Renovated Duplex with Private
For Sale
$819,000
28 VICTORIA Avenue, Spotswood, NJ 08884
Multi-Family, SPOTSWOOD, NJ
Property Size2,152 SF
Lot Size0.23 Acres
Price / SF$380.58
Days on Market131
Property Features for 28 VICTORIA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
4
Parking features
Driveway
Interior features
Attic
Elementary school district
SPOTSWOOD PUBLIC SCHOOLS
Middle school district
SPOTSWOOD PUBLIC SCHOOLS
High school district
SPOTSWOOD PUBLIC SCHOOLS
Standard status
Active
Size
2,152 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
11160
Utilities
Heating system
Baseboard, Hot Water(Heating)
Amenities
private laundry areas with washer & dryer
mudroom access
private yard space
separate driveway
walkout basement
full unfinished attic with loft potential
Building Details
Year built
1934
Number of units
2
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Keller Williams Premier · Keller Williams Realty
(609) 459-5100
Listed By:
Ann M Parisi · License #1752550
(609) 532-8693
Added: May 13
Changed: Sep 16
Last Checked: Sep 20 at 5:06PM
MLS# NJMX2012086
Copyright © 2026 Bright 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 renovated duplex contains two units, each with 3 bedrooms and 1 full bath. Both units include separate full basements with private laundry areas, washers and dryers, mudroom access from the backyard, individual utilities including water, private yard space, and separate driveways. One unit also has a walkout basement and a full unfinished attic with loft potential.
The property encompasses 2,152 square feet on a 0.2296-acre lot and was built in 1934. Improvements include baseboard and hot water heating, a gas hot water heater, vinyl siding, and public water and sewer. The roof was replaced in 2024, with 6-inch gutters added at the same time. Appliances are included, and driveway parking is provided.
The property encompasses 2,152 square feet on a 0.2296-acre lot and was built in 1934. Improvements include baseboard and hot water heating, a gas hot water heater, vinyl siding, and public water and sewer. The roof was replaced in 2024, with 6-inch gutters added at the same time. Appliances are included, and driveway parking is provided.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bath in each unit
- 2,152 square feet on a 0.2296‑acre lot
- Separate full basements with private laundry areas, washers and dryers
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
$36,016
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
4.40%
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%
$720,320
$720.3K
Cap Rate 7%
$514,514
$514.5K
Cap Rate 9%
$400,178
$400.2K
Market Conditions
NOI Build-Up for 2,152 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
$55.0K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$51.5K $23.91/SF
− OpEx
−$15.4K −$7.17/SF
NOI
$36.0K $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%
$720,320
Cap Rate 7%
$514,514
Cap Rate 9%
$400,178
Alternative Uses
Best Use
Multifamily LT 5
$514.5K
$450.2K – $600.3K
NOI $36,016 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$472.8K
$413.7K – $551.6K
NOI $33,093 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$561.9K
$491.7K – $655.6K
NOI $39,335 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 08884, NJ
8,185
Population
3,318
Households
2.5
Avg Household Size
45
Median Age
34%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
3,559
Density / Sq Mi
$101,125
Median Household Income
$57,834
Median Earnings
$1,097
Median Rent
$358,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer separate utilities, laundry areas, driveways, and private yard space.
Where is this duplex located?
The property is located at 28 VICTORIA Avenue Spotswood, NJ.
What is the asking price?
The asking price for this property is $819,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bath in each unit; 2,152 square feet on a 0.2296‑acre lot; Separate full basements with private laundry areas, washers and dryers
