New Construction Duplex with
For Sale
$909,800
2 J Russel Smith Road, Lawrenceville, NJ 08648
Two separately deeded units feature individual utilities, finished garages, and direct patio access.
Property Size3,868 SF
Price / SF$235.21
Days on Market325
Property Features for 2 J Russel Smith Road
General Information
Standard status
Active
Size
3,868 SF
Total Parking Spaces
10
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
No
Built-In Microwave, Dishwasher, Exhaust Fan, Oven/Range - Gas
Bathroom - Tub Shower, Combination Dining/Living, Crown Moldings, Kitchen - Galley, Kitchenette, Pantry, Recessed Lighting, Walk-in Closet(s)
No Pool
Above Grade
Sidewalks, Street Lights, Other
Building Details
Year Built
2026
Buildings
1
Listing Agency:
MID-JERSEY REAL ESTATE, INC.
(732) 422-8777
Listed By:
VIJAY SATWAH
(732) 422-8777
Source:
Compass
Added: Oct 12, 2025
Changed: Aug 30
Last Checked: Aug 31 at 10:15PM
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 MID-JERSEY REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This 3,868-square-foot duplex is scheduled as new construction for 2026, with two separately deeded residences that must be purchased together. Each unit includes three bedrooms, two-and-a-half bathrooms, a third-floor loft with an additional full bathroom, and a finished insulated garage. Interior details include laminate flooring, quartz countertops, galley kitchens, ducted exterior microwave ventilation, recessed lighting, walk-in closets, and a nine-foot first-floor ceiling. Sliding doors provide access to the patios.
The property is located in the Tiffany Woods Development in Lawrenceville, within Mercer County and the Lawrence Township Public Schools district. State offices, transportation, and major highways are identified as convenient nearby connections.
Separate utilities support independent operation of the two residences, while the two-deed structure provides distinct ownership records for each side. Residential zoning applies to the property.
The property is located in the Tiffany Woods Development in Lawrenceville, within Mercer County and the Lawrence Township Public Schools district. State offices, transportation, and major highways are identified as convenient nearby connections.
Separate utilities support independent operation of the two residences, while the two-deed structure provides distinct ownership records for each side. Residential zoning applies to the property.
Key Highlights
- Two separately deeded duplex residences sold together
- Each side offers 3 bedrooms and 2.5 bathrooms
- Third‑floor loft and full bathroom included in each unit
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
$68,353
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
7.51%
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%
$1,367,060
$1.4M
Cap Rate 7%
$976,471
$976.5K
Cap Rate 9%
$759,478
$759.5K
Market Conditions
NOI Build-Up for 3,868 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
$104.4K $27.00/SF
− Vacancy
−$6.8K −$1.76/SF
EGI
$97.6K $25.25/SF
− OpEx
−$29.3K −$7.57/SF
NOI
$68.4K $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%
$1,367,060
Cap Rate 7%
$976,471
Cap Rate 9%
$759,478
Alternative Uses
Best Use
Multifamily LT 5
$976.5K
$854.4K – $1.14M
NOI $68,353 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$843.4K
$737.9K – $983.9K
NOI $59,035 @ 7.0% cap · market cap 6.49%
Theoretical Best
Warehouse
$1.24M
$1.09M – $1.45M
NOI $87,114 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 08648, NJ
31,955
Population
12,217
Households
2.6
Avg Household Size
40
Median Age
60%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
1,913
Density / Sq Mi
$118,036
Median Household Income
$54,833
Median Earnings
$1,953
Median Rent
$395,400
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 separately deeded units feature individual utilities, finished garages, and direct patio access.
Where is this duplex located?
The property is located at 2 J Russel Smith Road Lawrenceville, NJ.
What is the asking price?
The asking price for this property is $909,800.
What are key features of this property?
This property features: Two separately deeded duplex residences sold together; Each side offers 3 bedrooms and 2.5 bathrooms; Third‑floor loft and full bathroom included in each unit
