Brand-New Luxury Duplex with Basement
For Sale
$1,599,000
1501 Berkowitz Avenue, Lakewood, NJ 08701
SINGLE_FAMILY - Other - Lakewood, NJ
Property Size3,400 SF
Lot Size0.22 Acres
Price / SF$470.29
Days on Market70
Property Features for 1501 Berkowitz Avenue
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 5
Basement
Full, Finished
Middle school
Lakewood
Directions
GPS
Standard status
Active
APN
15-00104-02-00016
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8628
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Zoned
Water source
Public
Building Details
Floors in Building
2
Architectural style
Other
Listing Agency:
Imperial Real Estate Agency
(732) 905-5511
Listed By:
Herman Zorger
(732) 905-5511
Added: Jun 25
Changed: Aug 7
Last Checked: Sep 2 at 1:06AM
MLS# 22619314
Copyright © 2026 More MLS. 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.
Welcome to 1501 Berkowitz Avenue, a brand-new luxury duplex currently under construction in Lakewood. The home is set up for comfortable living with bright, open spaces, zoned heating and zoned cooling, and a thoughtfully designed layout centered around a chef’s kitchen. The plan includes five bedrooms plus a nursery, and four bathrooms.
Two private basement apartments add flexibility and can support rental opportunities, extended-family living, or alternative household arrangements. The property sits on a 0.22-acre lot with public water and public sewer.
With nearly 3,400 square feet of living space, the residence is built to accommodate both everyday use and entertaining, with finishes and fixtures selected throughout.
Two private basement apartments add flexibility and can support rental opportunities, extended-family living, or alternative household arrangements. The property sits on a 0.22-acre lot with public water and public sewer.
With nearly 3,400 square feet of living space, the residence is built to accommodate both everyday use and entertaining, with finishes and fixtures selected throughout.
Key Highlights
- Under construction brand‑new luxury duplex with nearly 3,400 square feet of living space
- Five bedrooms plus a nursery and four bathrooms
- Two private basement apartments for rental or flexible living
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
$56,903
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
3.56%
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%
$1,138,060
$1.1M
Cap Rate 7%
$812,900
$812.9K
Cap Rate 9%
$632,256
$632.3K
Market Conditions
NOI Build-Up for 3,400 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
$86.9K $25.56/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$81.3K $23.91/SF
− OpEx
−$24.4K −$7.17/SF
NOI
$56.9K $16.74/SF
Area
Ocean 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%
$1,138,060
Cap Rate 7%
$812,900
Cap Rate 9%
$632,256
Alternative Uses
Best Use
Multifamily LT 5
$812.9K
$711.3K – $948.4K
NOI $56,903 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$746.9K
$653.6K – $871.4K
NOI $52,285 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$887.8K
$776.8K – $1.04M
NOI $62,147 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
Explore this area
Business Placement
Demographics for 08701, NJ
135,256
Population
33,539
Households
4
Avg Household Size
20
Median Age
33%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
5,476
Density / Sq Mi
$62,811
Median Household Income
$34,970
Median Earnings
$1,701
Median Rent
$430,700
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 - Under-construction luxury duplex with five bedrooms plus nursery, zoned heating and cooling, and two private basement apartments on public utilities.
Where is this duplex located?
The property is located at 1501 Berkowitz Avenue Lakewood, NJ.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Under construction brand‑new luxury duplex with nearly 3,400 square feet of living space; Five bedrooms plus a nursery and four bathrooms; Two private basement apartments for rental or flexible living
