Two-Unit Duplex with Finished
For Sale
$269,775
15 East Adams Avenue, Pleasantville, NJ 08232
As-is property with fenced yard, porch, deck, and recent repairs to select interior and exterior components.
Property Size1,248 SF
Price / SF$216.17
Days on Market785
Property Features for 15 East Adams Avenue
General Information
Standard status
Active
Size
1,248 SF
Property subtype
MULTI-FAMILY / Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,926
Amenities
Gas-Natural
6 Ft. or More Head Room, Finished, Full, Inside Entrance, Outside Entrance
Window Units
Gravel
Vinyl
Deck, Fenced Yard, Porch
Building Details
Units
2
Listing Agency:
LPT Realty
(609) 992-1051
Listed By:
CHRISTIAN LUCIA · License #1431938
(609) 992-1051
Source:
Compass
Added: Jul 8, 2024
Changed: Aug 30
Last Checked: Aug 30 at 11:03AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This two-unit duplex offers 1,248 square feet with an as-is transaction condition and a finished full basement featuring 6 feet or more of headroom, inside access, and an exterior entrance. Interior features include natural gas service and window units. Exterior improvements include vinyl siding, gravel areas, a fenced yard, deck, and porch.
Recent work includes GFCI updates to outside receptacles, a refreshed first-floor bathtub surround, painted kitchen and living room ceilings, repairs to the basement bathroom, replacement of three broken windows, reinforcement of the front door, and repairs to street-side fence rails. The property is located at 15 East Adams Avenue in Pleasantville, with reported proximity to schools, major roads, and public transportation. The beach, casinos, and shopping outlets are described as less than a 15-minute drive away.
Recent work includes GFCI updates to outside receptacles, a refreshed first-floor bathtub surround, painted kitchen and living room ceilings, repairs to the basement bathroom, replacement of three broken windows, reinforcement of the front door, and repairs to street-side fence rails. The property is located at 15 East Adams Avenue in Pleasantville, with reported proximity to schools, major roads, and public transportation. The beach, casinos, and shopping outlets are described as less than a 15-minute drive away.
Key Highlights
- Two‑unit duplex with 1,248 square feet
- Finished full basement with 6 feet or more of headroom and inside and outside entrances
- Natural gas service and window units
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
$14,213
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
5.27%
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%
$284,260
$284.3K
Cap Rate 7%
$203,043
$203.0K
Cap Rate 9%
$157,922
$157.9K
Market Conditions
NOI Build-Up for 1,248 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
$21.7K $17.40/SF
− Vacancy
−$1.4K −$1.13/SF
EGI
$20.3K $16.27/SF
− OpEx
−$6.1K −$4.88/SF
NOI
$14.2K $11.39/SF
Area
Atlantic County, NJ
Vacancy
6.50%
Lease Rate
$17.40 /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%
$284,260
Cap Rate 7%
$203,043
Cap Rate 9%
$157,922
Alternative Uses
Best Use
Multifamily LT 5
$203.0K
$177.7K – $236.9K
NOI $14,213 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$178.5K
$156.2K – $208.2K
NOI $12,492 @ 7.0% cap · market cap 4.63%
Theoretical Best
Warehouse
$464.7K
$406.7K – $542.2K
NOI $32,532 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
849
Businesses Nearby
Explore this area
Business Placement
Demographics for 08232, NJ
19,897
Population
7,136
Households
2.8
Avg Household Size
37
Median Age
11%
College-Educated
73%
High-School Grad
5.9 sq mi
ZIP Area
3,372
Density / Sq Mi
$52,476
Median Household Income
$30,661
Median Earnings
$1,210
Median Rent
$179,900
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 - As-is property with fenced yard, porch, deck, and recent repairs to select interior and exterior components.
Where is this duplex located?
The property is located at 15 East Adams Avenue Pleasantville, NJ.
What is the asking price?
The asking price for this property is $269,775.
What are key features of this property?
This property features: Two‑unit duplex with 1,248 square feet; Finished full basement with 6 feet or more of headroom and inside and outside entrances; Natural gas service and window units
