Two-Unit Home with Private
For Sale
$500,000
358 Conover St, South Amboy, NJ 08879
Separate residences provide kitchens, living areas, bedrooms, and full bathrooms across the property.
Property Size1,784 SF
Price / SF$280.27
Days on Market8
Property Features for 358 Conover St
General Information
Standard status
Active
Size
1,784 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1914
Buildings
1
Listing Agency:
C21 CHARLES SMITH AGENCY, INC
(732) 447-9333
Listed By:
RYAN TOOKER
Source:
Luminancerealty
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 31 at 7:34PM
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 C21 CHARLES SMITH AGENCY, INC
Investment Insights
Based on property information with market context.
Built in 1914, this 1,784-square-foot duplex contains two residential units with distinct layouts. The first-floor residence includes an eat-in kitchen with dining space, a living room, two bedrooms, and a full bathroom. Upstairs, the second unit offers one bedroom, a bonus room that may be configured as a second bedroom, an eat-in kitchen, living room, full bathroom, and a large closet. A private rear deck connects to the yard by stairs.
A spacious enclosed front porch, three-season rear room, pull-down attic stairs, and basement storage add usable areas throughout the home. The basement includes multiple sections, some with dirt floors, while the property also has a large shed needing repair and a grass driveway area reached by a driveway apron. The property is conveyed strictly AS-IS; the buyer is responsible for obtaining the Certificate of Occupancy and required municipal certifications.
The property is located in the Mechanicsville section of South Amboy, near shopping, dining, transportation, and major roadways.
A spacious enclosed front porch, three-season rear room, pull-down attic stairs, and basement storage add usable areas throughout the home. The basement includes multiple sections, some with dirt floors, while the property also has a large shed needing repair and a grass driveway area reached by a driveway apron. The property is conveyed strictly AS-IS; the buyer is responsible for obtaining the Certificate of Occupancy and required municipal certifications.
The property is located in the Mechanicsville section of South Amboy, near shopping, dining, transportation, and major roadways.
Key Highlights
- Two‑family duplex with 1,784 square feet and two separate residential units
- First‑floor unit includes two bedrooms and an eat‑in kitchen
- Second‑floor unit has one bedroom plus a bonus room that may be configured as a second bedroom
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
$29,857
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
5.97%
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%
$597,140
$597.1K
Cap Rate 7%
$426,529
$426.5K
Cap Rate 9%
$331,744
$331.7K
Market Conditions
NOI Build-Up for 1,784 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
$45.6K $25.56/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$42.7K $23.91/SF
− OpEx
−$12.8K −$7.17/SF
NOI
$29.9K $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%
$597,140
Cap Rate 7%
$426,529
Cap Rate 9%
$331,744
Alternative Uses
Best Use
Multifamily LT 5
$426.5K
$373.2K – $497.6K
NOI $29,857 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$391.9K
$342.9K – $457.2K
NOI $27,434 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$465.8K
$407.6K – $543.5K
NOI $32,609 @ 7.0% cap · market cap 6.52%
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
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 08879, NJ
22,965
Population
9,737
Households
2.4
Avg Household Size
42
Median Age
32%
College-Educated
89%
High-School Grad
7.1 sq mi
ZIP Area
3,235
Density / Sq Mi
$98,000
Median Household Income
$57,998
Median Earnings
$1,633
Median Rent
$377,700
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 - Separate residences provide kitchens, living areas, bedrooms, and full bathrooms across the property.
Where is this duplex located?
The property is located at 358 Conover St South Amboy, NJ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑family duplex with 1,784 square feet and two separate residential units; First‑floor unit includes two bedrooms and an eat‑in kitchen; Second‑floor unit has one bedroom plus a bonus room that may be configured as a second bedroom
