Side-by-Side
For Sale
Under Contract
$575,000
512-516 Voorhees Avenue, Middlesex, NJ 08846
Residential Income, Middlesex, NJ
Property Size2,204 SF
Lot Size0.22 Acres
Price / SF$260.89
Days on Market49
Property Features for 512-516 Voorhees Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R60B
Zoning description
Conform to Zoning
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Porch, Patio
Interior features
Unit 1(3 Bedrooms, Kitchen, 1 Bath, Living Room, See Remarks), Unit 2(3 Bedrooms, Kitchen, 1 Bath, Living Room, See Remarks)
Exterior features
Barbecue, Patio, Porch(es) - Enclosed, Storage Shed, Porch
Appliances
Water Heater(Electric), Water Heater
Subdivision
Lincoln
Lot features
Level
Elementary school district
Middlesex Borough School Distr
Middle school district
Middlesex Borough School Distr
High school district
Middlesex Borough School Distr
Directions
Head east on Mountain Avenue, turn left onto Lincoln Boulevard, then turn right onto Voorhees Ave.
Standard status
Active Under Contract
APN
1000313000000038
Size
2,204 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12947
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Amenities
covered front porch
rear screened porch
large backyard
separate basement areas
expansive driveway
Building Details
Year built
1970
Floors in Building
2
Building materials
Brick, Vinyl Siding
Additional Structures
See Remarks, Storage
Listing Agency:
KELLER WILLIAMS TOWNE SQUARE · Keller Williams Realty
(908) 766-0085
Listed By:
Alexander Petrone
(732) 560-0200
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 7 at 1:06AM
MLS# 2701266R
Copyright © 2026 All Jersey 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.
Located at 512-516 Voorhees Avenue, this 2,204-square-foot side-by-side duplex contains two three-bedroom, one-bath residences. Each unit includes a living room, dining room, kitchen, bedrooms, and hardwood flooring across much of the living area. Individual basement sections provide additional storage and utility space, while the property also features covered and screened porch areas, an expansive driveway, a large backyard, and a storage shed.
Built in 1970 on 0.2152 acres, the property has brick and vinyl siding, electric baseboard heat, wall and window unit cooling, public water, and public sewer. The units are separately metered, with tenants responsible for utilities and lawn maintenance; the owner pays taxes and insurance. Both residences are occupied under month-to-month leases. The property is offered as-is and requires updating. Parks, schools, shopping, dining, public transportation, Dunellen Train Station, Routes 28 and 22, and I-287 are nearby.
Built in 1970 on 0.2152 acres, the property has brick and vinyl siding, electric baseboard heat, wall and window unit cooling, public water, and public sewer. The units are separately metered, with tenants responsible for utilities and lawn maintenance; the owner pays taxes and insurance. Both residences are occupied under month-to-month leases. The property is offered as-is and requires updating. Parks, schools, shopping, dining, public transportation, Dunellen Train Station, Routes 28 and 22, and I-287 are nearby.
Key Highlights
- Two 3‑bedroom, 1‑bath units in a side‑by‑side duplex configuration
- 2,204 square feet on a 0.2152‑acre lot
- Both units occupied by long‑term tenants on month‑to‑month leases
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
$36,887
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
6.42%
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%
$737,740
$737.7K
Cap Rate 7%
$526,957
$527.0K
Cap Rate 9%
$409,856
$409.9K
Market Conditions
NOI Build-Up for 2,204 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
$56.3K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.7K $23.91/SF
− OpEx
−$15.8K −$7.17/SF
NOI
$36.9K $16.74/SF
Area
Middlesex 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%
$737,740
Cap Rate 7%
$526,957
Cap Rate 9%
$409,856
Alternative Uses
Best Use
Multifamily LT 5
$527.0K
$461.1K – $614.8K
NOI $36,887 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$484.2K
$423.7K – $564.9K
NOI $33,893 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$575.5K
$503.6K – $671.4K
NOI $40,286 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 08846, NJ
14,636
Population
5,703
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
91%
High-School Grad
3.5 sq mi
ZIP Area
4,182
Density / Sq Mi
$107,063
Median Household Income
$58,140
Median Earnings
$1,493
Median Rent
$414,600
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 separately metered residences offer basement storage, enclosed porches, hardwood flooring, and a large shared yard.
Where is this duplex located?
The property is located at 512-516 Voorhees Avenue Middlesex, NJ.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units in a side‑by‑side duplex configuration; 2,204 square feet on a 0.2152‑acre lot; Both units occupied by long‑term tenants on month‑to‑month leases
