Duplex with Detached Two-Car
For Sale
$539,000
Pending
610 Cortlandt St, Perth Amboy, NJ 08861
Separate utilities serve both residences, with the first-floor unit leased on a month-to-month basis.
Property Size1,546 SF
Days on Market32
Property Features for 610 Cortlandt St
General Information
Standard status
Pending
Size
1,546 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1909
Buildings
1
Listing Agency:
KELLER WILLIAMS TOWN LIFE
(201) 912-5683
Listed By:
SHANA F. COHEN · License #1433728
Source:
Luminancerealty
Added: Aug 1
Changed: Aug 31
Last Checked: Aug 31 at 6:23PM
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 KELLER WILLIAMS TOWN LIFE
Investment Insights
Based on property information with market context.
Built in 1909, this duplex contains two separate residences with distinct utility service. The first-floor unit includes one bedroom, a living room, dining area, kitchen, full bathroom, and basement access. Upstairs, the second unit offers two bedrooms, one full bathroom, a kitchen, and an open living and dining area; that unit has been recently painted and fitted with new carpeting.
A detached two-car garage, long driveway, and covered front porch are among the exterior features. The property is located across from schools and near major highways and shopping in Perth Amboy City. The first-floor residence is currently leased on a month-to-month basis.
A detached two-car garage, long driveway, and covered front porch are among the exterior features. The property is located across from schools and near major highways and shopping in Perth Amboy City. The first-floor residence is currently leased on a month-to-month basis.
Key Highlights
- Two‑unit layout with a one‑bedroom first‑floor residence and two‑bedroom second‑floor residence
- Separate utilities for each unit
- Detached 2‑car garage with a long driveway
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
$25,874
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
4.80%
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%
$517,480
$517.5K
Cap Rate 7%
$369,629
$369.6K
Cap Rate 9%
$287,489
$287.5K
Market Conditions
NOI Build-Up for 1,546 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
$39.5K $25.56/SF
− Vacancy
−$2.6K −$1.65/SF
EGI
$37.0K $23.91/SF
− OpEx
−$11.1K −$7.17/SF
NOI
$25.9K $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%
$517,480
Cap Rate 7%
$369,629
Cap Rate 9%
$287,489
Alternative Uses
Best Use
Multifamily LT 5
$369.6K
$323.4K – $431.2K
NOI $25,874 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$339.6K
$297.2K – $396.2K
NOI $23,774 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$403.7K
$353.2K – $471.0K
NOI $28,258 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
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 - Separate utilities serve both residences, with the first-floor unit leased on a month-to-month basis.
Where is this duplex located?
The property is located at 610 Cortlandt St Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two‑unit layout with a one‑bedroom first‑floor residence and two‑bedroom second‑floor residence; Separate utilities for each unit; Detached 2‑car garage with a long driveway
