Renovated Duplex with Private
For Sale
$365,000
21 Harvard Avenue, Westville, NJ 08093
Two updated residences feature separate driveways and convenient access to public transportation.
Property Size2,477 SF
Price / SF$147.36
Days on Market153
Property Features for 21 Harvard Avenue
General Information
Standard status
Active
Size
2,477 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
RES
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$36,000
Taxes and HOA fees
Annual Taxes
$10,188
Amenities
No
https://my.matterport.com/show/?m=bJrjeTxT8QW&brand=0
No Pool
Above Grade, Below Grade
Building Details
Year Built
1964
Year Renovated
2019
Listing Agency:
Redfin
(609) 617-6583
Listed By:
Jackie L Imperato · License #0014657
(609) 617-6583
Source:
Compass
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 7:29PM
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 Redfin
Investment Insights
Based on property information with market context.
This up-and-down duplex contains 2,477 square feet with a three-bedroom lower residence and a two-bedroom upper residence. Both units were updated in 2019 and include fresh paint, replacement windows, and updated kitchens. The lower unit has granite countertops, a refrigerator, range, microwave, hot water heater, toilets, and vanities. The upper unit adds granite countertops, new cabinetry, appliances, a stacked washer and dryer, and a new hot water heater. Each residence has its own off-street driveway parking space. The property is zoned RES and was built in 1964.
Located at 21 Harvard Avenue in Westville, the duplex is a half-block from public transportation and minutes from Route 295. Shopping, dining, and recreational options are nearby. The property is being sold as-is.
Located at 21 Harvard Avenue in Westville, the duplex is a half-block from public transportation and minutes from Route 295. Shopping, dining, and recreational options are nearby. The property is being sold as-is.
Key Highlights
- 2,477‑square‑foot duplex with 3‑bedroom and 2‑bedroom residences
- Both units renovated in 2019 with updated kitchens, windows, and fresh paint
- Private off‑street driveway parking space for 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
$32,546
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
8.92%
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%
$650,920
$650.9K
Cap Rate 7%
$464,943
$464.9K
Cap Rate 9%
$361,622
$361.6K
Market Conditions
NOI Build-Up for 2,477 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
$49.0K $19.80/SF
− Vacancy
−$2.6K −$1.03/SF
EGI
$46.5K $18.77/SF
− OpEx
−$13.9K −$5.63/SF
NOI
$32.5K $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%
$650,920
Cap Rate 7%
$464,943
Cap Rate 9%
$361,622
Alternative Uses
Best Use
Multifamily LT 5
$464.9K
$406.8K – $542.4K
NOI $32,546 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$413.6K
$361.9K – $482.5K
NOI $28,952 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$832.6K
$728.5K – $971.4K
NOI $58,283 @ 7.0% cap · market cap 15.97%
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
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 08093, NJ
9,933
Population
4,473
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,483
Density / Sq Mi
$70,257
Median Household Income
$41,051
Median Earnings
$1,230
Median Rent
$192,800
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 updated residences feature separate driveways and convenient access to public transportation.
Where is this duplex located?
The property is located at 21 Harvard Avenue Westville, NJ.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 2,477‑square‑foot duplex with 3‑bedroom and 2‑bedroom residences; Both units renovated in 2019 with updated kitchens, windows, and fresh paint; Private off‑street driveway parking space for each unit
