Two-Unit Duplex with
For Sale
$550,000
87-89 W Somerset St, Raritan, NJ 08869
Multi-Family, Duplex-Side by Side, Raritan Boro, NJ
Property Size2,084 SF
Lot Size0.11 Acres
Price / SF$263.92
Days on Market13
Property Features for 87-89 W Somerset St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking
4
Interior features
Blinds, Carbon Monoxide Detector, Smoke Detector
Directions
From 202: W Somerset St. From 206/28: follow signs to Raritan, then W Somerset St. From 22: 202 S to W Somerset St. Property on right.
Standard status
Active
Size
2,084 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7370
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Steam, Other (Heating)
Water source
Public
Building Details
Year built
1900
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS TOWNE SQUARE REAL · Keller Williams Realty
(908) 766-0085
Listed By:
KATHLEEN ANN JADOC
(908) 766-0085
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 23 at 5:06AM
MLS# 4046263
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.
Located at 87-89 W Somerset St in Raritan Boro, this two-unit duplex contains 2,084 square feet on a 0.11-acre lot. Each residence is configured with 2 bedrooms and 1 full bath. The property includes a basement, shingle roofing, blinds, carbon monoxide and smoke detectors, and parking for up to 4 cars. It was built in 1900 and is served by public water and public sewer.
The property sits near Raritan's downtown area, with local shops, restaurants, and the train station nearby. It is also within the Bridgewater-Raritan Regional School District. The two-unit layout supports both owner-occupant and investor ownership structures, subject to applicable requirements.
The property sits near Raritan's downtown area, with local shops, restaurants, and the train station nearby. It is also within the Bridgewater-Raritan Regional School District. The two-unit layout supports both owner-occupant and investor ownership structures, subject to applicable requirements.
Key Highlights
- Two‑unit duplex at 87‑89 W Somerset St, Raritan Boro, NJ
- Each unit includes 2 bedrooms and 1 full bath
- 2,084 square feet on a 0.11‑acre lot
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
$29,742
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
5.41%
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%
$594,840
$594.8K
Cap Rate 7%
$424,886
$424.9K
Cap Rate 9%
$330,467
$330.5K
Market Conditions
NOI Build-Up for 2,084 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
$45.0K $21.60/SF
− Vacancy
−$2.5K −$1.21/SF
EGI
$42.5K $20.39/SF
− OpEx
−$12.7K −$6.12/SF
NOI
$29.7K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.61%
Lease Rate
$21.60 /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%
$594,840
Cap Rate 7%
$424,886
Cap Rate 9%
$330,467
Alternative Uses
Best Use
Multifamily LT 5
$424.9K
$371.8K – $495.7K
NOI $29,742 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$369.8K
$323.6K – $431.4K
NOI $25,886 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$544.2K
$476.2K – $634.9K
NOI $38,092 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 08869, NJ
7,835
Population
3,257
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
3,918
Density / Sq Mi
$103,699
Median Household Income
$50,108
Median Earnings
$1,927
Median Rent
$449,200
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 residences offer one full bath each, public utilities, and access to downtown shops, restaurants, and the train station.
Where is this duplex located?
The property is located at 87-89 W Somerset St Raritan, NJ.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex at 87‑89 W Somerset St, Raritan Boro, NJ; Each unit includes 2 bedrooms and 1 full bath; 2,084 square feet on a 0.11‑acre lot
