Victorian Duplex with Fenced
For Sale
$699,000
119 Grandview Avenue, Pitman, NJ 08071
Two residences offer three bedrooms, finished attic flexibility, private outdoor areas, and separate off-street parking.
Property Size3,072 SF
Price / SF$227.54
Days on Market185
Property Features for 119 Grandview Avenue
General Information
Standard status
Active
Size
3,072 SF
Total Parking Spaces
6
Property subtype
Multi-Family / Fee Simple
Zoning
RES
Units
Unit Mix
2 x 3BR + bonus finished attic
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,985
Amenities
custom playground
private decks
finished attic
wood-burning fireplace
on-site laundry
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1920
Buildings
1
Construction
Victorian
Listing Agency:
Keller Williams Realty
(609) 602-5762
Listed By:
Ronald W Halbruner Jr. · License #RS341208
(609) 602-5762
Source:
Compass
Added: Feb 26
Changed: Aug 30
Last Checked: Aug 30 at 5:52AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 1920 Victorian duplex contains two residences, each with three bedrooms and a finished attic that can serve as additional living, office, or studio space. The property totals 3,072 SF and includes 9-foot ceilings, oversized windows, original mahogany detailing, private decks, and a large fenced backyard with a custom playground. One unit is vacant, while the other has been occupied by the same tenants for more than 20 years. The occupied residence also features an open living and dining area with a wood-burning fireplace.
Two separate driveways provide off-street parking for 6+ vehicles. The vacant unit includes a white kitchen, laminate flooring, laundry, and an unfinished basement with shelving. The property is located in Pitman, near Uptown Pitman, the Pitman Theatre, Broadway shops and restaurants, and Pitman Boro Public Schools. Zoning is RES.
Two separate driveways provide off-street parking for 6+ vehicles. The vacant unit includes a white kitchen, laminate flooring, laundry, and an unfinished basement with shelving. The property is located in Pitman, near Uptown Pitman, the Pitman Theatre, Broadway shops and restaurants, and Pitman Boro Public Schools. Zoning is RES.
Key Highlights
- 3,072 SF Victorian duplex built in 1920
- Each unit includes 3 bedrooms plus a finished attic
- One unit vacant; the other has a tenant in place for over 20 years
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
$40,364
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
5.77%
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%
$807,280
$807.3K
Cap Rate 7%
$576,629
$576.6K
Cap Rate 9%
$448,489
$448.5K
Market Conditions
NOI Build-Up for 3,072 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
$60.8K $19.80/SF
− Vacancy
−$3.2K −$1.03/SF
EGI
$57.7K $18.77/SF
− OpEx
−$17.3K −$5.63/SF
NOI
$40.4K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /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%
$807,280
Cap Rate 7%
$576,629
Cap Rate 9%
$448,489
Alternative Uses
Best Use
Multifamily LT 5
$576.6K
$504.6K – $672.7K
NOI $40,364 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$513.0K
$448.8K – $598.5K
NOI $35,907 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$1.03M
$903.6K – $1.20M
NOI $72,284 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 08071, NJ
9,259
Population
3,984
Households
2.3
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
2,806
Density / Sq Mi
$97,222
Median Household Income
$51,243
Median Earnings
$1,488
Median Rent
$258,400
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 residences offer three bedrooms, finished attic flexibility, private outdoor areas, and separate off-street parking.
Where is this duplex located?
The property is located at 119 Grandview Avenue Pitman, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,072 SF Victorian duplex built in 1920; Each unit includes 3 bedrooms plus a finished attic; One unit vacant; the other has a tenant in place for over 20 years
