Updated Two-Family
For Sale
$835,000
48 Sanford Ave, Belleville, NJ 07109
Fully updated two-family home with two full-floor apartments plus a basement with added kitchen and living space.
Property Size2,200 SF
Price / SF$379.55
Days on Market56
Property Features for 48 Sanford Ave
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$19,122
Amenities
Natural Gas
Finished
Gas Water Heater
3-Three Story
Building Details
Year Built
1952
Stories
3
Listing Agency:
RE/MAX Country Realty
(973) 805-0514
Listed By:
LESLIE ANDERSON · License #999913
(973) 805-0514
Source:
Evrealestate
Added: Jul 3
Changed: Aug 23
Last Checked: Aug 26 at 5:35AM
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 RE/MAX Country Realty
Investment Insights
Based on property information with market context.
This fully updated two-family residence features two large full-floor apartments. Each apartment includes a kitchen, dining room, two bedrooms, a bathroom, and an enclosed rear porch. In addition, the main floor basement offers extra versatility with an additional kitchen, full bathroom, living room, and an extra bedroom, along with a common laundry area and a storage room.
Outside, the property includes a large fenced-in backyard with a storage shed and space for six parking spaces. The home is located in Belleville, NJ, with convenient access to shopping, schools, parks, and public transportation. BikeScore is 51 (Bikeable), walkScore is 85 (Very Walkable), and transitScore is 70 (Excellent Transit).
Overall, the configuration supports either owner-occupied use or rental investment within a two-unit structure and an expanded basement level.
Outside, the property includes a large fenced-in backyard with a storage shed and space for six parking spaces. The home is located in Belleville, NJ, with convenient access to shopping, schools, parks, and public transportation. BikeScore is 51 (Bikeable), walkScore is 85 (Very Walkable), and transitScore is 70 (Excellent Transit).
Overall, the configuration supports either owner-occupied use or rental investment within a two-unit structure and an expanded basement level.
Key Highlights
- Fully updated 2‑family home with two large full‑floor apartments
- Each apartment features a kitchen, dining room, 2 bedrooms, 1 bathroom, and an enclosed rear porch
- Basement includes an additional kitchen, full bathroom, living room, and extra bedroom
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
$36,820
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
4.41%
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%
$736,400
$736.4K
Cap Rate 7%
$526,000
$526.0K
Cap Rate 9%
$409,111
$409.1K
Market Conditions
NOI Build-Up for 2,200 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
$56.2K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.6K $23.91/SF
− OpEx
−$15.8K −$7.17/SF
NOI
$36.8K $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%
$736,400
Cap Rate 7%
$526,000
Cap Rate 9%
$409,111
Alternative Uses
Best Use
Multifamily LT 5
$526.0K
$460.3K – $613.7K
NOI $36,820 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$483.3K
$422.9K – $563.9K
NOI $33,832 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$574.5K
$502.7K – $670.2K
NOI $40,212 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 07109, NJ
38,078
Population
15,045
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
3.3 sq mi
ZIP Area
11,539
Density / Sq Mi
$90,164
Median Household Income
$47,446
Median Earnings
$1,596
Median Rent
$405,500
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 - Fully updated two-family home with two full-floor apartments plus a basement with added kitchen and living space.
Where is this duplex located?
The property is located at 48 Sanford Ave Belleville, NJ.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Fully updated 2‑family home with two large full‑floor apartments; Each apartment features a kitchen, dining room, 2 bedrooms, 1 bathroom, and an enclosed rear porch; Basement includes an additional kitchen, full bathroom, living room, and extra bedroom
