Renovated Two-Unit Residential Income
For Sale
$1,050,000
Pending
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
Days on Market98
Property Features for 92 3rd Avenue
General Information
Standard status
Pending
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: Oct 8
Last Checked: Oct 20 at 8:32PM
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
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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 / Yr
$33,472
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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.
