Building Details

Year Built 1976

Buildings 1

Listing Agency: CHARLES PATRICK REALTORS Show Phone

Listed By: CHARLES PATRICK JR.

Source: Corcoran

Added: Oct 9 Changed: Oct 13 Last Checked: Oct 12 at 7:45PM

Report an Issue

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 CHARLES PATRICK REALTORS

Investment Insights

Based on property information with market context.

This 1976 apartment building contains six units with a total of 13 bedrooms. Each unit has its own water heater, furnace, and electric, gas, and water meters; the landlord covers utilities for shared areas. The roof and exterior siding were replaced in 2016.

The property is in downtown Madison, within walking distance of the train station and near Main Street shops, restaurants, and entertainment. Tenant parking is available across the street in a town permit lot.

Key Highlights

• Six apartments with 13 bedrooms in total
• Separate water heaters, furnaces, and electric, gas, and water meters for each unit
• Roof and siding replaced in 2016

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$106,939

Cap Rate

3.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,138,780 $2.1M

Cap Rate 7%

$1,527,700 $1.5M

Cap Rate 9%

$1,188,211 $1.2M

Market Conditions

NOI Build-Up for 6,954 SF

Gross rent

$208.6K $30.00/SF

− Vacancy

−$14.2K −$2.04/SF

EGI

$194.4K $27.96/SF

− OpEx

−$87.5K −$12.58/SF

NOI

$106.9K $15.38/SF

Area

Morris 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%

$2,138,780

Cap Rate 7%

$1,527,700

Cap Rate 9%

$1,188,211

Alternative Uses

Best Use

Apartment 5plus

$1.53M

$1.34M – $1.78M (±1% cap)

NOI $106,939 @ 7.0% cap · market cap 3.89%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,108 @ 7.0% cap · market cap 4.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Storage Facility Garden Center Auto Parts Store Food Market Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,173

Businesses Nearby

Explore this area Business Placement

Demographics for 07940, NJ

18,403

Population

5,733

Households

3.2

Avg Household Size

34

Median Age

71%

College-Educated

97%

High-School Grad

4.9 sq mi

ZIP Area

3,756

Density / Sq Mi

$168,520

Median Household Income

$53,352

Median Earnings

$2,248

Median Rent

$883,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Updated Medical Office End Unit

8 Shunpike Rd, Madison, NJ 07940

$300,000

10,000 SF

View details

Two-Level Restaurant and Live Music Venue

24 Main Street, Madison, NJ 07940

$875,000

View details

Storefront Property

51 Main Street, Madison, NJ 07940

Contact for pricing

1,499 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Individual utility metering and separate heating equipment serve the apartments.

Where is this apartment building located?

The property is located at 50 Cook Ave Madison, NJ.

What is the asking price?

The asking price for this property is $2,750,000.

What are key features of this property?

This property features: Six apartments with 13 bedrooms in total; Separate water heaters, furnaces, and electric, gas, and water meters for each unit; Roof and siding replaced in 2016