Duplex with Walk-Up
For Sale
$600,000
79 Model Avenue, Hopewell, NJ 08525
Two residential units include separate kitchens, bedrooms, living areas, and dining spaces.
Property Size2,191 SF
Price / SF$273.85
Days on Market100
Property Features for 79 Model Avenue
General Information
Standard status
Active
Size
2,191 SF
Total Parking Spaces
5
Property subtype
Residential Income / Fee Simple
Zoning
R75P
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,350
Amenities
wood burning fireplace
rear enclosed sun porch
patio area
shed
fire pit
No
Water Heater(Gas), Water Heater, Unit 1(Dryer,Range/Oven,Refrigerator,Washer), Unit 2(Range/Oven)
2nd Kitchen, Attic, Bathroom - Tub Shower, Ceiling Fan(s), Entry Level Bedroom, Kitchen - Eat-In, Formal/Separate Dining Room, Wood Floors, Recessed Lighting
No Pool
Patio(s), Porch(es)
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX 1st ADVANTAGE
(732) 827-5344
Listed By:
ROBERT DEKANSKI · License #232901
Source:
Compass
Added: May 24
Changed: Aug 29
Last Checked: Aug 31 at 12:33AM
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 1st ADVANTAGE
Investment Insights
Based on property information with market context.
This 2,191-square-foot duplex contains two residential units with distinct living spaces. The first unit includes a living room with hardwood floors, dining area, galley kitchen, family room with wood-burning fireplace, enclosed rear sun porch, full bathroom, and two bedrooms. The second unit offers a kitchen, living room, dining area, two bedrooms, an attached full bathroom, and access to the walk-up attic. Gas water heating and select appliances are present, including a range/oven in both units and a refrigerator, washer, and dryer in Unit 1.
Outdoor features include a patio, porch areas, shed, fire pit, and an oversized backyard. The property also has driveway parking and is located near parks, schools, shopping, dining, public transportation, and major roads in Hopewell, Mercer County. Built in 1900 and zoned R75P, the property is identified as a duplex.
Outdoor features include a patio, porch areas, shed, fire pit, and an oversized backyard. The property also has driveway parking and is located near parks, schools, shopping, dining, public transportation, and major roads in Hopewell, Mercer County. Built in 1900 and zoned R75P, the property is identified as a duplex.
Key Highlights
- 2,191‑square‑foot duplex with two residential units
- Unit 1 includes two bedrooms, hardwood floors, enclosed sun porch, and wood‑burning fireplace
- Unit 2 includes two bedrooms, full bath, kitchen, and walk‑up 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
$38,718
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
6.45%
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%
$774,360
$774.4K
Cap Rate 7%
$553,114
$553.1K
Cap Rate 9%
$430,200
$430.2K
Market Conditions
NOI Build-Up for 2,191 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
$59.2K $27.00/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$55.3K $25.25/SF
− OpEx
−$16.6K −$7.57/SF
NOI
$38.7K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /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%
$774,360
Cap Rate 7%
$553,114
Cap Rate 9%
$430,200
Alternative Uses
Best Use
Multifamily LT 5
$553.1K
$484.0K – $645.3K
NOI $38,718 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$477.7K
$418.0K – $557.3K
NOI $33,440 @ 7.0% cap · market cap 5.57%
Theoretical Best
Warehouse
$704.9K
$616.8K – $822.4K
NOI $49,345 @ 7.0% cap · market cap 8.22%
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
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 08525, NJ
4,649
Population
2,024
Households
2.3
Avg Household Size
46
Median Age
63%
College-Educated
97%
High-School Grad
22.4 sq mi
ZIP Area
208
Density / Sq Mi
$157,868
Median Household Income
$74,138
Median Earnings
$1,646
Median Rent
$551,300
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 residential units include separate kitchens, bedrooms, living areas, and dining spaces.
Where is this duplex located?
The property is located at 79 Model Avenue Hopewell, NJ.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,191‑square‑foot duplex with two residential units; Unit 1 includes two bedrooms, hardwood floors, enclosed sun porch, and wood‑burning fireplace; Unit 2 includes two bedrooms, full bath, kitchen, and walk‑up attic access
