Two-Unit Duplex with Basement
For Sale
$485,000
Pending
18 Crest Avenue, Pennington, NJ 08534
Two residential units offer hardwood flooring, eat-in kitchens, and designated basement storage.
Property Size1,683 SF
Lot Size0.76 Acres
Days on Market153
Property Features for 18 Crest Avenue
General Information
Standard status
Pending
Size
1,683 SF
Lot size
0.76 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
R100
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,479
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1956
Buildings
1
Listing Agency:
Corcoran Sawyer Smith - Pennington
(609) 638-7700
Listed By:
Susan Thompson · License #785606
(609) 638-7700
Source:
Compass
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 2:37PM
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 Corcoran Sawyer Smith - Pennington
Investment Insights
Based on property information with market context.
This duplex at 18 Crest Avenue includes two separate residences, each with two bedrooms, one full bathroom, hardwood flooring, a living room, and an eat-in kitchen. Both kitchens include a refrigerator, dishwasher, and range. The main-level unit contains approximately 860 sq ft and has access to a private basement area with an additional 400 sq ft of storage, plus a washer and dryer. The upper-level unit is also approximately 860 sq ft and has divided basement storage accessed through Bilco doors.
The property occupies .76 acres in Hopewell Township, with an expansive yard that provides outdoor space for recreation, relaxation, or gardening. It is near Pennington, Hopewell Borough, and Princeton, with access to major roadways and nearby train stations. The property is located within the Hopewell Valley Regional Schools district and is zoned R100.
The property occupies .76 acres in Hopewell Township, with an expansive yard that provides outdoor space for recreation, relaxation, or gardening. It is near Pennington, Hopewell Borough, and Princeton, with access to major roadways and nearby train stations. The property is located within the Hopewell Valley Regional Schools district and is zoned R100.
Key Highlights
- Duplex with two separate units, each offering 2 bedrooms and 1 full bath
- Each unit measures approximately 860 sq ft and includes hardwood flooring
- Main‑level unit includes an additional 400 sq ft of private basement storage
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
$29,741
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
6.13%
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%
$594,820
$594.8K
Cap Rate 7%
$424,871
$424.9K
Cap Rate 9%
$330,456
$330.5K
Market Conditions
NOI Build-Up for 1,683 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
$45.4K $27.00/SF
− Vacancy
−$3.0K −$1.76/SF
EGI
$42.5K $25.25/SF
− OpEx
−$12.7K −$7.57/SF
NOI
$29.7K $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%
$594,820
Cap Rate 7%
$424,871
Cap Rate 9%
$330,456
Alternative Uses
Best Use
Multifamily LT 5
$424.9K
$371.8K – $495.7K
NOI $29,741 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$367.0K
$321.1K – $428.1K
NOI $25,687 @ 7.0% cap · market cap 5.30%
Theoretical Best
Warehouse
$541.5K
$473.8K – $631.7K
NOI $37,904 @ 7.0% cap · market cap 7.82%
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
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 08534, NJ
12,955
Population
5,107
Households
2.5
Avg Household Size
45
Median Age
72%
College-Educated
97%
High-School Grad
21.8 sq mi
ZIP Area
594
Density / Sq Mi
$180,491
Median Household Income
$94,154
Median Earnings
$2,106
Median Rent
$573,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer hardwood flooring, eat-in kitchens, and designated basement storage.
Where is this duplex located?
The property is located at 18 Crest Avenue Pennington, NJ.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Duplex with two separate units, each offering 2 bedrooms and 1 full bath; Each unit measures approximately 860 sq ft and includes hardwood flooring; Main‑level unit includes an additional 400 sq ft of private basement storage
