Corner Two-Story Apartment
For Sale
$775,000
6 Leigh St, Clinton, NJ 08809
Two-story, free-standing six-unit income property on a corner location with remodeled interiors and upgraded kitchen and baths.
Property Size4,060 SF
Price / SF$190.89
Days on Market50
Property Features for 6 Leigh St
General Information
Standard status
Active
Size
4,060 SF
Property subtype
Commercial
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$13,159
Amenities
Asphalt Shingle Roof
1 Unit Heating
Building Details
Year Built
1895
Stories
2
Listing Agency:
BHHS FOX & ROACH
(732) 469-1515
Listed By:
TIM DELUCCIA · License #8243435
(908) 938-6405
Source:
Corcoran
Added: Jul 17
Changed: Sep 3
Last Checked: Sep 2 at 7:01PM
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 BHHS FOX & ROACH
Investment Insights
Based on property information with market context.
This two-story, free-standing apartment building contains six income-producing units and is presented as a well-kept investment. The property has been remodeled top to bottom, including upgraded bathrooms and a renovated kitchen, along with blown-in insulation.
Situated at 6 Leigh St in Clinton Town, NJ 08809, the building is described as being in a corner location and is listed with C-1 zoning.
The combination of unit count and recent interior updates may appeal to buyers seeking a turnkey-looking multifamily asset with improvements already in place.
Situated at 6 Leigh St in Clinton Town, NJ 08809, the building is described as being in a corner location and is listed with C-1 zoning.
The combination of unit count and recent interior updates may appeal to buyers seeking a turnkey-looking multifamily asset with improvements already in place.
Key Highlights
- 1895‑built, two‑story, free‑standing six‑unit income property
- Corner location in the heart of historic downtown Clinton
- Remodeled interior throughout, described as “top to bottom”
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
$62,435
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
8.06%
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%
$1,248,700
$1.2M
Cap Rate 7%
$891,929
$891.9K
Cap Rate 9%
$693,722
$693.7K
Market Conditions
NOI Build-Up for 4,060 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
$121.8K $30.00/SF
− Vacancy
−$8.3K −$2.04/SF
EGI
$113.5K $27.96/SF
− OpEx
−$51.1K −$12.58/SF
NOI
$62.4K $15.38/SF
Area
Hunterdon 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 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%
$1,248,700
Cap Rate 7%
$891,929
Cap Rate 9%
$693,722
Alternative Uses
Best Use
Apartment 5plus
$891.9K
$780.4K – $1.04M
NOI $62,435 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$927.6K – $1.24M
NOI $74,210 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 08809, NJ
7,255
Population
2,353
Households
3.1
Avg Household Size
44
Median Age
52%
College-Educated
92%
High-School Grad
6.9 sq mi
ZIP Area
1,051
Density / Sq Mi
$127,169
Median Household Income
$68,209
Median Earnings
$1,721
Median Rent
$413,400
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?
Apartment building - Two-story, free-standing six-unit income property on a corner location with remodeled interiors and upgraded kitchen and baths.
Where is this apartment building located?
The property is located at 6 Leigh St Clinton, NJ.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 1895‑built, two‑story, free‑standing six‑unit income property; Corner location in the heart of historic downtown Clinton; Remodeled interior throughout, described as “top to bottom”
