Well-Maintained Duplex with
New
For Sale
$649,900
15 Main Ave, Elmwood Park, NJ 07407
MULTI_FAMILY - Elmwood Park Boro, NJ
Property Size1,691 SF
Lot Size0.12 Acres
Price / SF$384.33
Days on Market5
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
Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Basement
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
Active
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
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
large rear patio
shed
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Roof type
Composition, Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
KELLER WILLIAMS VILLAGE SQUARE · Keller Williams Realty
(201) 445-4300
Listed By:
SCOTT JEFFERS
(201) 445-4300
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 9 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 was built in 1951 and is configured as a legal non-conforming two-family property. The home includes two bathrooms, three bedrooms, a full unfinished basement with exterior access, and separate heating and cooling zones. Interior finishes include wood and tile floors, while central air and forced-air heat serve the residence. A rear patio, open porch, storage shed, and driveway add practical exterior features.
The property occupies a 0.12-acre lot on Main Ave in Elmwood Park Boro, Bergen County. Public water and public sewer are in place, and the site includes curbs and sidewalks. R-18 zoning applies to the property. Additional systems include a sump pump with battery backup, smoke and carbon monoxide detectors, and a fire extinguisher.
The property occupies a 0.12-acre lot on Main Ave in Elmwood Park Boro, Bergen County. Public water and public sewer are in place, and the site includes curbs and sidewalks. R-18 zoning applies to the property. Additional systems include a sump pump with battery backup, smoke and carbon monoxide detectors, and a fire extinguisher.
Key Highlights
- 1,691‑square‑foot duplex on a 0.12‑acre lot
- Legal non‑conforming two‑family property
- Full unfinished basement with outside entrance
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
Property Profile
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
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 - Legal non-conforming two-family property with a full basement, separate heating and cooling zones, and public utilities.
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: 1,691‑square‑foot duplex on a 0.12‑acre lot; Legal non‑conforming two‑family property; Full unfinished basement with outside entrance
