Four-Unit Brick
New
For Sale
$599,999
976-978--978 E STATE Street, Trenton, NJ 08609
Multi-Family, TRENTON, NJ
Property Size2,448 SF
Lot Size0.07 Acres
Price / SF$245.10
Days on Market6
Property Features for 976-978--978 E STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
On Street
Elementary school district
TRENTON PUBLIC SCHOOLS
Middle school district
TRENTON PUBLIC SCHOOLS
High school district
TRENTON PUBLIC SCHOOLS
Standard status
Active
Size
2,448 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
4035
Utilities
Heating system
Hot Water(Heating), Baseboard
Building Details
Year built
1913
Number of units
1
Building materials
Brick
Listing Agency:
HomeSmart Nexus Realty Group - Princeton · HomeSmart International
(215) 909-7355
Listed By:
Tynisha D Isom · License #1968333
(609) 508-4336
Added: Aug 24
Last Checked: Aug 29 at 5:06AM
MLS# NJME2082560
Copyright © 2026 Bright MLS. 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.
This four-unit multifamily property contains 2,448 square feet and offers a balanced unit mix of two three-bedroom apartments and two one-bedroom apartments. The building was constructed in 1913 with brick construction and includes a basement. Heating is provided through hot water and baseboard systems.
Located at 976-978 E State Street in Trenton, New Jersey, the property sits on a 0.0657-acre lot. Parking is available on the street, and the configuration places four separate residences within one building.
Located at 976-978 E State Street in Trenton, New Jersey, the property sits on a 0.0657-acre lot. Parking is available on the street, and the configuration places four separate residences within one building.
Key Highlights
- Four‑unit multifamily building with 2 three‑bedroom and 2 one‑bedroom apartments
- 2,448 square feet of property size
- Brick construction completed in 1913
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
$43,260
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
7.21%
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%
$865,200
$865.2K
Cap Rate 7%
$618,000
$618.0K
Cap Rate 9%
$480,667
$480.7K
Market Conditions
NOI Build-Up for 2,448 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
$66.1K $27.00/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$61.8K $25.25/SF
− OpEx
−$18.5K −$7.57/SF
NOI
$43.3K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /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%
$865,200
Cap Rate 7%
$618,000
Cap Rate 9%
$480,667
Alternative Uses
Best Use
Multifamily LT 5
$618.0K
$540.8K – $721.0K
NOI $43,260 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$533.8K
$467.0K – $622.7K
NOI $37,363 @ 7.0% cap · market cap 6.23%
Theoretical Best
Warehouse
$787.6K
$689.2K – $918.9K
NOI $55,133 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Explore this area
Business Placement
Demographics for 08609, NJ
14,867
Population
5,347
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
11,436
Density / Sq Mi
$56,932
Median Household Income
$36,133
Median Earnings
$1,218
Median Rent
$96,700
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?
Quadplex - Brick multifamily property with two three-bedroom and two one-bedroom apartments.
Where is this quadplex located?
The property is located at 976-978--978 E STATE Street Trenton, NJ.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Four‑unit multifamily building with 2 three‑bedroom and 2 one‑bedroom apartments; 2,448 square feet of property size; Brick construction completed in 1913
