Duplex with Second-Level Rental
For Sale
$789,900
Pending
795 Harmony Road, Middletown, NJ 07748
MULTI_FAMILY - Middletown, NJ
Property Size3,884 SF
Lot Size0.44 Acres
Days on Market64
Property Features for 795 Harmony Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential, Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 4, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 4, Basement, Bathroom 1, Bedroom 2, Bedroom 1
Parking features
Open
Interior features
Attic - Walk Up
Basement
Full
Accessibility
Accessible Approach with Ramp
Lot features
Fenced Area
High school
Middle North
Directions
Harmony Road near Thompson Ave
Subdivision
N Middletown
Standard status
Pending
APN
32-00211-0000-00008
Size
3,884 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13141
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Zoned, Central Air
Water source
Public
Building Details
Year built
1908
Floors in Building
2
Number of units
2
Flooring type
Wood
Roof type
Shingle
Listing Agency:
NextHome Nexus Realty Group
(732) 835-4122
Listed By:
Diane Traverso
(732) 835-4122
Added: Jun 7
Changed: Aug 7
Last Checked: Aug 9 at 10:06PM
MLS# 22617111
Copyright © 2026 More 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 duplex includes a main home plus a 5-room rental apartment on the second level. The main house offers 11 rooms, and three rooms can be converted to bedrooms. With an attic with walk-up access, wood flooring, and a shingle roof, the property has a residential layout that supports a variety of living and rental configurations, with room for updates.
The property sits on a 0.44-acre lot with public water and public sewer. Heating is zoned and cooling is central air with zoned control. Accessibility features include an accessible approach with a ramp, and parking is provided as open parking.
Built in 1908, this property is a sizable footprint at 3,884 square feet and includes multiple bathrooms and bedrooms throughout the floor plan, supporting either renting the apartment or renting both units with appropriate updates.
The property sits on a 0.44-acre lot with public water and public sewer. Heating is zoned and cooling is central air with zoned control. Accessibility features include an accessible approach with a ramp, and parking is provided as open parking.
Built in 1908, this property is a sizable footprint at 3,884 square feet and includes multiple bathrooms and bedrooms throughout the floor plan, supporting either renting the apartment or renting both units with appropriate updates.
Key Highlights
- 5‑room rental apartment on the second level
- Main house has 11 rooms; three rooms can be converted to bedrooms
- 0.44‑acre lot with public water and public sewer
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
$65,003
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
8.23%
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%
$1,300,060
$1.3M
Cap Rate 7%
$928,614
$928.6K
Cap Rate 9%
$722,256
$722.3K
Market Conditions
NOI Build-Up for 3,884 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
$99.3K $25.56/SF
− Vacancy
−$6.4K −$1.65/SF
EGI
$92.9K $23.91/SF
− OpEx
−$27.9K −$7.17/SF
NOI
$65.0K $16.74/SF
Area
Monmouth 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%
$1,300,060
Cap Rate 7%
$928,614
Cap Rate 9%
$722,256
Alternative Uses
Best Use
Multifamily LT 5
$928.6K
$812.5K – $1.08M
NOI $65,003 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$853.3K
$746.6K – $995.5K
NOI $59,728 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$1.01M
$887.4K – $1.18M
NOI $70,993 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 07748, NJ
28,169
Population
10,446
Households
2.7
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
13.0 sq mi
ZIP Area
2,167
Density / Sq Mi
$152,488
Median Household Income
$72,287
Median Earnings
$1,483
Median Rent
$568,000
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 - Duplex with zoned heating and central air plus an accessible ramp approach and a second-level rental apartment.
Where is this duplex located?
The property is located at 795 Harmony Road Middletown, NJ.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: 5‑room rental apartment on the second level; Main house has 11 rooms; three rooms can be converted to bedrooms; 0.44‑acre lot with public water and public sewer
