38 N Gaston Ave, Somerville, NJ 08876
MULTI_FAMILY - Somerville Boro, NJ
- Added:
- May 15, 2026
- Days on Market:
- 54
- Last Refresh:
- Jul 7 at 6:06 am
Property Features for 38 N Gaston Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 1
- Rooms
- Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement, Bedroom 3
- Parking
- 13
- Interior features
- Blinds, Carbon Monoxide Detector, Carpeting, Fire Extinguisher, Smoke Detector
- Exterior features
- Curbs, Sidewalk
- Standard status
- Active
- Size
- 3,000 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 18151
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1989
- Floors in Building
- 2
- Number of units
- 2
- Roof type
- Flat
- Architectural style
- Other
Listing agent JUAN CARLOS JIJON REZA (800) 245-2272
Listing office PREMIER HOMES 325 E WESTFIELD AVE., Roselle Park, NJ (908) 245-6767
Listing date May 15, 2026
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 2‑family property with approx. 3,000 sq ft and two 4‑bedroom, 1‑bath move‑in‑ready units (8 beds, 2 baths total)
- Full basement plus storage with potential finishing options
- 13 off‑street parking spaces
- Currently commercially zoned; owner began rezoning to residential multi‑family and is willing to proceed based on a buyer purchasing as a 2‑family
- Forced air heating and central air cooling
- Public water and public sewer; flat roof; built in 1989
Overview
The property sits within a residential neighborhood and is located just about 2 minutes from downtown Somerville. It is also positioned near key transportation and commuting routes, including NJ Transit and Routes 22 and 202/206, with I-287 nearby and direct access to New York City referenced in the remarks.
From a use and ownership standpoint, the building is currently commercially zoned, with the owner already beginning the process of rezoning to residential multi-family. The seller indicates they are willing to proceed based on a buyer purchasing as a two-family, which can be relevant for owners seeking certainty during the transition. With practical unit sizes, basement space, and strong off-street parking, this property can fit a range of residential income strategies.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.8k | $21.60 |
| − Vacancy | −$3.6k | −$1.21 |
| EGI | $61.2k | $20.39 |
| − OpEx | −$18.3k | −$6.12 |
| NOI | $42.8k | $14.27 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Somerville
- County
- Somerset
- State
- New Jersey
- Longitude
- -74.60288
- Latitude
- 40.56745
