
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
$23,067
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
3.79%
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%
$461,340
$461.3K
Cap Rate 7%
$329,529
$329.5K
Cap Rate 9%
$256,300
$256.3K
Market Conditions
NOI Build-Up for 1,500 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
$45.0K $30.00/SF
− Vacancy
−$3.1K −$2.04/SF
EGI
$41.9K $27.96/SF
− OpEx
−$18.9K −$12.58/SF
NOI
$23.1K $15.38/SF
Area
Bergen County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$461,340
Cap Rate 7%
$329,529
Cap Rate 9%
$256,300
Alternative Uses
Best Use
Apartment 5plus
$329.5K
$288.3K – $384.5K
NOI $23,067 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$391.7K
$342.7K – $457.0K
NOI $27,418 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,461
Businesses Nearby
Explore this area
Business Placement
Demographics for 07020, NJ
14,336
Population
7,601
Households
1.9
Avg Household Size
40
Median Age
74%
College-Educated
97%
High-School Grad
1.0 sq mi
ZIP Area
14,336
Density / Sq Mi
$137,847
Median Household Income
$102,682
Median Earnings
$2,645
Median Rent
$723,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - East-facing condominium residence in a gated community with doorman security, fitness facilities, and Hudson River pathway access.
Where is this residential income property located?
The property is located at 340 The Promenade Edgewater, NJ.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Approximately 1,500 square feet with 2 bedrooms and 2 full bathrooms; Built in 2003 with central AC and gas‑fired forced‑air heating; Gated community with 24‑hour doorman security
