18-Unit Licensed Rooming
New
For Sale
$1,499,000
163-165 LIVINGSTON Ave, New Brunswick, NJ 07004
Licensed rooming property with a mix of private kitchen and bath configurations, plus an occupied rental garage.
Property Size4,752 SF
Days on Market2
Property Features for 163-165 LIVINGSTON Ave
General Information
Standard status
Active
Size
4,752 SF
Property subtype
Commercial
Units
Unit Mix
14 x bedroom, 2 x unit with bedroom/kitchen, 2 x 1BR apartment
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$26,208
Building Details
Building Size
4,752 SF
Year Built
1900
Stories
2
Listed By:
STEFANIE MARTIN
(862) 252-1971
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 3:01PM
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 STEFANIE MARTIN
Investment Insights
Based on property information with market context.
This 18-unit licensed rooming property includes 14 bedrooms, two units with bedroom and kitchen areas, and two one-bedroom apartments with private kitchens and baths. Sixteen units are currently occupied by month-to-month tenants, and the property also includes a rented garage that provides additional income.
The property is located near Rutgers University and Downtown New Brunswick. Local mobility scores include a 76 Walk Score, a 66 Bike Score, and a 32 Transit Score, reflecting a walkable setting with bike access and some public transportation. Built in 1900, the building offers an established multifamily configuration with several unit types within one property.
The property is located near Rutgers University and Downtown New Brunswick. Local mobility scores include a 76 Walk Score, a 66 Bike Score, and a 32 Transit Score, reflecting a walkable setting with bike access and some public transportation. Built in 1900, the building offers an established multifamily configuration with several unit types within one property.
Key Highlights
- 18‑unit licensed rooming property
- 14 bedrooms plus 2 one‑bedroom apartments with private kitchens and baths
- 16 of 18 units currently occupied by month‑to‑month tenants
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
$73,076
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
4.87%
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%
$1,461,520
$1.5M
Cap Rate 7%
$1,043,943
$1.0M
Cap Rate 9%
$811,956
$812.0K
Market Conditions
NOI Build-Up for 4,752 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
$142.6K $30.00/SF
− Vacancy
−$9.7K −$2.04/SF
EGI
$132.9K $27.96/SF
− OpEx
−$59.8K −$12.58/SF
NOI
$73.1K $15.38/SF
Area
Middlesex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,461,520
Cap Rate 7%
$1,043,943
Cap Rate 9%
$811,956
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$913.5K – $1.22M
NOI $73,076 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,859 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
4,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 07004, NJ
7,872
Population
3,054
Households
2.6
Avg Household Size
44
Median Age
51%
College-Educated
97%
High-School Grad
10.1 sq mi
ZIP Area
779
Density / Sq Mi
$113,750
Median Household Income
$73,322
Median Earnings
$2,576
Median Rent
$651,800
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?
Apartment building - Licensed rooming property with a mix of private kitchen and bath configurations, plus an occupied rental garage.
Where is this apartment building located?
The property is located at 163-165 LIVINGSTON Ave New Brunswick, NJ.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 18‑unit licensed rooming property; 14 bedrooms plus 2 one‑bedroom apartments with private kitchens and baths; 16 of 18 units currently occupied by month‑to‑month tenants
