Duplex With Walk-Out
For Sale
$1,698,000
1359 15th Street, Fort Lee, NJ 07024
2-4 Family, Fort Lee, NJ
Property Size4,610 SF
Lot Size0.11 Acres
Price / SF$368.33
Days on Market56
Property Features for 1359 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 4, Basement, Bathroom 3, Bedroom 7, Bathroom 6, Bedroom 8, Bathroom 5, Bathroom 2, Bedroom 3
Subdivision
Fort Lee
Standard status
Active
Lot size
0.11 Acres
Utilities
Cooling system
Central Air
Amenities
rear deck
private backyard
walk-out heated basement
central A/C
summer kitchen
laundry
Listing Agency:
Coldwell Banker, Fort Lee · Coldwell Banker Real Estate
(201) 461-5000
Listed By:
Anthony Nelson · License #263683
(201) 445-9400
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 9 at 5:06AM
MLS# 26011123
Copyright © 2026 New Jersey MLS Inc. 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 two-family residence provides approximately 4,610 square feet with 8 bedrooms and 6 full baths. Each primary unit includes living and dining areas, an eat-in kitchen, 3 bedrooms, 2 full baths, separate laundry, and independent utilities. Central A/C serves the property, with gas boilers and hot water heaters. Interior features include oversized Anderson windows, refinished hardwood floors, and updated bathrooms.
The ground level adds a summer kitchen, 2 bedrooms, and 2 full baths. An oversized walk-out heated basement offers additional space for recreation, exercise, a workshop, or storage. Exterior improvements include a rear deck, private backyard, and 2-car garage. The property occupies a 50' x 100' lot and is located in Fort Lee's R-10 High-Rise Apartment Residential Zone.
Nearby destinations include H-Mart, the Fort Lee Community Center, the police station, middle school, Onnuri Community Church, an NYC bus stop, and a public park with a dog park, children's playground, tennis courts, and pickleball courts.
The ground level adds a summer kitchen, 2 bedrooms, and 2 full baths. An oversized walk-out heated basement offers additional space for recreation, exercise, a workshop, or storage. Exterior improvements include a rear deck, private backyard, and 2-car garage. The property occupies a 50' x 100' lot and is located in Fort Lee's R-10 High-Rise Apartment Residential Zone.
Nearby destinations include H-Mart, the Fort Lee Community Center, the police station, middle school, Onnuri Community Church, an NYC bus stop, and a public park with a dog park, children's playground, tennis courts, and pickleball courts.
Key Highlights
- Approximately 4,610 sq. ft. with 8 bedrooms and 6 full baths
- Two primary units, each with 3 bedrooms, 2 full baths, separate laundry, and independent utilities
- Ground level includes a summer kitchen, 2 bedrooms, and 2 full baths
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
$77,154
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
4.54%
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%
$1,543,080
$1.5M
Cap Rate 7%
$1,102,200
$1.1M
Cap Rate 9%
$857,267
$857.3K
Market Conditions
NOI Build-Up for 4,610 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
$117.8K $25.56/SF
− Vacancy
−$7.6K −$1.65/SF
EGI
$110.2K $23.91/SF
− OpEx
−$33.1K −$7.17/SF
NOI
$77.2K $16.74/SF
Area
Bergen 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%
$1,543,080
Cap Rate 7%
$1,102,200
Cap Rate 9%
$857,267
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$964.4K – $1.29M
NOI $77,154 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$1.01M
$886.2K – $1.18M
NOI $70,893 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,263 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,653
Businesses Nearby
Explore this area
Business Placement
Demographics for 07024, NJ
40,171
Population
19,748
Households
2
Avg Household Size
46
Median Age
65%
College-Educated
95%
High-School Grad
2.5 sq mi
ZIP Area
16,068
Density / Sq Mi
$105,594
Median Household Income
$71,008
Median Earnings
$2,257
Median Rent
$422,200
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-family property with separate utilities, central air, private outdoor space, and flexible lower-level accommodations.
Where is this duplex located?
The property is located at 1359 15th Street Fort Lee, NJ.
What is the asking price?
The asking price for this property is $1,698,000.
What are key features of this property?
This property features: Approximately 4,610 sq. ft. with 8 bedrooms and 6 full baths; Two primary units, each with 3 bedrooms, 2 full baths, separate laundry, and independent utilities; Ground level includes a summer kitchen, 2 bedrooms, and 2 full baths
