Fully Leased Apartment
For Sale
$2,800,000
388-398 Union Street, Rahway, NJ 07065
Well-maintained 12-unit apartment building on 0.32 acres.
Property Size9,480 SF
Lot Size0.32 Acres
Price / SF$295.42
Days on Market240
Property Features for 388-398 Union Street
General Information
Standard status
Active
Size
9,480 SF
Lot size
0.32 Acres
Property subtype
Multifamily
Building Details
Building Size
9,480 SF
Year Built
1968
Listing Agency:
Sitar Realty Company - Corporate
Listed By:
Douglas Sitar
(732) 859-2144
Source:
Sitarcompany
Added: Feb 25
Changed: Oct 19
Last Checked: Oct 20 at 7:00PM
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 Sitar Realty Company - Corporate
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Investment Insights
Based on property information with market context.
This attractive, fully leased apartment building features a brick-faced exterior and encompasses approximately 9,478 square feet, situated on approximately 0.32 acres. The property includes 12 well-maintained residential units, each consisting of approximately 790 square feet with one bedroom and one bathroom. Most apartments have been renovated with new bathrooms, kitchens, and granite countertops. Recent renovations facilitate easy turnover of upgraded units. Each unit features both a front entrance and a rear terrace. On-site amenities include a laundry facility and individual storage spaces. A newly paved parking lot is available. The property is located in a quiet neighborhood with both on-site and off-site parking options. Tenants are responsible for all utilities except water. The property tax is $35,404 (2025).
Key Highlights
- Fully leased, ±9,478 SF apartment building provides immediate income.
- Renovated units with new bathrooms, kitchens, and granite countertops offer premium appeal.
- Each unit has a front entrance and rear terrace.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$145,753
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,915,060
$2.9M
Cap Rate 7%
$2,082,186
$2.1M
Cap Rate 9%
$1,619,478
$1.6M
Market Conditions
NOI Build-Up for 9,478 SF
Gross rent
$284.3K $30.00/SF
− Vacancy
−$19.3K −$2.04/SF
EGI
$265.0K $27.96/SF
− OpEx
−$119.3K −$12.58/SF
NOI
$145.8K $15.38/SF
Area
Union 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 Rate 5%
$2,915,060
Cap Rate 7%
$2,082,186
Cap Rate 9%
$1,619,478
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,753 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.17M – $2.89M
NOI $173,243 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
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Business Placement
Demographics for 07065, NJ
29,556
Population
12,811
Households
2.3
Avg Household Size
39
Median Age
36%
College-Educated
90%
High-School Grad
3.9 sq mi
ZIP Area
7,578
Density / Sq Mi
$90,852
Median Household Income
$57,021
Median Earnings
$1,764
Median Rent
$362,300
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
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 12-unit apartment building on 0.32 acres.
Where is this apartment building located?
The property is located at 388-398 Union Street Rahway, NJ.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Fully leased, ±9,478 SF apartment building provides immediate income.; Renovated units with new bathrooms, kitchens, and granite countertops offer premium appeal.; Each unit has a front entrance and rear terrace.
