Six-Unit Multifamily
For Sale
$1,319,000
59 Railroad Ave, Washington, NJ 07882
Income-producing apartment property with garages, storage units, completed renovations, and additional unit improvement scope.
Property Size5,141 SF
Price / SF$256.56
Days on Market10
Property Features for 59 Railroad Ave
General Information
Standard status
Active
Size
5,141 SF
Total Parking Spaces
3
Property subtype
Commercial
Additional Details
Cap Rate
7.1%
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,984
Amenities
Central air
Asphalt Shingle Roof
4+ Units Heating
Assigned
Baseboard - Electric Heating
Corner
Level Lot
Off-Street Parking
Parking Lot-Exclusive
Radiators - Steam Heating
Rubberized Roof
Wall A/C Unit(s) Cooling
Building Details
Year Built
1925
Listing Agency:
NJ REALTY SYSTEMS LLC.
(800) 455-2059
Listed By:
MARK GUTIERREZ
Source:
Corcoran
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 7 at 2:23AM
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 NJ REALTY SYSTEMS LLC.
Investment Insights
Based on property information with market context.
This 5,141 SF multifamily property, built in 1925, contains six apartments along with three garages and five storage units in a separate building. Four apartments have been renovated, while two partially updated units remain for flooring and paint work. Major capital improvements and deferred-maintenance items have also been addressed, and property management systems and operating procedures are already established. The property is reported at a 7.1% cap rate based on current financials.
Located at 59 Railroad Ave in Washington Boro, the property is approximately 60 minutes from NYC and offers access to Routes 57 and 31 as well as I-78. Downtown is within walking distance, adding convenient access to local services and amenities.
Located at 59 Railroad Ave in Washington Boro, the property is approximately 60 minutes from NYC and offers access to Routes 57 and 31 as well as I-78. Downtown is within walking distance, adding convenient access to local services and amenities.
Key Highlights
- Six apartments with 3 garages and 5 storage units
- 5,141 SF multifamily property built in 1925
- Four units renovated; 2 partially updated units remain
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
$68,048
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
5.16%
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%
$1,360,960
$1.4M
Cap Rate 7%
$972,114
$972.1K
Cap Rate 9%
$756,089
$756.1K
Market Conditions
NOI Build-Up for 5,141 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
$129.6K $25.20/SF
− Vacancy
−$5.8K −$1.13/SF
EGI
$123.7K $24.07/SF
− OpEx
−$55.7K −$10.83/SF
NOI
$68.0K $13.24/SF
Area
Warren County, NJ
Vacancy
4.50%
Lease Rate
$25.20 /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%
$1,360,960
Cap Rate 7%
$972,114
Cap Rate 9%
$756,089
Alternative Uses
Best Use
Apartment 5plus
$972.1K
$850.6K – $1.13M
NOI $68,048 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.94M
$1.70M – $2.26M
NOI $135,769 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 07882, NJ
14,971
Population
6,290
Households
2.4
Avg Household Size
44
Median Age
38%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
474
Density / Sq Mi
$100,852
Median Household Income
$55,316
Median Earnings
$1,411
Median Rent
$333,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing apartment property with garages, storage units, completed renovations, and additional unit improvement scope.
Where is this apartment building located?
The property is located at 59 Railroad Ave Washington, NJ.
What is the asking price?
The asking price for this property is $1,319,000.
What are key features of this property?
This property features: Six apartments with 3 garages and 5 storage units; 5,141 SF multifamily property built in 1925; Four units renovated; 2 partially updated units remain
