Triple-Unit Income
1048-1052 Prospect Street Ewing, NJ 08638
1048-1052 Prospect Street, Ewing, NJ, 08638
$699,900
For Sale
$699,900
Three rental units on a one-acre lot, including two 3BR units and a newly reconstructed detached cottage.
Property Size3,818 SF
Lot Size1.00 Acre
Price / SF$183.32
Days on Market83
Property Features for 1048-1052 Prospect Street
General Information
- Standard status
- Active
- Size
- 3,818 SF
- Lot size
- 1.00 Acre
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1914
Listing agency
Redfin
(609) 658-2659
Listed by
Sita Philion · License #337666
(609) 658-2659
Source
Compass
Added: May 2 Updated: Jul 22 at 4:34PM Checked: Jul 22 at 4:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Redfin
Investment Insights
Based on property information with market context.
This for-sale triple-unit income property is set on a sprawling one-acre lot and includes a main house with two separate residences, plus a detached cottage. The main house features two units with 3 bedrooms and 1.5 bathrooms each, with upgrades that include central air conditioning, updated electrical with removal of knob and tube, and insulated attic. Unit 1050 also includes a luxury kitchen with a Viking range and hood, radiant floor heating, and updated bathrooms including a Toto Washlet.
The detached cottage is a legal rental and was reconstructed in a studs-up scope completed between 2021 and 2023. It offers vaulted ceilings, mini-duct HVAC, new cabinetry, premium finishes, and a private basement for tenant storage. Exterior improvements include full refinishing with energy-efficient vinyl shingles over new insulation, French drains, and blue stone-covered front steps.
Mechanicals and safety systems have been maintained and updated across the property. Water heaters were replaced systematically across all units from 2018 through 2024, with furnace repairs including new water feeders, and a new boiler installed in 2010. The main house and cottage are fully updated to code with a hard-wired fire alarm network throughout.
The detached cottage is a legal rental and was reconstructed in a studs-up scope completed between 2021 and 2023. It offers vaulted ceilings, mini-duct HVAC, new cabinetry, premium finishes, and a private basement for tenant storage. Exterior improvements include full refinishing with energy-efficient vinyl shingles over new insulation, French drains, and blue stone-covered front steps.
Mechanicals and safety systems have been maintained and updated across the property. Water heaters were replaced systematically across all units from 2018 through 2024, with furnace repairs including new water feeders, and a new boiler installed in 2010. The main house and cottage are fully updated to code with a hard-wired fire alarm network throughout.
Key Highlights
- Three rental units on a one‑acre lot: two main‑house units (1050 & 1052) and a detached legal rental cottage (Unit 1048).
- Main house Units 1050 & 1052 each offer 3 bedrooms and 1.5 bathrooms, with central air and upgraded electrical (removed knob and tube).
- Unit 1050 includes a luxury kitchen with a Viking range and hood, radiant floor heating, and updated bathrooms including a Toto Washlet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.5k | $30.00 |
| − Vacancy | −$8.6k | −$2.25 |
| EGI | $105.9k | $27.75 |
| − OpEx | −$47.7k | −$12.49 |
| NOI | $58.3k | $15.26 |
3,818 SF · lease $30.00/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$963.9K
$843.4K – $1.12M
NOI $67,470 @ 7.0% cap · market cap 9.64%
Second Best
Apartment 5plus
$832.5K
$728.4K – $971.2K
NOI $58,272 @ 7.0% cap · market cap 8.33%
Theoretical Best
Warehouse
$1.23M
$1.07M – $1.43M
NOI $85,987 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three rental units on a one-acre lot, including two 3BR units and a newly reconstructed detached cottage.
Where is this triplex located?
The property is located at 1048-1052 Prospect Street Ewing, NJ.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three rental units on a one‑acre lot: two main‑house units (1050 & 1052) and a detached legal rental cottage (Unit 1048).; Main house Units 1050 & 1052 each offer 3 bedrooms and 1.5 bathrooms, with central air and upgraded electrical (removed knob and tube).; Unit 1050 includes a luxury kitchen with a Viking range and hood, radiant floor heating, and updated bathrooms including a Toto Washlet.
