Renovated Two-Unit
New
For Sale
$699,900
16 Somerset St, Carteret, NJ 07008
Two-unit property with updated kitchens and flexible occupancy through month-to-month tenancies.
Property Size1,842 SF
Days on Market3
Property Features for 16 Somerset St
General Information
Standard status
Active
Size
1,842 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,223
Building Details
Building Size
1,842 SF
Year Built
1912
Stories
2
Listing Agency:
Prudential New Jersey Properties Alliance Realty
Listed By:
STANISLAV NEMCIK
(908) 451-2655
Source:
Elliman
Added: Sep 10
Last Checked: Sep 12 at 8:05AM
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 Prudential New Jersey Properties Alliance Realty
Investment Insights
Based on property information with market context.
Built in 1912, this duplex contains a first-floor three-bedroom unit and a second-floor residence. The first-floor kitchen includes a breakfast bar, stainless steel appliances, and cabinetry renovated two years ago. The upper unit has been freshly painted and includes new kitchen cabinets and a stainless steel sink.
Both units are occupied under month-to-month leases, providing flexibility for an investor or an owner occupant. The property is located at 16 Somerset St in Carteret, New Jersey, with access to highways and transportation options. WalkScore is 0, BikeScore is 43, and TransitScore is 33.
Both units are occupied under month-to-month leases, providing flexibility for an investor or an owner occupant. The property is located at 16 Somerset St in Carteret, New Jersey, with access to highways and transportation options. WalkScore is 0, BikeScore is 43, and TransitScore is 33.
Key Highlights
- Two‑unit duplex with first‑floor 3‑bedroom residence
- First‑floor kitchen includes breakfast bar and stainless steel appliances
- First‑floor kitchen cabinetry renovated 2 years ago
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
$30,828
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
4.40%
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%
$616,560
$616.6K
Cap Rate 7%
$440,400
$440.4K
Cap Rate 9%
$342,533
$342.5K
Market Conditions
NOI Build-Up for 1,842 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
$47.1K $25.56/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$44.0K $23.91/SF
− OpEx
−$13.2K −$7.17/SF
NOI
$30.8K $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%
$616,560
Cap Rate 7%
$440,400
Cap Rate 9%
$342,533
Alternative Uses
Best Use
Multifamily LT 5
$440.4K
$385.4K – $513.8K
NOI $30,828 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$404.7K
$354.1K – $472.1K
NOI $28,326 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$481.0K
$420.9K – $561.2K
NOI $33,669 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 07008, NJ
25,342
Population
8,717
Households
2.9
Avg Household Size
37
Median Age
28%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
5,760
Density / Sq Mi
$87,712
Median Household Income
$42,770
Median Earnings
$2,012
Median Rent
$370,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated kitchens and flexible occupancy through month-to-month tenancies.
Where is this duplex located?
The property is located at 16 Somerset St Carteret, 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: Two‑unit duplex with first‑floor 3‑bedroom residence; First‑floor kitchen includes breakfast bar and stainless steel appliances; First‑floor kitchen cabinetry renovated 2 years ago
