Brick Duplex with
New
For Sale
$699,900
16 Somerset Street, Carteret, NJ 07008
Residential Income, Carteret, NJ
Property Size1,842 SF
Lot Size0.10 Acres
Price / SF$379.97
Days on Market4
Property Features for 16 Somerset Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R50
Zoning description
Buyer Should Verify
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Deck
Interior features
Unit 1(3 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 2(2 Bedrooms, Kitchen, 1 Bath, Living Room)
Exterior features
Deck
Appliances
Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
Subdivision
Arthur Kill Tract/Roosev
Elementary school district
Carteret Borough School Distri
Middle school district
Carteret Borough School Distri
High school district
Carteret Borough School Distri
Directions
Use Gps.
Standard status
Active
APN
0107702000000015
Size
1,842 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8223
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1912
Floors in Building
2
Building materials
Brick, Metal Siding
Roof type
Flat
Listing Agency:
CENTURY 21 ALLIANCE REALTY · Century 21 Real Estate
(908) 587-5222
Listed By:
Stanislav Nemcik
(908) 451-2655
Added: Sep 9
Last Checked: Sep 12 at 10:06AM
MLS# 2704152R
Copyright © 2026 All Jersey 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.
This 1,842-square-foot duplex, built in 1912, contains two residential units. The first-floor residence has three bedrooms, one bath, a kitchen, and a living room. The second-floor unit includes two bedrooms, one bath, a kitchen, and a living room. Both kitchens include a range/oven and refrigerator; the first-floor kitchen also features a breakfast bar and stainless steel appliances. Kitchen cabinets in the first-floor unit were renovated 2 years ago, while the second-floor unit has new kitchen cabinets and a stainless steel sink. A deck, basement, brick and metal siding construction, flat roof, baseboard and hot water heating, and ceiling fans are included.
The property occupies 0.1033 acres in Carteret, NJ, with R50 zoning. Public water and public sewer serve the property. Current tenants are on month-to-month leases, and the property is described as having access to highways and transportation.
The property occupies 0.1033 acres in Carteret, NJ, with R50 zoning. Public water and public sewer serve the property. Current tenants are on month-to-month leases, and the property is described as having access to highways and transportation.
Key Highlights
- 1,842 SF duplex with two residential units
- Three‑bedroom first‑floor unit and two‑bedroom second‑floor unit
- First‑floor kitchen renovated 2 years ago with new cabinets and stainless steel appliances
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
$30,828
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
4.40%
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%
$616,560
$616.6K
Cap Rate 7%
$440,400
$440.4K
Cap Rate 9%
$342,533
$342.5K
Market Conditions
NOI Build-Up for 1,842 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
$47.1K $25.56/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$44.0K $23.91/SF
− OpEx
−$13.2K −$7.17/SF
NOI
$30.8K $16.74/SF
Area
Middlesex 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%
$616,560
Cap Rate 7%
$440,400
Cap Rate 9%
$342,533
Alternative Uses
Best Use
Multifamily LT 5
$440.4K
$385.4K – $513.8K
NOI $30,828 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$404.7K
$354.1K – $472.1K
NOI $28,326 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$481.0K
$420.9K – $561.2K
NOI $33,669 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 07008, NJ
25,342
Population
8,717
Households
2.9
Avg Household Size
37
Median Age
28%
College-Educated
85%
High-School Grad
4.4 sq mi
ZIP Area
5,760
Density / Sq Mi
$87,712
Median Household Income
$42,770
Median Earnings
$2,012
Median Rent
$370,100
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate kitchens, living rooms, and one-bedroom configurations for flexible occupancy.
Where is this duplex located?
The property is located at 16 Somerset Street Carteret, NJ.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1,842 SF duplex with two residential units; Three‑bedroom first‑floor unit and two‑bedroom second‑floor unit; First‑floor kitchen renovated 2 years ago with new cabinets and stainless steel appliances
