Duplex with Finished Walk-Up
New
For Sale
$650,000
40 Throop Avenue, New Brunswick, NJ 08901
Multi-Family, New Brunswick, NJ
Property Size2,594 SF
Lot Size0.05 Acres
Price / SF$250.58
Days on Market3
Property Features for 40 Throop Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Basement, Bedroom 5
Parking features
On Street
Interior features
Attic - Walk Up
Exterior features
Lighting
Fencing
Fenced
Basement
Full
Lot features
Level
Directions
40 Throop Ave
Standard status
Active
APN
13-00152-0000-00025
Size
2,594 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8725
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Central · RE/MAX International
(732) 972-1000
Listed By:
Matthew Tully · License #2075152
(732) 972-1000
Added: Aug 26
Last Checked: Aug 28 at 10:06PM
MLS# 22626798
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,594-square-foot duplex contains two residential units. The first-floor apartment has 2 bedrooms, 1 full bathroom, hardwood flooring, a living room, dining room, and a kitchen equipped with a refrigerator, gas range, dishwasher, washer, and dryer. The second-floor apartment includes 3 bedrooms, 1 full bathroom, hardwood floors, living and dining areas, and matching kitchen appliances. A finished walk-up attic provides additional flexible space, while the full basement offers storage and access to utilities.
The 0.05-acre property includes a fenced backyard, shingle roof, baseboard heating, multi-unit cooling, public water, public sewer, and on-street parking. The property is near Robert Wood Johnson University Hospital, Saint Peter's University Hospital, Rutgers University, downtown New Brunswick, and New Brunswick Train Station, which provides NJ Transit and Amtrak service.
The 0.05-acre property includes a fenced backyard, shingle roof, baseboard heating, multi-unit cooling, public water, public sewer, and on-street parking. The property is near Robert Wood Johnson University Hospital, Saint Peter's University Hospital, Rutgers University, downtown New Brunswick, and New Brunswick Train Station, which provides NJ Transit and Amtrak service.
Key Highlights
- 2,594‑square‑foot duplex with 2‑bedroom and 3‑bedroom units
- Finished walk‑up attic connected to the second‑floor unit
- Both units include refrigerators, gas ranges, dishwashers, washers, and dryers
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
$43,414
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
6.68%
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%
$868,280
$868.3K
Cap Rate 7%
$620,200
$620.2K
Cap Rate 9%
$482,378
$482.4K
Market Conditions
NOI Build-Up for 2,594 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
$66.3K $25.56/SF
− Vacancy
−$4.3K −$1.65/SF
EGI
$62.0K $23.91/SF
− OpEx
−$18.6K −$7.17/SF
NOI
$43.4K $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%
$868,280
Cap Rate 7%
$620,200
Cap Rate 9%
$482,378
Alternative Uses
Best Use
Multifamily LT 5
$620.2K
$542.7K – $723.6K
NOI $43,414 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$569.9K
$498.6K – $664.9K
NOI $39,891 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$677.3K
$592.7K – $790.2K
NOI $47,414 @ 7.0% cap · market cap 7.29%
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
3,654
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
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 - Two residential units offer hardwood flooring, full appliance packages, and access to shared basement storage.
Where is this duplex located?
The property is located at 40 Throop Avenue New Brunswick, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,594‑square‑foot duplex with 2‑bedroom and 3‑bedroom units; Finished walk‑up attic connected to the second‑floor unit; Both units include refrigerators, gas ranges, dishwashers, washers, and dryers
