Three-Family Residential Income
For Sale
$769,000
374 Delavan Street, New Brunswick, NJ 08901
Three separate units with finished basement and attic, plus covered front porch and a long double-wide driveway for parking.
Property Size2,318 SF
Price / SF$331.75
Days on Market277
Property Features for 374 Delavan Street
General Information
Standard status
Active
Size
2,318 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
RE/MAX 1st ADVANTAGE
Listed By:
ROBERT DEKANSKI
(833) 740-1234
Source:
Actionplusrealty
Added: Dec 11, 2025
Changed: Sep 13
Last Checked: Sep 13 at 9:58AM
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 RE/MAX 1st ADVANTAGE
Investment Insights
Based on property information with market context.
This three-family residence offers three distinct units with a finished basement and a finished attic, totaling approximately 2,318 square feet of finished space. The home includes 8 bedrooms and 3 full bathrooms across the units. The finished basement unit features a living area, kitchen, full bath, 1 bedroom, and additional rec/bonus space. The first-floor unit is set up for single-level living with a light and bright layout, an eat-in kitchen, 1 full bath, and 3 bedrooms. The third unit spans the second floor and finished attic, with a living area, eat-in kitchen, full bath, and 4 bedrooms.
The property includes a covered front porch, rear storage sheds, and a long double-wide driveway providing ample parking. Semi-private entrances and separate utilities are noted for the units. Located in thriving New Brunswick, it is described as being minutes from Rutgers University, Robert Wood Johnson University Hospital, St. Peter’s Hospital, and downtown New Brunswick, with convenient access to major roads, shopping, dining, and the New Brunswick train station.
The property includes a covered front porch, rear storage sheds, and a long double-wide driveway providing ample parking. Semi-private entrances and separate utilities are noted for the units. Located in thriving New Brunswick, it is described as being minutes from Rutgers University, Robert Wood Johnson University Hospital, St. Peter’s Hospital, and downtown New Brunswick, with convenient access to major roads, shopping, dining, and the New Brunswick train station.
Key Highlights
- 1920‑built 3‑family home with over 2,300 sq ft of finished living space
- Total of 8 bedrooms and 3 full baths across three separate units
- Finished basement unit includes living area, kitchen, full bath, 1 bedroom, and bonus rec space
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
$38,794
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
5.04%
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%
$775,880
$775.9K
Cap Rate 7%
$554,200
$554.2K
Cap Rate 9%
$431,044
$431.0K
Market Conditions
NOI Build-Up for 2,318 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
$59.2K $25.56/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$55.4K $23.91/SF
− OpEx
−$16.6K −$7.17/SF
NOI
$38.8K $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%
$775,880
Cap Rate 7%
$554,200
Cap Rate 9%
$431,044
Alternative Uses
Best Use
Multifamily LT 5
$554.2K
$484.9K – $646.6K
NOI $38,794 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$509.2K
$445.6K – $594.1K
NOI $35,646 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$605.3K
$529.6K – $706.2K
NOI $42,369 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,379
Businesses Nearby
Explore this area
Business Placement
Demographics for 08901, NJ
56,278
Population
17,071
Households
3.3
Avg Household Size
27
Median Age
24%
College-Educated
66%
High-School Grad
6.3 sq mi
ZIP Area
8,933
Density / Sq Mi
$60,248
Median Household Income
$25,192
Median Earnings
$1,790
Median Rent
$316,800
Median Home Value
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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?
Triplex - Three separate units with finished basement and attic, plus covered front porch and a long double-wide driveway for parking.
Where is this triplex located?
The property is located at 374 Delavan Street New Brunswick, NJ.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: 1920‑built 3‑family home with over 2,300 sq ft of finished living space; Total of 8 bedrooms and 3 full baths across three separate units; Finished basement unit includes living area, kitchen, full bath, 1 bedroom, and bonus rec space
