Duplex with Full
For Sale
Under Contract
$729,999
237 Middlesex Avenue, Iselin, NJ 08830
Residential Income, Iselin, NJ
Property Size2,288 SF
Lot Size0.22 Acres
Price / SF$319.06
Days on Market48
Property Features for 237 Middlesex Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-6
Zoning description
Buyer Should Verify
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Dining Room, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Basement
Interior features
Unit 1(2+ Baths, 3 Bedrooms, Dining Room, Kitchen, Living Room), Unit 2(1 Bath, 2 Bedrooms, Kitchen, Living Room)
Appliances
Water Heater(Gas), Water Heater, Unit 1(Dryer, Range/Oven, Refrigerator, Washer), Unit 2(Range/Oven, Refrigerator)
Subdivision
Iselin 2nd Map
Lot features
Level
Elementary school district
Woodbridge Township Sd
Middle school district
Woodbridge Township Sd
High school district
Woodbridge Township Sd
Standard status
Active Under Contract
APN
2500447080188802
Size
2,288 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14270
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Floors in Building
2
Building materials
Vinyl Siding
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
Jason Eckert
(973) 766-3829
Added: Aug 4
Changed: Sep 14
Last Checked: Sep 20 at 4:06PM
MLS# 2770235M
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,288-square-foot duplex, built in 1955, includes two distinct residential units. The first-floor unit provides 3 bedrooms, 3 full bathrooms, a dining room, kitchen, living room, full basement, and a private left-side driveway. The second-floor unit includes 2 bedrooms, 1 full bathroom, a kitchen, living room, and private right-side driveway.
The property occupies 0.2204 acres in Iselin, NJ, with access to public water and public sewer. Building systems include forced-air heating, central air, vinyl siding, and gas water heating. The location is near Metropark train station, shopping, restaurants, and major highways. The property is offered strictly as-is, with buyers responsible for evaluating condition and municipal requirements.
The property occupies 0.2204 acres in Iselin, NJ, with access to public water and public sewer. Building systems include forced-air heating, central air, vinyl siding, and gas water heating. The location is near Metropark train station, shopping, restaurants, and major highways. The property is offered strictly as-is, with buyers responsible for evaluating condition and municipal requirements.
Key Highlights
- Two‑unit duplex with 2,288 square feet of property size
- First‑floor unit has 3 bedrooms, 3 full bathrooms, and a full basement
- Second‑floor unit includes 2 bedrooms and 1 full bathroom
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
$38,292
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
5.25%
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%
$765,840
$765.8K
Cap Rate 7%
$547,029
$547.0K
Cap Rate 9%
$425,467
$425.5K
Market Conditions
NOI Build-Up for 2,288 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
$58.5K $25.56/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$54.7K $23.91/SF
− OpEx
−$16.4K −$7.17/SF
NOI
$38.3K $16.74/SF
Area
Middlesex 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%
$765,840
Cap Rate 7%
$547,029
Cap Rate 9%
$425,467
Alternative Uses
Best Use
Multifamily LT 5
$547.0K
$478.7K – $638.2K
NOI $38,292 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$502.6K
$439.8K – $586.4K
NOI $35,185 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$597.4K
$522.8K – $697.0K
NOI $41,821 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
806
Businesses Nearby
Explore this area
Business Placement
Demographics for 08830, NJ
20,088
Population
6,618
Households
3
Avg Household Size
39
Median Age
55%
College-Educated
89%
High-School Grad
3.2 sq mi
ZIP Area
6,278
Density / Sq Mi
$112,615
Median Household Income
$61,805
Median Earnings
$2,051
Median Rent
$394,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - R-6-zoned property with separate living areas, kitchens, and private driveways.
Where is this duplex located?
The property is located at 237 Middlesex Avenue Iselin, NJ.
What is the asking price?
The asking price for this property is $729,999.
What are key features of this property?
This property features: Two‑unit duplex with 2,288 square feet of property size; First‑floor unit has 3 bedrooms, 3 full bathrooms, and a full basement; Second‑floor unit includes 2 bedrooms and 1 full bathroom
