Owner-Occupied Duplex Near Verona
For Sale
$799,999
Pending
35 Lakeview Place, Verona, NJ 07044
Multi-Family, Verona, NJ
Property Size2,366 SF
Lot Size0.16 Acres
Days on Market47
Property Features for 35 Lakeview Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential, Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Basement, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 4
Basement
Full
Directions
Right or left off Bloomfield Ave
Standard status
Pending
APN
20-00612-0000-00024
Size
2,366 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13587
Utilities
Sewer type
Public Sewer
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1901
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Nest Seekers New Jersey LLC
(732) 454-0392
Listed By:
Christen Sachs · License #1867425
(732) 330-7803
Added: Aug 5
Changed: Sep 15
Last Checked: Sep 20 at 5:06AM
MLS# 22624192
Copyright © 2026 More 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 Verona duplex contains two residential units with a two-bedroom, one-bath layout on the first floor and a four-bedroom, one-bath layout above. The property is currently owner-occupied and is expected to be delivered vacant at closing, allowing the next owner to determine the occupancy arrangement. Multi-unit cooling, a shingle roof, public water, and public sewer are among the documented property features. Built in 1901, the home sits on a 0.16-acre lot.
The property is located at 35 Lakeview Place, steps from Verona Park and within a short stroll of downtown Verona's cafes and shops. NYC transit access is also noted, along with proximity to local schools. The combination of two separate units, immediate vacancy at closing, and an established residential setting supports flexible residential use without relying on a current tenant arrangement.
The property is located at 35 Lakeview Place, steps from Verona Park and within a short stroll of downtown Verona's cafes and shops. NYC transit access is also noted, along with proximity to local schools. The combination of two separate units, immediate vacancy at closing, and an established residential setting supports flexible residential use without relying on a current tenant arrangement.
Key Highlights
- Two‑unit duplex with a first‑floor 2‑bedroom, 1‑bath layout
- Second unit includes 4 bedrooms and 1 bathroom
- Property to be delivered vacant at closing
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
$39,598
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
4.95%
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%
$791,960
$792.0K
Cap Rate 7%
$565,686
$565.7K
Cap Rate 9%
$439,978
$440.0K
Market Conditions
NOI Build-Up for 2,366 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
$60.5K $25.56/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.6K $23.91/SF
− OpEx
−$17.0K −$7.17/SF
NOI
$39.6K $16.74/SF
Area
Essex 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%
$791,960
Cap Rate 7%
$565,686
Cap Rate 9%
$439,978
Alternative Uses
Best Use
Multifamily LT 5
$565.7K
$495.0K – $660.0K
NOI $39,598 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$519.8K
$454.8K – $606.4K
NOI $36,384 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$617.8K
$540.6K – $720.8K
NOI $43,247 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 07044, NJ
14,572
Population
5,997
Households
2.4
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
2.8 sq mi
ZIP Area
5,204
Density / Sq Mi
$159,044
Median Household Income
$85,852
Median Earnings
$2,125
Median Rent
$595,000
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 residential units provide distinct two-bedroom and four-bedroom layouts with one bathroom per unit.
Where is this duplex located?
The property is located at 35 Lakeview Place Verona, NJ.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Two‑unit duplex with a first‑floor 2‑bedroom, 1‑bath layout; Second unit includes 4 bedrooms and 1 bathroom; Property to be delivered vacant at closing
