Multifamily Property With Carriage
For Sale
$1,299,000
82 W 34th St Unit 2, Bayonne, NJ 07002
Renovated residential buildings with a detached loft, landscaped grounds, and a heated saltwater pool.
Property Size3,148 SF
Lot Size0.22 Acres
Price / SF$412.64
Days on Market12
Property Features for 82 W 34th St Unit 2
General Information
Standard status
Active
Size
3,148 SF
Lot size
0.22 Acres
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Amenities
pool
Building Details
Year Built
1915
Buildings
2
Listing Agency:
WEICHERT REALTORS
(201) 339-8282
Listed By:
JEFFREY LEE
Source:
Luminancerealty
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 12:31PM
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 multifamily property includes two renovated residential buildings and a detached carriage loft on a 50-by-190-foot lot. The approximately 3,148-square-foot property includes a substantial first-floor addition, seven-zone heating, central vacuum, updated plumbing, and new sewer and water lines extending to the street. The owner's residence features Viking and Sub-Zero appliances, while the second residential building has undergone comprehensive renovation.
The detached loft offers central air conditioning, gas heat, a kitchenette, half bath, six skylights, and six French doors opening toward the grounds. Exterior improvements include French drains, two sump pumps, fireplace liner replacements, and a three-year-old heated saltwater half-in-ground pool within landscaped grounds. The property was built in 1915 and is near Stephen R. Gregg Waterfront Park, Broadway, and the 34th Street Light Rail Station.
The detached loft offers central air conditioning, gas heat, a kitchenette, half bath, six skylights, and six French doors opening toward the grounds. Exterior improvements include French drains, two sump pumps, fireplace liner replacements, and a three-year-old heated saltwater half-in-ground pool within landscaped grounds. The property was built in 1915 and is near Stephen R. Gregg Waterfront Park, Broadway, and the 34th Street Light Rail Station.
Key Highlights
- Two renovated residential buildings plus a detached carriage loft
- Approximately 3,148 square feet on a 50' x 190' lot
- Carriage loft with kitchenette, half bath, six skylights, and six French doors
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
$52,685
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
4.06%
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%
$1,053,700
$1.1M
Cap Rate 7%
$752,643
$752.6K
Cap Rate 9%
$585,389
$585.4K
Market Conditions
NOI Build-Up for 3,148 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
$80.5K $25.56/SF
− Vacancy
−$5.2K −$1.65/SF
EGI
$75.3K $23.91/SF
− OpEx
−$22.6K −$7.17/SF
NOI
$52.7K $16.74/SF
Area
Hudson 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%
$1,053,700
Cap Rate 7%
$752,643
Cap Rate 9%
$585,389
Alternative Uses
Best Use
Multifamily LT 5
$752.6K
$658.6K – $878.1K
NOI $52,685 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$691.6K
$605.1K – $806.8K
NOI $48,410 @ 7.0% cap · market cap 3.73%
Theoretical Best
Warehouse
$1.14M
$997.4K – $1.33M
NOI $79,795 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 07002, NJ
71,686
Population
30,161
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
12,360
Density / Sq Mi
$81,285
Median Household Income
$51,157
Median Earnings
$1,593
Median Rent
$446,100
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?
Multifamily property - Renovated residential buildings with a detached loft, landscaped grounds, and a heated saltwater pool.
Where is this multifamily property located?
The property is located at 82 W 34th St Unit 2 Bayonne, NJ.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Two renovated residential buildings plus a detached carriage loft; Approximately 3,148 square feet on a 50' x 190' lot; Carriage loft with kitchenette, half bath, six skylights, and six French doors
