Renovated Two-Unit Residential Income
For Sale
$1,050,000
92 3rd Avenue, Garwood, NJ 07027
Two renovated units each offer updated interiors, with separate yard access and an oversized detached two-car garage.
Property Size2,620 SF
Price / SF$525
Days on Market51
Property Features for 92 3rd Avenue
General Information
Standard status
Active
Size
2,620 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,205
Amenities
Ceiling Fan(s), Central Air
Forced Air, Natural Gas
Full, Unfinished
Gas Water Heater
Walk-In Closet(s)
Oversized, Detached
2-Two Story
Building Details
Building Size
2,620 SF
Year Built
1924
Year Renovated
2020
Stories
2
Tenancy
Multi
Listed By:
VIRGINIA ZACHARIADES
(908) 956-3532
Source:
Evrealestate
Added: Jul 18
Changed: Aug 31
Last Checked: Sep 5 at 5:06AM
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 VIRGINIA ZACHARIADES
Investment Insights
Based on property information with market context.
This for-sale two-unit residential income property was completely renovated in 2020 and is being sold “AS IS.” Unit 1 is a sun-filled first-floor residence with 2 bedrooms and walk-in closets, including a master suite, plus 2 full bathrooms. The layout includes a nice-size living room, ample dining space, and a large eat-in kitchen with stainless steel appliances, including a dishwasher. High ceilings with recessed lighting are featured, and laundry is located in the basement. Unit 2 is a beautifully updated 2nd-floor rental with 3 bedrooms, including a master en suite, and 2 full bathrooms. It includes a covered front porch, your own entrance, central air, forced hot air, and a kitchen with a farmhouse-style sink, peninsula island seating, and granite countertops, along with updated stainless steel appliances.
The property is located on a residential street in Garwood, NJ, and Unit 1 has its own side yard. An oversized detached 2-car garage includes a workshop in the back.
The property is located on a residential street in Garwood, NJ, and Unit 1 has its own side yard. An oversized detached 2-car garage includes a workshop in the back.
Key Highlights
- Two renovated rental units (2020) in a building built in 1924, offered AS IS.
- Unit 1: first‑floor 2BR/2BA with walk‑in closets, updated interiors, high ceilings with recessed lighting, and laundry in the basement.
- Unit 2: second‑floor 3BR/2BA with central air and forced hot air, covered front porch and private entrance.
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
$33,472
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
3.19%
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%
$669,440
$669.4K
Cap Rate 7%
$478,171
$478.2K
Cap Rate 9%
$371,911
$371.9K
Market Conditions
NOI Build-Up for 2,000 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
$51.1K $25.56/SF
− Vacancy
−$3.3K −$1.65/SF
EGI
$47.8K $23.91/SF
− OpEx
−$14.3K −$7.17/SF
NOI
$33.5K $16.74/SF
Area
Union 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%
$669,440
Cap Rate 7%
$478,171
Cap Rate 9%
$371,911
Alternative Uses
Best Use
Multifamily LT 5
$478.2K
$418.4K – $557.9K
NOI $33,472 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$439.4K
$384.5K – $512.6K
NOI $30,756 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,557 @ 7.0% cap · market cap 3.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
Explore this area
Business Placement
Demographics for 07027, NJ
4,454
Population
2,093
Households
2.1
Avg Household Size
43
Median Age
44%
College-Educated
96%
High-School Grad
0.7 sq mi
ZIP Area
6,363
Density / Sq Mi
$100,948
Median Household Income
$71,328
Median Earnings
$1,603
Median Rent
$509,800
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 renovated units each offer updated interiors, with separate yard access and an oversized detached two-car garage.
Where is this duplex located?
The property is located at 92 3rd Avenue Garwood, NJ.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two renovated rental units (2020) in a building built in 1924, offered AS IS.; Unit 1: first‑floor 2BR/2BA with walk‑in closets, updated interiors, high ceilings with recessed lighting, and laundry in the basement.; Unit 2: second‑floor 3BR/2BA with central air and forced hot air, covered front porch and private entrance.
