Two-Unit Duplex with Finished
For Sale
$630,000
11-13 Hart Avenue, Hopewell, NJ 08525
Two residential units offer flexible attic areas, walk-out basements, decks, and off-street parking in an in-town setting.
Property Size2,145 SF
Price / SF$293.71
Days on Market118
Property Features for 11-13 Hart Avenue
General Information
Standard status
Active
Size
2,145 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
R75P
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,376
Amenities
wood deck
No
Attic, Kitchen - Eat-In, Bathroom - Tub Shower
No Pool
Deck(s), Porch(es)
Building Details
Year Built
1930
Listing Agency:
Coldwell Banker Residential Brokerage - Princeton
(609) 651-6988
Listed By:
Lee Yeen Tai · License #RS357515
(609) 651-6988
Source:
Compass
Added: May 6
Changed: Aug 30
Last Checked: Aug 31 at 2:07AM
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 Coldwell Banker Residential Brokerage - Princeton
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,145 square feet and was built in 1930. The 11 Hart Ave unit offers three bedrooms and one full bath, with a heated and air-conditioned finished attic that can serve as a bedroom, office, or recreation area. The 13 Hart Ave unit includes two bedrooms, one full bath, and a finished attic suitable for storage. Both units provide living, dining, and kitchen areas, wood flooring throughout, and unfinished walk-out basements with laundry and storage space.
Each residence has a rear deck overlooking the backyard, and the property includes two off-street parking spaces at the end of the backyard. The property is located in Hopewell Borough near restaurants and shopping, with access to Rt-518, Rt-31, US-206, US-1, and I-295. Zoning is R75P.
Each residence has a rear deck overlooking the backyard, and the property includes two off-street parking spaces at the end of the backyard. The property is located in Hopewell Borough near restaurants and shopping, with access to Rt-518, Rt-31, US-206, US-1, and I-295. Zoning is R75P.
Key Highlights
- Two‑unit duplex totaling 2,145 SF
- 11 Hart Ave unit has 3 bedrooms and 1 full bath
- 13 Hart Ave unit has 2 bedrooms and 1 full bath
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
$37,905
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
6.02%
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%
$758,100
$758.1K
Cap Rate 7%
$541,500
$541.5K
Cap Rate 9%
$421,167
$421.2K
Market Conditions
NOI Build-Up for 2,145 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
$57.9K $27.00/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$54.2K $25.25/SF
− OpEx
−$16.2K −$7.57/SF
NOI
$37.9K $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%
$758,100
Cap Rate 7%
$541,500
Cap Rate 9%
$421,167
Alternative Uses
Best Use
Multifamily LT 5
$541.5K
$473.8K – $631.8K
NOI $37,905 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$467.7K
$409.2K – $545.6K
NOI $32,738 @ 7.0% cap · market cap 5.20%
Theoretical Best
Warehouse
$690.1K
$603.9K – $805.2K
NOI $48,309 @ 7.0% cap · market cap 7.67%
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
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 08525, NJ
4,649
Population
2,024
Households
2.3
Avg Household Size
46
Median Age
63%
College-Educated
97%
High-School Grad
22.4 sq mi
ZIP Area
208
Density / Sq Mi
$157,868
Median Household Income
$74,138
Median Earnings
$1,646
Median Rent
$551,300
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 residential units offer flexible attic areas, walk-out basements, decks, and off-street parking in an in-town setting.
Where is this duplex located?
The property is located at 11-13 Hart Avenue Hopewell, NJ.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,145 SF; 11 Hart Ave unit has 3 bedrooms and 1 full bath; 13 Hart Ave unit has 2 bedrooms and 1 full bath
