Two-Unit Duplex with Private
For Sale
Under Contract
$515,000
15 S Ward Street, New Brunswick, NJ 08901
MULTI_FAMILY - New Brunswick, NJ
Property Size1,760 SF
Lot Size0.05 Acres
Price / SF$292.61
Days on Market88
Property Features for 15 S Ward Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-5B
Zoning description
Buyer Should Verify
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 2, Basement, Bathroom 2
Patio and Porch features
Porch
Interior features
Unit 1(1 Bath, 2 Bedrooms, Living Room), Unit 2(1 Bath, 2 Bedrooms, Kitchen, See Remarks)
Exterior features
Curbs, Porch(es) - Open, Sidewalk, Yard, Private Entrance
Appliances
Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
Subdivision
New Brunswick Terrace
Lot features
Near Public Transit, Near Shopping, Near Train
Elementary school district
New Brunswick Ps
Middle school district
New Brunswick Ps
High school district
New Brunswick Ps
Directions
Georges Rd To S Ward
Standard status
Active Under Contract
APN
1300341000000033
Size
1,760 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6293
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Building materials
Vinyl Siding
Roof type
Asphalt
Additional Structures
See Remarks
Listing Agency:
KELLER WMS GREATER BRUNSWICK · Keller Williams Realty
(908) 647-1000
Listed By:
Gregory Tibok
(908) 647-1000
Added: May 16
Changed: Aug 4
Last Checked: Aug 11 at 3:06PM
MLS# 2661970M
Copyright © 2026 All Jersey 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 two-unit duplex offers two separate residential units within a 1,760 SF building. Unit 1 includes two bedrooms, a living room, a kitchen, and one full bathroom, with a gas water heater. Unit 2 includes two bedrooms and one full bathroom, with its own kitchen space and appliances listed for the unit. The property also includes a private, fenced backyard and porches, along with a private entrance. Construction materials include vinyl siding, with asphalt roofing. Heating is provided via hot water and baseboard systems.
The home sits on a 0.0482-acre lot and is zoned R-5B. Services include public water and public sewer. The exterior features include curbs and sidewalks, plus yard space. The property also notes that Unit 1 is connected to a leased solar system.
Built in 1930, this duplex configuration can appeal to owner-occupants or investors seeking a maintained, two-unit setup in New Brunswick.
The home sits on a 0.0482-acre lot and is zoned R-5B. Services include public water and public sewer. The exterior features include curbs and sidewalks, plus yard space. The property also notes that Unit 1 is connected to a leased solar system.
Built in 1930, this duplex configuration can appeal to owner-occupants or investors seeking a maintained, two-unit setup in New Brunswick.
Key Highlights
- 0.0482‑acre lot with private, fenced backyard and private entrance
- Two separate units in a 1,760 SF duplex
- Unit 1: two bedrooms, living room, kitchen, one full bathroom, connected to a leased solar system
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
$29,456
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
5.72%
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%
$589,120
$589.1K
Cap Rate 7%
$420,800
$420.8K
Cap Rate 9%
$327,289
$327.3K
Market Conditions
NOI Build-Up for 1,760 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
$45.0K $25.56/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$42.1K $23.91/SF
− OpEx
−$12.6K −$7.17/SF
NOI
$29.5K $16.74/SF
Area
Middlesex 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%
$589,120
Cap Rate 7%
$420,800
Cap Rate 9%
$327,289
Alternative Uses
Best Use
Multifamily LT 5
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$386.6K
$338.3K – $451.1K
NOI $27,065 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$459.6K
$402.1K – $536.2K
NOI $32,170 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 08901, NJ
56,278
Population
17,071
Households
3.3
Avg Household Size
27
Median Age
24%
College-Educated
66%
High-School Grad
6.3 sq mi
ZIP Area
8,933
Density / Sq Mi
$60,248
Median Household Income
$25,192
Median Earnings
$1,790
Median Rent
$316,800
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-unit duplex in R-5B zoning with fenced backyard and private entrance, on public water and sewer.
Where is this duplex located?
The property is located at 15 S Ward Street New Brunswick, NJ.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 0.0482‑acre lot with private, fenced backyard and private entrance; Two separate units in a 1,760 SF duplex; Unit 1: two bedrooms, living room, kitchen, one full bathroom, connected to a leased solar system
