Victorian Duplex with Detached
For Sale
$699,000
38 John Ringo Rd, Ringoes, NJ 08551
Two separately metered apartments are complemented by off-street parking and a detached outbuilding with a garage bay.
Property Size2,356 SF
Price / SF$296.69
Days on Market36
Property Features for 38 John Ringo Rd
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
front porch
side deck
enclosed sun porch
washer/dryer hookups
hardwood floors
attic access
Building Details
Year Built
1880
Buildings
2
Construction
Victorian
Listing Agency:
Callaway Henderson Sotheby's Int'l-Lambertville
(609) 397-1974
Listed By:
Beth M Steffanelli · License #8433305
Source:
Thebansalteam
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 30 at 7:02PM
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 Callaway Henderson Sotheby's Int'l-Lambertville
Investment Insights
Based on property information with market context.
Built in 1880, this Victorian duplex contains two apartments with distinct layouts. The first-floor residence has three bedrooms, two full bathrooms, an eat-in kitchen with washer and dryer hookups, a living room, an enclosed sun porch, and basement access. The upper apartment includes two bedrooms, one full bathroom, a kitchen, living room, hardwood floors, and pull-down attic access.
A detached two-story outbuilding adds a garage bay that is plumbed for a bathroom, with potential applications identified as office, studio, or workshop space. The property also provides generous off-street parking, and each apartment is separately metered. The property is located at 38 John Ringo Rd in Ringoes, New Jersey.
A detached two-story outbuilding adds a garage bay that is plumbed for a bathroom, with potential applications identified as office, studio, or workshop space. The property also provides generous off-street parking, and each apartment is separately metered. The property is located at 38 John Ringo Rd in Ringoes, New Jersey.
Key Highlights
- Two apartments within a 2,356‑square‑foot Victorian property
- First‑floor apartment includes 3 bedrooms and 2 full bathrooms
- Second apartment offers 2 bedrooms, hardwood floors, and attic access
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
$39,430
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
5.64%
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%
$788,600
$788.6K
Cap Rate 7%
$563,286
$563.3K
Cap Rate 9%
$438,111
$438.1K
Market Conditions
NOI Build-Up for 2,356 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
$60.2K $25.56/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.3K $23.91/SF
− OpEx
−$16.9K −$7.17/SF
NOI
$39.4K $16.74/SF
Area
Hunterdon 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%
$788,600
Cap Rate 7%
$563,286
Cap Rate 9%
$438,111
Alternative Uses
Best Use
Multifamily LT 5
$563.3K
$492.9K – $657.2K
NOI $39,430 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.9K
NOI $36,231 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$615.2K
$538.3K – $717.7K
NOI $43,064 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 08551, NJ
5,540
Population
2,196
Households
2.5
Avg Household Size
48
Median Age
65%
College-Educated
97%
High-School Grad
26.2 sq mi
ZIP Area
211
Density / Sq Mi
$154,966
Median Household Income
$70,446
Median Earnings
$2,125
Median Rent
$580,400
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 separately metered apartments are complemented by off-street parking and a detached outbuilding with a garage bay.
Where is this duplex located?
The property is located at 38 John Ringo Rd Ringoes, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two apartments within a 2,356‑square‑foot Victorian property; First‑floor apartment includes 3 bedrooms and 2 full bathrooms; Second apartment offers 2 bedrooms, hardwood floors, and attic access
