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 Market61
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
Listed By:
MARIA SCHMIDT
(908) 316-8530
Source:
Luminancerealty
Added: Aug 15
Changed: Oct 9
Last Checked: Oct 5 at 10:25PM
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 / Yr
$47,079
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
