Duplex with Built-In
For Sale
$799,900
183 Laurel Ave, Union, NJ 07083
MULTI_FAMILY - Union Twp., NJ
Property Size2,813 SF
Lot Size0.16 Acres
Price / SF$284.36
Days on Market9
Property Features for 183 Laurel Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 6, Bathroom 1
Parking
5
Patio and Porch features
Patio
Interior features
Carbon Monoxide Detector, Smoke Detector, Wood Floors
Exterior features
Curbs, Metal Fence, Patio, Sidewalk
Fencing
Fenced
Subdivision
Burnet
Lot features
Level Lot
Elementary school
Central
Middle school
Burnet
High school
Union
Directions
Burnet to Laurel Ave
Standard status
Active
Size
2,813 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15882
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1965
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHGRE ELITE
(908) 316-8530
Listed By:
MARIA SCHMIDT
(908) 316-8530
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 9 at 2:06AM
MLS# 4044489
Copyright © 2026 Garden State MLS, LLC. 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.
Located at 183 Laurel Ave in Union Twp., New Jersey, this 2,813-square-foot duplex contains two apartments, each arranged with three bedrooms, one full bathroom, a formal dining room, a living room, hardwood flooring, and bedroom closets with double sliding doors. Residential zoning supports the property’s two-unit configuration. A ground-level area adds a separate side entrance, another full bathroom, laundry facilities, and a bonus room for flexible household use or storage.
Parking includes a 2-car built-in garage, a 2-car driveway, and additional side parking sized for a van or oversized vehicle. The property also features central heating and air conditioning installed approximately 3 years ago, along with a patio, fencing, sidewalks, and public water and sewer service. Built in 1965, the duplex may suit an owner-occupant or an investor seeking a residential income property.
Parking includes a 2-car built-in garage, a 2-car driveway, and additional side parking sized for a van or oversized vehicle. The property also features central heating and air conditioning installed approximately 3 years ago, along with a patio, fencing, sidewalks, and public water and sewer service. Built in 1965, the duplex may suit an owner-occupant or an investor seeking a residential income property.
Key Highlights
- 2,813‑square‑foot duplex on a 0.16‑acre lot
- Each apartment includes 3 bedrooms, 1 full bathroom, dining room, living room, and hardwood floors
- Ground‑level area with separate side entrance, full bathroom, laundry room, and bonus room
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
$47,079
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
5.89%
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%
$941,580
$941.6K
Cap Rate 7%
$672,557
$672.6K
Cap Rate 9%
$523,100
$523.1K
Market Conditions
NOI Build-Up for 2,813 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
$71.9K $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$67.3K $23.91/SF
− OpEx
−$20.2K −$7.17/SF
NOI
$47.1K $16.74/SF
Area
Union 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%
$941,580
Cap Rate 7%
$672,557
Cap Rate 9%
$523,100
Alternative Uses
Best Use
Multifamily LT 5
$672.6K
$588.5K – $784.7K
NOI $47,079 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$618.0K
$540.7K – $721.0K
NOI $43,258 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$734.5K
$642.7K – $857.0K
NOI $51,417 @ 7.0% cap · market cap 6.43%
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
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 07083, NJ
56,131
Population
20,792
Households
2.7
Avg Household Size
41
Median Age
41%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
6,452
Density / Sq Mi
$118,106
Median Household Income
$58,443
Median Earnings
$1,938
Median Rent
$425,600
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 - Each residence offers three bedrooms, hardwood floors, central air, and access to additional ground-level space and parking.
Where is this duplex located?
The property is located at 183 Laurel Ave Union, NJ.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,813‑square‑foot duplex on a 0.16‑acre lot; Each apartment includes 3 bedrooms, 1 full bathroom, dining room, living room, and hardwood floors; Ground‑level area with separate side entrance, full bathroom, laundry room, and bonus room
