Duplex with Ground-Level Living
For Sale
$799,900
183 Laurel Ave, Union, NJ 07083
Two three-bedroom units offer hardwood floors, flexible lower-level space, and parking for multiple vehicles.
Property Size2,813 SF
Price / SF$284.36
Days on Market16
Property Features for 183 Laurel Ave
General Information
Standard status
Active
Size
2,813 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Buildings
1
Listing Agency:
BHGRE ELITE
(908) 316-8530
Listed By:
MARIA SCHMIDT
Source:
Luminancerealty
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 30 at 1:02AM
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 BHGRE ELITE
Investment Insights
Based on property information with market context.
This duplex contains 2,813 square feet of living area across two three-bedroom apartments. Each unit includes one full bathroom, a formal dining room, a generously sized living room, hardwood flooring, and bedrooms with double sliding-door closets. The ground-level portion adds a separate side entrance, a second full bathroom, a laundry room, and a bonus room that can support living, recreation, or storage needs.
Parking includes a built-in two-car garage, a two-car driveway, and additional side parking sized for a van or oversized vehicle. Central heating and air conditioning was installed approximately 3 years ago. Built in 1965, the property is located at 183 Laurel Ave in Union Twp., NJ 07083.
Parking includes a built-in two-car garage, a two-car driveway, and additional side parking sized for a van or oversized vehicle. Central heating and air conditioning was installed approximately 3 years ago. Built in 1965, the property is located at 183 Laurel Ave in Union Twp., NJ 07083.
Key Highlights
- 2,813 square feet of living area in a two‑unit duplex
- Each apartment includes 3 bedrooms, 1 full bathroom, dining and living rooms
- Ground‑level unit has a separate side entrance, second full bathroom, laundry room, and bonus room
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
$47,079
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
5.89%
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%
$941,580
$941.6K
Cap Rate 7%
$672,557
$672.6K
Cap Rate 9%
$523,100
$523.1K
Market Conditions
NOI Build-Up for 2,813 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
$71.9K $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$67.3K $23.91/SF
− OpEx
−$20.2K −$7.17/SF
NOI
$47.1K $16.74/SF
Area
Union 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%
$941,580
Cap Rate 7%
$672,557
Cap Rate 9%
$523,100
Alternative Uses
Best Use
Multifamily LT 5
$672.6K
$588.5K – $784.7K
NOI $47,079 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$618.0K
$540.7K – $721.0K
NOI $43,258 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$734.5K
$642.7K – $857.0K
NOI $51,417 @ 7.0% cap · market cap 6.43%
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
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 07083, NJ
56,131
Population
20,792
Households
2.7
Avg Household Size
41
Median Age
41%
College-Educated
89%
High-School Grad
8.7 sq mi
ZIP Area
6,452
Density / Sq Mi
$118,106
Median Household Income
$58,443
Median Earnings
$1,938
Median Rent
$425,600
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 - Two three-bedroom units offer hardwood floors, flexible lower-level space, and parking for multiple vehicles.
Where is this duplex located?
The property is located at 183 Laurel Ave Union, NJ.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,813 square feet of living area in a two‑unit duplex; Each apartment includes 3 bedrooms, 1 full bathroom, dining and living rooms; Ground‑level unit has a separate side entrance, second full bathroom, laundry room, and bonus room
