Four-Unit Property with Detached
For Sale
$1,115,000
459-461 2nd Ave, Garwood, NJ 07027
Well-maintained multifamily property with separately metered utilities, private storage, and outdoor space for select units.
Property Size3,600 SF
Lot Size0.18 Acres
Price / SF$309.72
Days on Market46
Property Features for 459-461 2nd Ave
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Lot size
0.18 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,719
Amenities
in-unit washer/dryer
private patios
basement storage
Forced Air, Natural Gas
Unfinished
Gas Water Heater
Off Street, Detached
Fourplex, See Remarks
Building Details
Year Built
1900
Listing Agency:
KELLER WILLIAMS CITY LIFE REALTY
(732) 796-8784
Listed By:
MICHAEL DENGELEGI · License #392938
(732) 796-8784
Source:
Evrealestate
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 6:57AM
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 KELLER WILLIAMS CITY LIFE REALTY
Investment Insights
Based on property information with market context.
Built in 1900, this four-unit multifamily property includes four two-bedroom, one-bath residences with practical layouts and in-unit washers and dryers. Utilities are separately metered, including water. The two lower-level residences open directly to the backyard, where each has a private Trex patio. Basement storage areas provide dedicated space for each unit.
A detached three-car garage adds functional support space, along with an unfinished loft currently used for storage. The property occupies a 60' x 130' lot at 459-461 2nd Ave in Garwood Boro, New Jersey. Downtown Garwood, shopping, restaurants, schools, NJ Transit, and major highways are nearby, with access toward New York City.
A detached three-car garage adds functional support space, along with an unfinished loft currently used for storage. The property occupies a 60' x 130' lot at 459-461 2nd Ave in Garwood Boro, New Jersey. Downtown Garwood, shopping, restaurants, schools, NJ Transit, and major highways are nearby, with access toward New York City.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- 60' x 130' lot in Garwood Boro, NJ
- Separately metered utilities, including water
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
$60,250
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
5.40%
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%
$1,205,000
$1.2M
Cap Rate 7%
$860,714
$860.7K
Cap Rate 9%
$669,444
$669.4K
Market Conditions
NOI Build-Up for 3,600 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
$92.0K $25.56/SF
− Vacancy
−$5.9K −$1.65/SF
EGI
$86.1K $23.91/SF
− OpEx
−$25.8K −$7.17/SF
NOI
$60.3K $16.74/SF
Area
Union 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%
$1,205,000
Cap Rate 7%
$860,714
Cap Rate 9%
$669,444
Alternative Uses
Best Use
Multifamily LT 5
$860.7K
$753.1K – $1.00M
NOI $60,250 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$790.9K
$692.0K – $922.7K
NOI $55,361 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,802 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 07027, NJ
4,454
Population
2,093
Households
2.1
Avg Household Size
43
Median Age
44%
College-Educated
96%
High-School Grad
0.7 sq mi
ZIP Area
6,363
Density / Sq Mi
$100,948
Median Household Income
$71,328
Median Earnings
$1,603
Median Rent
$509,800
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?
Quadplex - Well-maintained multifamily property with separately metered utilities, private storage, and outdoor space for select units.
Where is this quadplex located?
The property is located at 459-461 2nd Ave Garwood, NJ.
What is the asking price?
The asking price for this property is $1,115,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; 60' x 130' lot in Garwood Boro, NJ; Separately metered utilities, including water
