Two-Unit Home with Walk-Out
For Sale
$1,698,000
1359 15th Street, Fort Lee, NJ 07024
MULTI_FAMILY - Fort Lee, NJ
Property Size4,610 SF
Lot Size0.11 Acres
Price / SF$368.33
Days on Market27
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 5, Bathroom 4, Bedroom 3, Bedroom 8, Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 6, Bedroom 2, Bathroom 5, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 7, Basement
Subdivision
Fort Lee
Standard status
Active
Lot size
0.11 Acres
Utilities
Cooling system
Central Air
Amenities
deck
private backyard
separate laundry
heated walk-out basement
central air conditioning
Listing Agency:
Coldwell Banker, Fort Lee · Coldwell Banker Real Estate
(201) 461-5000
Listed By:
James Chung · License #0448350
(201) 445-9400
Added: Jul 16
Changed: Aug 7
Last Checked: Aug 11 at 7:06PM
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 contains approximately 4,610 square feet of living space on a 50' x 100' lot, with 8 bedrooms and 6 full baths. Each main unit includes living and dining rooms, an eat-in kitchen, 3 bedrooms, 2 full baths, separate laundry, independent utilities, central A/C, a gas boiler, and a dedicated hot water heater. The ground level adds a summer kitchen, 2 bedrooms, and 2 full baths. An oversized, heated walk-out basement provides additional flexible space for a gym, recreation room, workshop, or storage. Interior features include oversized Anderson windows, refinished hardwood floors, and updated bathrooms.
Exterior improvements include a rear deck, private backyard, and 2-car garage. The property is located in the R-10 High-Rise Apartment Residential Zone and is within walking distance of H-Mart, 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.
Exterior improvements include a rear deck, private backyard, and 2-car garage. The property is located in the R-10 High-Rise Apartment Residential Zone and is within walking distance of H-Mart, 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
- 50' x 100' lot in the R‑10 High‑Rise Apartment Residential Zone
- Two main units each include 3 bedrooms, 2 full baths, separate laundry, and independent utilities
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
2,290
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 main units offer separate utilities, central A/C, updated bathrooms, and dedicated laundry areas.
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; 50' x 100' lot in the R‑10 High‑Rise Apartment Residential Zone; Two main units each include 3 bedrooms, 2 full baths, separate laundry, and independent utilities
