Fully Rented 18-Unit Rooming
For Sale
$1,550,000
163 Livingston Avenue, New Brunswick, NJ 08901
18-unit rooming house, fully rented, high income, easy to manage.
Property Size4,752 SF
Price / SF$326.18
Days on Market468
Property Features for 163 Livingston Avenue
General Information
Standard status
Active
Size
4,752 SF
Taxes and HOA fees
Annual Taxes
$24,794
Building Details
Year Built
1900
Listing Agency:
RE/MAX COMPETITIVE EDGE
Source:
Corcoran
Added: May 22, 2025
Changed: Mar 16
Last Checked: Aug 25 at 4:44AM
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 RE/MAX COMPETITIVE EDGE
Investment Insights
Based on property information with market context.
This 18-unit rooming house property presents a money-making opportunity. The property features 14 rooms, 4 efficiency units, and 6 bathrooms, along with a 3-car garage. All units are fully rented and in high demand, consistently generating high income and easy to manage. The gross income is $186,060, with a net income of $117,720, resulting in a cap rate of 7.59%. A new roof has been installed, and the electrical systems were updated in 2021. The property is conveniently located for commuters, with a bus stop across the street and a short 15-minute walk to the New Brunswick Train Station. The property size is 4752 square feet.
Key Highlights
- High Net Income: $117,720 annually.
- Fully Rented with Waitlist: High demand ensures consistent occupancy.
- Strong Cap Rate: 7.59% indicates a profitable investment.
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
4.71%
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 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,859 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 08901, NJ
56,278
Population
17,071
Households
3.3
Avg Household Size
27
Median Age
24%
College-Educated
66%
High-School Grad
6.3 sq mi
ZIP Area
8,933
Density / Sq Mi
$60,248
Median Household Income
$25,192
Median Earnings
$1,790
Median Rent
$316,800
Median Home Value
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?
Apartment building - 18-unit rooming house, fully rented, high income, easy to manage.
Where is this apartment building located?
The property is located at 163 Livingston Avenue New Brunswick, NJ.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: High Net Income: $117,720 annually.; Fully Rented with Waitlist: High demand ensures consistent occupancy.; Strong Cap Rate: 7.59% indicates a profitable investment.
