Duplex with Finished
For Sale
Under Contract
$749,999
603 Lincoln Boulevard, Middlesex, NJ 08846
MULTI_FAMILY - Middlesex, NJ
Property Size2,184 SF
Lot Size0.14 Acres
Price / SF$343.41
Days on Market62
Property Features for 603 Lincoln Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GB
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Garage
Interior features
Unit 1(1 Bedroom, 2+ Baths), Unit 2(2 Bedrooms, 1 Bath)
Appliances
Water Heater(Gas)
Subdivision
Lincoln
Elementary school district
Middlesex Borough School Distr
Middle school district
Middlesex Borough School Distr
High school district
Middlesex Borough School Distr
Directions
Google Map
Standard status
Active Under Contract
APN
1000314000000003
Size
2,184 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11136
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Radiant
Cooling system
Window Unit(s), Wall Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Listing Agency:
REAL
(855) 450-0442
Listed By:
Julissa Rengifo
(212) 380-3203
Added: Jul 3
Changed: Aug 3
Last Checked: Sep 2 at 9:06AM
MLS# 2700410R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate units with flexible interior space. The first-floor unit includes one bedroom and two full baths. The second-floor unit features two bedrooms, one full bath, and a finished attic with two additional bonus rooms that may support uses such as a home office, guest area, or storage, subject to buyer verification of permitted use.
The property is zoned GB (General business) and is located near shopping, dining, major highways, and public transportation. The driveway provides parking for approximately 20 vehicles, along with a garage; items currently stored in the garage are excluded from the sale, and all air conditioning units are excluded. A storage container located to the right of the garage is included.
Built in 1920, the home sits on a 0.14-acre lot with 2,184 square feet. Utilities include public water and public sewer. Heating is provided via baseboard and radiant systems, and cooling is via window and wall units, where applicable.
The property is zoned GB (General business) and is located near shopping, dining, major highways, and public transportation. The driveway provides parking for approximately 20 vehicles, along with a garage; items currently stored in the garage are excluded from the sale, and all air conditioning units are excluded. A storage container located to the right of the garage is included.
Built in 1920, the home sits on a 0.14-acre lot with 2,184 square feet. Utilities include public water and public sewer. Heating is provided via baseboard and radiant systems, and cooling is via window and wall units, where applicable.
Key Highlights
- Zoned GB (General business)
- Finished attic with two additional bonus rooms in the second‑floor unit
- Driveway parking for approximately 20 vehicles plus garage
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
$36,552
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
4.87%
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%
$731,040
$731.0K
Cap Rate 7%
$522,171
$522.2K
Cap Rate 9%
$406,133
$406.1K
Market Conditions
NOI Build-Up for 2,184 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
$55.8K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.2K $23.91/SF
− OpEx
−$15.7K −$7.17/SF
NOI
$36.6K $16.74/SF
Area
Middlesex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$731,040
Cap Rate 7%
$522,171
Cap Rate 9%
$406,133
Alternative Uses
Best Use
Multifamily LT 5
$522.2K
$456.9K – $609.2K
NOI $36,552 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$479.8K
$419.8K – $559.8K
NOI $33,586 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$570.3K
$499.0K – $665.3K
NOI $39,920 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 08846, NJ
14,636
Population
5,703
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
91%
High-School Grad
3.5 sq mi
ZIP Area
4,182
Density / Sq Mi
$107,063
Median Household Income
$58,140
Median Earnings
$1,493
Median Rent
$414,600
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 - Duplex zoned GB with two units and a finished attic plus bonus rooms, parking on a spacious driveway, and public utilities.
Where is this duplex located?
The property is located at 603 Lincoln Boulevard Middlesex, NJ.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: Zoned GB (General business); Finished attic with two additional bonus rooms in the second‑floor unit; Driveway parking for approximately 20 vehicles plus garage
