Two-Unit Duplex Near Verona
New
For Sale
$839,000
35 Lakeview Pl, Verona, NJ 07044
Vacant at closing, this two-unit property supports owner occupancy, rental placement, or a combination of both.
Property Size2,294 SF
Price / SF$365.74
Days on Market4
Property Features for 35 Lakeview Pl
General Information
Standard status
Active
Size
2,294 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,587
Building Details
Year Built
1901
Buildings
1
Units
2
Listing Agency:
Nest Seekers New Jersey, LLC
(732) 330-7803
Listed By:
CHRISTEN SACHS · License #1867425
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 6:25AM
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 Nest Seekers New Jersey, LLC
Investment Insights
Based on property information with market context.
Built in 1901, this duplex contains two residential units totaling 2294 sf. The first-floor unit has 2 bedrooms and 1 bathroom, while the second-floor unit includes 4 bedrooms and 1 bathroom. The property is currently owner-occupied and is expected to be delivered vacant at closing, providing flexibility for the next owner’s occupancy or leasing plans.
Located near Verona Park, the property is also within walking distance of downtown Verona’s cafés and shops. NYC transit access adds convenience, while walkability and bikeability are reflected in scores of 88 and 67, respectively.
Located near Verona Park, the property is also within walking distance of downtown Verona’s cafés and shops. NYC transit access adds convenience, while walkability and bikeability are reflected in scores of 88 and 67, respectively.
Key Highlights
- Two‑unit duplex at 35 Lakeview Pl, Verona Twp., NJ 07044‑2008
- 2294 sf combined across two units
- First‑floor unit has 2 beds and 1 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
$38,393
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
4.58%
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%
$767,860
$767.9K
Cap Rate 7%
$548,471
$548.5K
Cap Rate 9%
$426,589
$426.6K
Market Conditions
NOI Build-Up for 2,294 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
$58.6K $25.56/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$54.8K $23.91/SF
− OpEx
−$16.5K −$7.17/SF
NOI
$38.4K $16.74/SF
Area
Essex 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%
$767,860
Cap Rate 7%
$548,471
Cap Rate 9%
$426,589
Alternative Uses
Best Use
Multifamily LT 5
$548.5K
$479.9K – $639.9K
NOI $38,393 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$504.0K
$441.0K – $588.0K
NOI $35,277 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$599.0K
$524.1K – $698.9K
NOI $41,931 @ 7.0% cap · market cap 5.00%
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
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 07044, NJ
14,572
Population
5,997
Households
2.4
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
2.8 sq mi
ZIP Area
5,204
Density / Sq Mi
$159,044
Median Household Income
$85,852
Median Earnings
$2,125
Median Rent
$595,000
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 - Vacant at closing, this two-unit property supports owner occupancy, rental placement, or a combination of both.
Where is this duplex located?
The property is located at 35 Lakeview Pl Verona, NJ.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Two‑unit duplex at 35 Lakeview Pl, Verona Twp., NJ 07044‑2008; 2294 sf combined across two units; First‑floor unit has 2 beds and 1 bath
