Six-Unit Multifamily
59 Railroad Ave, Washington, NJ 07882
For Sale
$1,319,000
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 Market101
Property Features for 59 Railroad Ave
General Information
Standard status
Size
Total Parking Spaces
Additional Details
Cap Rate
Highway Access
Multifamily Units
Building Details
Year Built
Listing Agency:
NJ REALTY SYSTEMS LLC.
Listed By:
MARK GUTIERREZ
(800) 455-2059
Source:
Luminancerealty
Added: Aug 1
Changed: Oct 25
Last Checked: Oct 5 at 8:49PM
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.
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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 / Yr
$68,048
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
575
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
