Duplex with Finished Basement Private
For Sale
$699,999
640 Florida Grove Rd, Perth Amboy, NJ 08861
MULTI_FAMILY - Perth Amboy City, NJ
Property Size2,146 SF
Lot Size0.12 Acres
Price / SF$326.19
Days on Market24
Property Features for 640 Florida Grove Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Basement, Bedroom 1
Parking
2
Directions
USE GPS
Standard status
Active
Size
2,146 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9009
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Radiant
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REAL
(855) 450-0442
Listed By:
JULIANA HOYOS-SUESCUN
Added: Jul 21
Changed: Aug 13
Last Checked: Aug 13 at 9:06AM
MLS# 4042060
Copyright © 2026 Garden State MLS, LLC. 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.
640 Florida Grove Rd is a well-maintained two-family duplex with two bedrooms and one full bathroom in each unit. The home includes a finished basement with a private entrance, adding flexible living or workspace options.
Built in 1949, the property has hot water and radiant heating, a shingle roof, and public utilities including public water and public sewer. Outdoor areas include a driveway and backyard with newer pavers installed in 2020, supporting low-maintenance parking and entertaining.
Set on a 0.12-acre lot and totaling 2,146 square feet, this duplex is positioned for everyday convenience with nearby shopping, dining, schools, public transportation, and major commuter routes, including Routes 287, 440, 35, 1 & 9, and the New Jersey Turnpike.
Built in 1949, the property has hot water and radiant heating, a shingle roof, and public utilities including public water and public sewer. Outdoor areas include a driveway and backyard with newer pavers installed in 2020, supporting low-maintenance parking and entertaining.
Set on a 0.12-acre lot and totaling 2,146 square feet, this duplex is positioned for everyday convenience with nearby shopping, dining, schools, public transportation, and major commuter routes, including Routes 287, 440, 35, 1 & 9, and the New Jersey Turnpike.
Key Highlights
- Two‑bedroom, one‑full‑bath layout in each unit
- Finished basement with a private entrance
- New pavers on driveway and backyard installed in 2020
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
$35,916
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
5.13%
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%
$718,320
$718.3K
Cap Rate 7%
$513,086
$513.1K
Cap Rate 9%
$399,067
$399.1K
Market Conditions
NOI Build-Up for 2,146 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
$54.9K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$51.3K $23.91/SF
− OpEx
−$15.4K −$7.17/SF
NOI
$35.9K $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%
$718,320
Cap Rate 7%
$513,086
Cap Rate 9%
$399,067
Alternative Uses
Best Use
Multifamily LT 5
$513.1K
$449.0K – $598.6K
NOI $35,916 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$471.4K
$412.5K – $550.0K
NOI $33,001 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$560.4K
$490.3K – $653.8K
NOI $39,225 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
822
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 - Two-bedroom, one-bath units with a finished basement featuring a private entrance and newer paver driveway and backyard.
Where is this duplex located?
The property is located at 640 Florida Grove Rd Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Two‑bedroom, one‑full‑bath layout in each unit; Finished basement with a private entrance; New pavers on driveway and backyard installed in 2020
