Vacant Two-Unit Colonial
For Sale
$649,000
60 Lexington Ave JC, Jersey City, NJ 07304
Vacant two-family Colonial built in 1890 with separate living spaces, forced hot air gas heat, and private backyard plus off-street parking.
Property Size1,850 SF
Price / SF$350.81
Days on Market46
Property Features for 60 Lexington Ave JC
General Information
Standard status
Active
Size
1,850 SF
Total Parking Spaces
1
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Building Details
Year Built
1890
Buildings
1
Construction
Colonial
Listing Agency:
WEICHERT REALTORS
(201) 333-4443
Listed By:
NATALIE ESFANDIARI · License #1434331
(201) 333-4443
Source:
Exprealty
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 21 at 12:19PM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
This vacant two-family Colonial duplex in West Bergen is designed for an owner who wants to renovate and either occupy or invest. The second-floor unit is a spacious three-bedroom, one-bath layout of approximately 1,200 SF. The first-floor unit is approximately 650 SF with one bedroom and one bathroom and will require a complete renovation. The property includes separate living spaces, one off-street parking space, and a rear porch.
Outside, there is a private backyard with side-by-side storage units located in the back. The home is heated by forced hot air gas heat. Built in 1890, the Colonial offers a classic foundation for modernization.
Conveniently located near Lincoln Park, New Jersey City University (NJCU), major bus routes, shopping, restaurants, schools, and parks, with easy access to Downtown Jersey City, Hoboken, Manhattan, and the NJ Turnpike. Nearby conveniences include the West Side Avenue Light Rail Station, Journal Square, and Route 440.
Outside, there is a private backyard with side-by-side storage units located in the back. The home is heated by forced hot air gas heat. Built in 1890, the Colonial offers a classic foundation for modernization.
Conveniently located near Lincoln Park, New Jersey City University (NJCU), major bus routes, shopping, restaurants, schools, and parks, with easy access to Downtown Jersey City, Hoboken, Manhattan, and the NJ Turnpike. Nearby conveniences include the West Side Avenue Light Rail Station, Journal Square, and Route 440.
Key Highlights
- Vacant two‑family Colonial duplex built in 1890 with separate living spaces
- Second‑floor unit: approximately 1,200 SF with 3 bedrooms and 1 bathroom
- First‑floor unit: approximately 650 SF with 1 bedroom and 1 bathroom requiring complete renovation
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
$41,986
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
6.47%
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%
$839,720
$839.7K
Cap Rate 7%
$599,800
$599.8K
Cap Rate 9%
$466,511
$466.5K
Market Conditions
NOI Build-Up for 1,850 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
$63.3K $34.20/SF
− Vacancy
−$3.3K −$1.78/SF
EGI
$60.0K $32.42/SF
− OpEx
−$18.0K −$9.73/SF
NOI
$42.0K $22.70/SF
Area
Jersey City, NJ
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$839,720
Cap Rate 7%
$599,800
Cap Rate 9%
$466,511
Alternative Uses
Best Use
Multifamily LT 5
$599.8K
$524.8K – $699.8K
NOI $41,986 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$538.0K
$470.8K – $627.7K
NOI $37,662 @ 7.0% cap · market cap 5.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,383
Businesses Nearby
Explore this area
Business Placement
Demographics for 07304, NJ
48,681
Population
21,211
Households
2.3
Avg Household Size
35
Median Age
40%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
23,181
Density / Sq Mi
$68,432
Median Household Income
$47,673
Median Earnings
$1,572
Median Rent
$489,400
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?
Duplex - Vacant two-family Colonial built in 1890 with separate living spaces, forced hot air gas heat, and private backyard plus off-street parking.
Where is this duplex located?
The property is located at 60 Lexington Ave JC Jersey City, NJ.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Vacant two‑family Colonial duplex built in 1890 with separate living spaces; Second‑floor unit: approximately 1,200 SF with 3 bedrooms and 1 bathroom; First‑floor unit: approximately 650 SF with 1 bedroom and 1 bathroom requiring complete renovation
