Updated Duplex with Separate
For Sale
$989,000
Pending
245 Westervelt Place, Lodi, NJ 07644
Multi-Family, Lodi, NJ
Property Size3,068 SF
Lot Size0.11 Acres
Days on Market48
Property Features for 245 Westervelt Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 1, Bedroom 5
Parking features
Oversize, Off Street, On Street
Security features
Security System
Patio and Porch features
Patio
Interior features
Attic - Pull Down Strs
Exterior features
Lighting
Fencing
Fenced
Basement
Walk-Out Access
Lot features
Fenced Area
Directions
Route 46 to West Minister Place turn left on willard street, then left on Westervelt Place(a one-way street)
Standard status
Pending
APN
31-00057-0000-00045
Size
3,068 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18546
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
1
Number of units
2
Flooring type
Wood
Listing Agency:
C21/ Solid Gold Realty
Listed By:
Cristine Palazzo
(732) 920-2100
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 7 at 2:06AM
MLS# 22622372
Copyright © 2026 More 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 2006 duplex contains 3,068 square feet on a 0.11-acre lot. The property includes two residential units, separate utilities, central air, wood flooring, a basement, and an attic accessed by pull-down stairs. Recent improvements include a new HVAC system serving the second floor, new wood flooring downstairs, fresh interior paint, new fencing, and stainless steel appliances throughout. The upper-level kitchen adds a granite island and a smart Samsung HUB refrigerator. Skylights bring natural light into the interior, while a second-floor security system is also installed.
The home has a fenced exterior with patio space, exterior lighting, and oversize, on-street, and off-street parking. Public water serves the property, and the location is outside a flood zone. Shopping, dining, major highways, and NYC transportation are identified as convenient nearby access points. The two-unit layout and separate utilities support owner-occupancy, extended-family use, or investment ownership without adding unsupported assumptions about tenancy.
The home has a fenced exterior with patio space, exterior lighting, and oversize, on-street, and off-street parking. Public water serves the property, and the location is outside a flood zone. Shopping, dining, major highways, and NYC transportation are identified as convenient nearby access points. The two-unit layout and separate utilities support owner-occupancy, extended-family use, or investment ownership without adding unsupported assumptions about tenancy.
Key Highlights
- 3,068 square feet on a 0.11‑acre lot
- Duplex built in 2006 with separate utilities
- New second‑floor HVAC system and stainless steel appliances throughout
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
$51,347
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
5.19%
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%
$1,026,940
$1.0M
Cap Rate 7%
$733,529
$733.5K
Cap Rate 9%
$570,522
$570.5K
Market Conditions
NOI Build-Up for 3,068 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
$78.4K $25.56/SF
− Vacancy
−$5.1K −$1.65/SF
EGI
$73.4K $23.91/SF
− OpEx
−$22.0K −$7.17/SF
NOI
$51.3K $16.74/SF
Area
Bergen 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%
$1,026,940
Cap Rate 7%
$733,529
Cap Rate 9%
$570,522
Alternative Uses
Best Use
Multifamily LT 5
$733.5K
$641.8K – $855.8K
NOI $51,347 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$674.0K
$589.8K – $786.3K
NOI $47,180 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$801.1K
$701.0K – $934.6K
NOI $56,078 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,354
Businesses Nearby
Explore this area
Business Placement
Demographics for 07644, NJ
26,206
Population
9,864
Households
2.7
Avg Household Size
39
Median Age
28%
College-Educated
85%
High-School Grad
2.3 sq mi
ZIP Area
11,394
Density / Sq Mi
$84,570
Median Household Income
$48,142
Median Earnings
$1,675
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-story duplex with central air, attic storage, fenced outdoor space, and convenient access to shopping, dining, highways, and NYC transportation.
Where is this duplex located?
The property is located at 245 Westervelt Place Lodi, NJ.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 3,068 square feet on a 0.11‑acre lot; Duplex built in 2006 with separate utilities; New second‑floor HVAC system and stainless steel appliances throughout
