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    Multi-Family Home with Investment Potential Title is generated by Realmo AI

    66 Carpenter St, Milford, NJ 08848

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    Claim this Listing
    New
    For Sale
    $395,000

    Multi-Family, 2-Two Story - Milford Boro, NJ

    Lot size:
    0.09 Acres
    Added:
    May 27, 2026
    Days on Market:
    5
    Last Refresh:
    May 31 at 11:06 am

    Property Features for 66 Carpenter St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Dining Room, Kitchen, Laundry, Living Room
    Parking
    3
    Parking features
    Driveway
    Patio and Porch features
    Patio, Porch
    Interior features
    Carbon Monoxide Detector, Carpeting, Fire Extinguisher, Smoke Detector
    Exterior features
    Barbeque, Curbs, Open Porch(es), Patio, Thermal Windows/Doors
    Appliances
    Range, Refrigerator
    Standard status
    Active
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7417

    Utilities

    Heating system
    Baseboard, Electric (Heating), Hot Water (Heating), Radiant
    Cooling system
    None (Cooling), Wall Unit(s)

    Building Details

    Year built
    1932
    Number of units
    2
    Building materials
    Block, Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    LINDA OKUPSKI

    Listing agent LINDA OKUPSKI

    Listing office KELLER WILLIAMS REAL ESTATE 120 WEST MAIN STREET, Clinton, NJ

    Listing date May 27, 2026

    MLS# 4030652 Listing URL

    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.

    HighLights

    • Multi‑family home with potential for conversion to single‑family.
    • Two‑car garage and paver driveway.
    • Separate utilities for each unit.
    • Located in the heart of Milford, walk to town.
    • Includes a 1‑bedroom rental unit with a private balcony.
    • Back patio and yard.

    Overview

    This multi-family home, situated in the heart of Milford, presents a variety of possibilities. Currently configured as a two-family residence, it features a one-bedroom, one-bathroom rental unit with a living room and private balcony. The second unit offers two bedrooms, one bathroom, a living room, a dining room, and a finished attic space. The property includes a full-size two-car garage, a paver driveway, a back patio, and a yard. All utilities are separate. The two-bedroom unit uses oil heat and hot water, while the one-bedroom unit is all electric. A washer and dryer are located in the garage. Recent updates include some replacement windows, garage floor work, above ground oil tank removal, and paint. The property can be converted to a single-family home. Intended use is residential. The property is being sold AS IS, with the seller not considering repairs. The property is located within walking distance to town and has residential zoning. The lot size is 0.09 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    Hunterdon
    State
    New Jersey
    Longitude
    -75.09422
    Latitude
    40.56623

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    FAQs

    What type of property is this?
    Duplex - Multi-family home in Milford Boro with investment or conversion potential.
    Where is this duplex located?
    The property is located at 66 Carpenter St Milford, NJ.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Multi‑family home with potential for conversion to single‑family.; Two‑car garage and paver driveway.; Separate utilities for each unit.
    (908) 751-7750
    We can help!
    Listing Contact
    LINDA OKUPSKI
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    66 Carpenter St, Milford Boro, NJ 08848-1307
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