Duplex with Ground-Level Living
For Sale
$799,900
183 Laurel Ave, Union, NJ 07083
Multi-Family, 3-Three Story, Union Twp., NJ
Property Size2,813 SF
Lot Size0.16 Acres
Price / SF$284.36
Days on Market51
Property Features for 183 Laurel Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 6, Bathroom 2, Bedroom 5, Bedroom 2
Parking
5
Patio and Porch features
Patio
Interior features
Carbon Monoxide Detector, Smoke Detector, Wood Floors
Exterior features
Curbs, Metal Fence, Patio, Sidewalk
Fencing
Fenced
Subdivision
Burnet
Lot features
Level Lot
Elementary school
Central
Middle school
Burnet
High school
Union
Directions
Burnet to Laurel Ave
Standard status
Active
Size
2,813 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15882
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1965
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHGRE ELITE
Listed By:
MARIA SCHMIDT
(908) 316-8530
Added: Aug 1
Changed: Sep 14
Last Checked: Sep 20 at 12:06AM
MLS# 4044489
Copyright © 2026 Garden State MLS, LLC. 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 two-unit residential property provides 2,813 square feet of gross living area on a 0.16-acre lot. Each apartment includes three bedrooms, one full bathroom, a living room, formal dining room, hardwood flooring, and double sliding-door closets. The ground-level portion adds a separate side entrance, another full bathroom, laundry facilities, and a bonus room that can support recreation, storage, or additional living space.
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. The property also includes a patio, fencing, sidewalks, curbs, public water, and public sewer. Built in 1965, it is zoned Residential and located in Union Twp., New Jersey.
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. The property also includes a patio, fencing, sidewalks, curbs, public water, and public sewer. Built in 1965, it is zoned Residential and located in Union Twp., New Jersey.
Key Highlights
- Two‑unit property with 2,813 square feet of gross living area
- Each apartment offers 3 bedrooms, 1 full bathroom, living room, dining room, and hardwood floors
- Ground‑level space includes separate side entrance, 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
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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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Cap Rate, Value Estimation, Potential NOI and more
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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 residential units offer hardwood floors, flexible lower-level space, central air, and substantial on-site parking.
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: Two‑unit property with 2,813 square feet of gross living area; Each apartment offers 3 bedrooms, 1 full bathroom, living room, dining room, and hardwood floors; Ground‑level space includes separate side entrance, full bathroom, laundry room, and bonus room
