Renovated Duplex with Private
For Sale
$819,000
28 VICTORIA Avenue, Spotswood, NJ 08884
MULTI_FAMILY - Other - SPOTSWOOD, NJ
Property Size2,152 SF
Lot Size0.23 Acres
Price / SF$380.58
Days on Market97
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
Hot Water(Heating), Baseboard
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: Aug 4
Last Checked: Aug 17 at 12:06AM
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.
Located at 28 Victoria Avenue in Spotswood, this duplex includes two residential units, each with three bedrooms and one full bathroom. Both units have separate full basements with private laundry areas, washer and dryer appliances, mudroom access to the backyard, individual utilities including water, private yard space, and separate driveways. One unit also includes a walkout basement and an unfinished attic with loft potential.
The 2,152-square-foot property sits on 0.2296 acres and was built in 1934. Improvements include vinyl siding, baseboard and hot-water heating, a gas hot-water heater, public water and sewer, and appliances included in the sale. The roof was replaced and 6-inch gutters were added in 2024. The property is near shopping, restaurants, and major highways.
The 2,152-square-foot property sits on 0.2296 acres and was built in 1934. Improvements include vinyl siding, baseboard and hot-water heating, a gas hot-water heater, public water and sewer, and appliances included in the sale. The roof was replaced and 6-inch gutters were added in 2024. The property is near shopping, restaurants, and major highways.
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, including washer and dryer 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
$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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
326
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
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 three-bedroom units offer separate basements, laundry areas, individual utilities, yards, and driveways.
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, including washer and dryer appliances
