Renovated Upper-Unit
40 Richter Avenue, Milltown, NJ 08850
For Sale
New
$610,000
Pending
Both apartments have two bedrooms and one bathroom, with the upper residence recently updated.
Property Size2,108 SF
Days on Market4
Property Features for 40 Richter Avenue
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
Full,Storage Space,Laundry Facilities
true
2
Unit 1(2 Bedrooms,Kitchen,1 Bath,Living Room,Den/Family Room),Unit 2(2 Bedrooms,Kitchen,1 Bath,Living Room,Den/Family Room)
Near Shopping
Public
0.1119
125.00 x 35.00
Attached,Detached
Patio,Porch(es) - Open,Porch
2108
1
Building Details
Building Size
Year Built
Stories
Listing Agency:
(732) 853-1896
Listed By:
Jodi Crespo
Source:
Orangekeyrealty
Added: Nov 6
Changed: Nov 7
Last Checked: Nov 8 at 5:43PM
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 Jodi Crespo
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Investment Insights
Based on property information with market context.
The duplex at 40 Richter Avenue in Milltown contains two apartments, each configured with two bedrooms, one bathroom, a kitchen, living room and den or family room. The upper apartment has been renovated, including its kitchen and bathroom, and the lower apartment includes a rear sunroom. The property totals 2,108 square feet on a 0.1119-acre lot and was built in 1916. Patio and porch areas provide additional exterior features.
The property is zoned R-4 and is near shopping. Both units are to be delivered vacant before closing.
The property is zoned R-4 and is near shopping. Both units are to be delivered vacant before closing.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- Upper apartment has undergone a complete renovation, including kitchen and bath updates
- 2,108 square feet on a 0.1119‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,280
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$705,600
$705.6K
Cap Rate 7%
$504,000
$504.0K
Cap Rate 9%
$392,000
$392.0K
Market Conditions
NOI Build-Up for 2,108 SF
Gross rent
$53.9K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.4K $23.91/SF
− OpEx
−$15.1K −$7.17/SF
NOI
$35.3K $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 Rate 5%
$705,600
Cap Rate 7%
$504,000
Cap Rate 9%
$392,000
Alternative Uses
Best Use
Multifamily LT 5
$504.0K
$441.0K – $588.0K
NOI $35,280 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$463.1K
$405.2K – $540.3K
NOI $32,417 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$550.4K
$481.6K – $642.2K
NOI $38,531 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
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Business Placement
Demographics for 08850, NJ
8,325
Population
3,165
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
2.3 sq mi
ZIP Area
3,620
Density / Sq Mi
$127,331
Median Household Income
$60,938
Median Earnings
$1,520
Median Rent
$436,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Middlesex County, NJ
Properties on Market for Duplexes in Middlesex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments have two bedrooms and one bathroom, with the upper residence recently updated.
Where is this duplex located?
The property is located at 40 Richter Avenue Milltown, NJ.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; Upper apartment has undergone a complete renovation, including kitchen and bath updates; 2,108 square feet on a 0.1119‑acre lot
