Two-Unit Duplex with
For Sale
$599,000
Pending
38 N Gaston Ave, Somerville, NJ 08876
Multi-Family, 2-Two Story, Somerville Boro, NJ
Property Size3,000 SF
Lot Size0.29 Acres
Days on Market100
Property Features for 38 N Gaston Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
1
Half bathrooms
2
Rooms
Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Basement, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Parking
13
Interior features
Blinds, Carbon Monoxide Detector, Carpeting, Fire Extinguisher, Smoke Detector
Exterior features
Curbs, Sidewalk
Directions
From Main St./Downtown Somerville, turn onto N. Gaston Ave; Convenient access to Routes 22, 202/206, I-287, and the Somerville train station.
Standard status
Pending
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18151
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1989
Floors in Building
2
Number of units
2
Roof type
Flat
Architectural style
Other
Listing Agency:
PREMIER HOMES
(908) 245-6767
Listed By:
JUAN CARLOS JIJON REZA
(800) 245-2272
Added: May 15
Changed: Aug 21
Last Checked: Aug 22 at 3:06PM
MLS# 4028128
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.
This duplex, built in 1989, contains approximately 3,000 square feet across two residences. Each unit includes four bedrooms and one bathroom, providing a combined total of eight bedrooms and two bathrooms. A full basement adds storage space and potential for future finishing. Central air, forced-air heat, public water, and public sewer serve the property, which occupies 0.29 acres and includes a flat roof, sidewalks, and curbs.
The property is located at 38 N Gaston Ave in Somerville Boro, near downtown Somerville, Main Street, NJ Transit, Routes 22 and 202/206, and I-287. Thirteen off-street parking spaces support the two-unit configuration. The property is currently commercially zoned, while the owner has initiated rezoning to residential multifamily and is willing to continue that process for a buyer purchasing it as a two-family property.
The property is located at 38 N Gaston Ave in Somerville Boro, near downtown Somerville, Main Street, NJ Transit, Routes 22 and 202/206, and I-287. Thirteen off-street parking spaces support the two-unit configuration. The property is currently commercially zoned, while the owner has initiated rezoning to residential multifamily and is willing to continue that process for a buyer purchasing it as a two-family property.
Key Highlights
- Two units with 4 bedrooms and 1 bathroom each
- Approximately 3,000 sq ft on a 0.29‑acre lot
- Full basement with storage and potential finishing options
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
$42,815
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
7.15%
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%
$856,300
$856.3K
Cap Rate 7%
$611,643
$611.6K
Cap Rate 9%
$475,722
$475.7K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$3.6K −$1.21/SF
EGI
$61.2K $20.39/SF
− OpEx
−$18.3K −$6.12/SF
NOI
$42.8K $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%
$856,300
Cap Rate 7%
$611,643
Cap Rate 9%
$475,722
Alternative Uses
Best Use
Multifamily LT 5
$611.6K
$535.2K – $713.6K
NOI $42,815 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$532.3K
$465.8K – $621.1K
NOI $37,264 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 08876, NJ
22,849
Population
9,717
Households
2.4
Avg Household Size
40
Median Age
56%
College-Educated
94%
High-School Grad
16.0 sq mi
ZIP Area
1,428
Density / Sq Mi
$120,823
Median Household Income
$70,464
Median Earnings
$1,776
Median Rent
$468,400
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 four-bedroom residences with separate baths, central air, and substantial off-street parking near downtown Somerville.
Where is this duplex located?
The property is located at 38 N Gaston Ave Somerville, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two units with 4 bedrooms and 1 bathroom each; Approximately 3,000 sq ft on a 0.29‑acre lot; Full basement with storage and potential finishing options
