Duplex with Attic
For Sale
$550,000
79 MODEL Avenue, Hopewell, NJ 08525
Multi-Family, HOPEWELL, NJ
Property Size2,191 SF
Lot Size0.31 Acres
Price / SF$251.03
Days on Market93
Property Features for 79 MODEL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Dining Room
Parking
5
Parking features
On Street, Driveway
Interior features
2nd Kitchen, Attic, Bathroom - Tub Shower, Ceiling Fan(s), Entry Level Bedroom, Kitchen - Eat-In, Formal/Separate Dining Room, Wood Floors, Recessed Lighting
Appliances
Dishwasher, Dryer, Microwave, Refrigerator, Oven/Range - Gas, Washer
Subdivision
NONE AVAILABLE
Elementary school
HOPEWELL E.S.
Middle school
TIMBERINE
High school
HOPEWELL
Elementary school district
HOPEWELL VALLEY REGIONAL SCHOOLS
Middle school district
HOPEWELL VALLEY REGIONAL SCHOOLS
High school district
HOPEWELL VALLEY REGIONAL SCHOOLS
Standard status
Active
Size
2,191 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
15349
Utilities
Heating system
Forced Air
Cooling system
Central Air, Attic Fan
Amenities
fireplace
sun porch
patio
fire pit
Building Details
Year built
1900
Number of units
1
Building materials
Frame, Metal Siding
Listing Agency:
RE/MAX 1st Advantage · RE/MAX International
(732) 382-0200
Listed By:
Robert Dekanski · License #232901
(732) 827-5344
Added: Jun 11
Changed: Sep 3
Last Checked: Sep 11 at 1:06PM
MLS# NJME2078878
Copyright © 2026 Bright 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 2,191-square-foot duplex, built in 1900, contains two residential units with kitchens, dining areas, living rooms, and two bedrooms per unit. The first unit includes hardwood flooring, crown molding, a family room with a wood-burning fireplace, an enclosed rear sun porch, and a full bathroom. The second unit has a bedroom with an attached full bathroom, another bedroom, and access to a walk-up attic that provides storage space.
Set on 0.3111 acres, the property includes a backyard with a patio, shed, and fire pit, along with driveway and on-street parking. Interior features include forced-air heating, central air, an attic fan, recessed lighting, an eat-in kitchen, and wood floors. The property is in Hopewell, near parks, schools, shopping, dining, public transportation, and major roads.
Set on 0.3111 acres, the property includes a backyard with a patio, shed, and fire pit, along with driveway and on-street parking. Interior features include forced-air heating, central air, an attic fan, recessed lighting, an eat-in kitchen, and wood floors. The property is in Hopewell, near parks, schools, shopping, dining, public transportation, and major roads.
Key Highlights
- 2,191‑square‑foot duplex on 0.3111 acres
- Two residential units, each with two bedrooms
- Walk‑up attic offers additional storage
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
7.04%
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 7.04%
Second Best
Apartment 5plus
$477.7K
$418.0K – $557.3K
NOI $33,440 @ 7.0% cap · market cap 6.08%
Theoretical Best
Warehouse
$704.9K
$616.8K – $822.4K
NOI $49,345 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 offer separate kitchens, bedrooms, living areas, driveway parking, and access to a backyard patio.
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 $550,000.
What are key features of this property?
This property features: 2,191‑square‑foot duplex on 0.3111 acres; Two residential units, each with two bedrooms; Walk‑up attic offers additional storage
