Two-Story Duplex with
For Sale
$649,900
Pending
15 Main Ave, Elmwood Park, NJ 07407
Multi-Family, 2-Two Story, Elmwood Park Boro, NJ
Property Size1,691 SF
Lot Size0.12 Acres
Days on Market46
Property Features for 15 Main Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-18
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking
2
Patio and Porch features
Patio, Porch
Interior features
Carbon Monoxide Detector, Carpeting, Fire Extinguisher, Smoke Detector, Tile Floors, Wood Floors
Exterior features
Curbs, Open Porch(es), Patio, Sidewalk, Storage Shed
Lot features
Level Lot
Elementary school
GILBERT
Middle school
MEMORIAL
High school
MEMORIAL
Directions
Between East 54th and Spruce St.
Standard status
Pending
Size
1,691 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10676
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
large rear patio
shed
full unfinished basement
two zone heat and A/C
sump pump with battery back-up
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Roof type
Shingle, Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
KELLER WILLIAMS VILLAGE SQUARE · Keller Williams Realty
(201) 445-4300
Listed By:
Sally Ponchak
(201) 891-6700
Added: Aug 5
Changed: Sep 12
Last Checked: Sep 19 at 7:06PM
MLS# 4045161
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.
This 1,691-square-foot duplex on a 0.12-acre lot includes two stories, a full unfinished basement with an outside entrance, and a large rear patio with storage shed. The home has wood and tile flooring, carpeting, open porch space, central air, ceiling fans, and forced-air heating with two zones. A two-three car driveway provides off-street parking, while public water and public sewer serve the property. The roof is shingle and composition.
Located at 15 Main Ave in Elmwood Park Boro, the property is on a quiet residential street with curbs and sidewalks. Built in 1951, it is identified as a legal non-conforming two-family property and carries R-18 zoning. Additional features include a sump pump with battery backup, smoke and carbon monoxide detectors, and a fire extinguisher.
Located at 15 Main Ave in Elmwood Park Boro, the property is on a quiet residential street with curbs and sidewalks. Built in 1951, it is identified as a legal non-conforming two-family property and carries R-18 zoning. Additional features include a sump pump with battery backup, smoke and carbon monoxide detectors, and a fire extinguisher.
Key Highlights
- Legal non‑conforming two‑family property with R‑18 zoning
- 1,691 square feet on a 0.12‑acre lot
- Two‑zone forced‑air heat with central air and ceiling fans
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
$28,301
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
4.35%
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%
$566,020
$566.0K
Cap Rate 7%
$404,300
$404.3K
Cap Rate 9%
$314,456
$314.5K
Market Conditions
NOI Build-Up for 1,691 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
$43.2K $25.56/SF
− Vacancy
−$2.8K −$1.65/SF
EGI
$40.4K $23.91/SF
− OpEx
−$12.1K −$7.17/SF
NOI
$28.3K $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%
$566,020
Cap Rate 7%
$404,300
Cap Rate 9%
$314,456
Alternative Uses
Best Use
Multifamily LT 5
$404.3K
$353.8K – $471.7K
NOI $28,301 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$371.5K
$325.1K – $433.4K
NOI $26,004 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$441.6K
$386.4K – $515.2K
NOI $30,909 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 07407, NJ
21,422
Population
7,561
Households
2.8
Avg Household Size
41
Median Age
36%
College-Educated
91%
High-School Grad
2.6 sq mi
ZIP Area
8,239
Density / Sq Mi
$100,852
Median Household Income
$51,764
Median Earnings
$2,025
Median Rent
$456,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with an unfinished basement, exterior entrance, central air, and rear outdoor space.
Where is this duplex located?
The property is located at 15 Main Ave Elmwood Park, NJ.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Legal non‑conforming two‑family property with R‑18 zoning; 1,691 square feet on a 0.12‑acre lot; Two‑zone forced‑air heat with central air and ceiling fans
