Fourplex Multifamily
For Sale
$925,000
Pending
48 1st Avenue, Raritan, NJ 08869
Built in 1940 with natural-gas service and on-street parking.
Property Size3,500 SF
Days on Market393
Property Features for 48 1st Avenue
General Information
Standard status
Pending
Size
3,500 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$10,376
Amenities
Natural Gas
Full
On Street
Fourplex
Building Details
Year Built
1940
Listing Agency:
(201) 286-2927
Listed By:
MAGGIE RAFFAELE
(201) 286-2927
Source:
Evrealestate
Added: Aug 4, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:25PM
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 MAGGIE RAFFAELE
Investment Insights
Based on property information with market context.
This multifamily property is configured as a fourplex and was built in 1940. Natural-gas service is identified among the interior features, while parking is provided on the street.
The property is located at 48 1st Avenue in Raritan Boro, New Jersey, within Somerset County. Directions reference Route 202 and First Avenue, providing a stated access point for the property.
The property is located at 48 1st Avenue in Raritan Boro, New Jersey, within Somerset County. Directions reference Route 202 and First Avenue, providing a stated access point for the property.
Key Highlights
- Fourplex configuration
- Built in 1940
- Natural‑gas service
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
$43,474
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
4.70%
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%
$869,480
$869.5K
Cap Rate 7%
$621,057
$621.1K
Cap Rate 9%
$483,044
$483.0K
Market Conditions
NOI Build-Up for 3,500 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
$84.0K $24.00/SF
− Vacancy
−$5.0K −$1.42/SF
EGI
$79.0K $22.58/SF
− OpEx
−$35.6K −$10.16/SF
NOI
$43.5K $12.42/SF
Area
Somerset County, NJ
Vacancy
5.90%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$869,480
Cap Rate 7%
$621,057
Cap Rate 9%
$483,044
Alternative Uses
Best Use
Apartment 5plus
$621.1K
$543.4K – $724.6K
NOI $43,474 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$913.9K
$799.7K – $1.07M
NOI $63,974 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 08869, NJ
7,835
Population
3,257
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
3,918
Density / Sq Mi
$103,699
Median Household Income
$50,108
Median Earnings
$1,927
Median Rent
$449,200
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?
Multifamily property - Built in 1940 with natural-gas service and on-street parking.
Where is this multifamily property located?
The property is located at 48 1st Avenue Raritan, NJ.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Fourplex configuration; Built in 1940; Natural‑gas service
