Updated Two-Family
For Sale
$989,000
245 Westervelt Place, Lodi, NJ 07644
Two-family property with separate utilities, updated interiors, attic storage, and convenient access to transportation and everyday amenities.
Property Size3,068 SF
Price / SF$322.36
Days on Market37
Property Features for 245 Westervelt Place
General Information
Standard status
Active
Size
3,068 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Clayton & Clayton Inc.Realtors
(732) 847-2901
Listed By:
William Hagan Group
(732) 847-2901
Source:
Williamhagangroup
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 26 at 1:01PM
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 Clayton & Clayton Inc.Realtors
Investment Insights
Based on property information with market context.
This two-family duplex in Lodi, New Jersey, was built in 2006 and contains 3,068 square feet. The property has been freshly painted and includes separate utilities for each residence. Recent improvements include new wood flooring on the first floor, a new HVAC system serving the second floor, updated fencing, and stainless steel appliances throughout the home.
The second-floor kitchen features a granite island and stainless steel appliances, including a Samsung HUB smart refrigerator. Skylights add natural light, while an attic provides additional storage. A security system is installed on the second floor, and the property is not located in a flood zone.
245 Westervelt Place offers access to shopping, dining, major highways, and NYC transportation. The property is situated in Bergen County and provides a two-unit residential configuration with updated features and practical utility separation.
The second-floor kitchen features a granite island and stainless steel appliances, including a Samsung HUB smart refrigerator. Skylights add natural light, while an attic provides additional storage. A security system is installed on the second floor, and the property is not located in a flood zone.
245 Westervelt Place offers access to shopping, dining, major highways, and NYC transportation. The property is situated in Bergen County and provides a two-unit residential configuration with updated features and practical utility separation.
Key Highlights
- Two‑family duplex with 3,068 square feet
- Built in 2006 with separate utilities
- Second‑floor kitchen with granite island and stainless steel appliances
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
$51,347
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
5.19%
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%
$1,026,940
$1.0M
Cap Rate 7%
$733,529
$733.5K
Cap Rate 9%
$570,522
$570.5K
Market Conditions
NOI Build-Up for 3,068 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
$78.4K $25.56/SF
− Vacancy
−$5.1K −$1.65/SF
EGI
$73.4K $23.91/SF
− OpEx
−$22.0K −$7.17/SF
NOI
$51.3K $16.74/SF
Area
Bergen 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%
$1,026,940
Cap Rate 7%
$733,529
Cap Rate 9%
$570,522
Alternative Uses
Best Use
Multifamily LT 5
$733.5K
$641.8K – $855.8K
NOI $51,347 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$674.0K
$589.8K – $786.3K
NOI $47,180 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$801.1K
$701.0K – $934.6K
NOI $56,078 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,354
Businesses Nearby
Explore this area
Business Placement
Demographics for 07644, NJ
26,206
Population
9,864
Households
2.7
Avg Household Size
39
Median Age
28%
College-Educated
85%
High-School Grad
2.3 sq mi
ZIP Area
11,394
Density / Sq Mi
$84,570
Median Household Income
$48,142
Median Earnings
$1,675
Median Rent
$449,200
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-family property with separate utilities, updated interiors, attic storage, and convenient access to transportation and everyday amenities.
Where is this duplex located?
The property is located at 245 Westervelt Place Lodi, NJ.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Two‑family duplex with 3,068 square feet; Built in 2006 with separate utilities; Second‑floor kitchen with granite island and stainless steel appliances
