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366 Somerset St 24 Unit Apartment Building $10,299,000 ($429,125/Unit) 4.66% Cap Rate New Brunswick, NJ 08901
Investment Highlights
- Located in a high-density, transit-served submarket with strong renter demand
Executive Summary
366 Somerset Street in New Brunswick, New Jersey is a four-story, mixed-use investment property comprising 24 residential apartments and two ground-floor retail units, totaling approximately 35,200 square feet on a 0.37-acre urban parcel. The building offers a stabilized income profile with a blend of multifamily and commercial tenancy, positioned along the Somerset Street corridor in a dense, transit-oriented neighborhood just under one mile from the New Brunswick NJ Transit station. The asset benefits from strong surrounding demographics and proximity to major employment and institutional drivers, including downtown New Brunswick and Rutgers University, while its scale and zoning support continued residential demand and long-term rental growth potential. All units are two bedroom, one bath. Parking for 12 vehicles. Opportunity Zone.
Property Facts
| Price | $10,299,000 | Building Class | B |
| Price Per Unit | $429,125 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 35,200 SF |
| Cap Rate | 4.66% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | C-2A | ||
| Price | $10,299,000 |
| Price Per Unit | $429,125 |
| Sale Type | Investment |
| Cap Rate | 4.66% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.37 AC |
| Building Size | 35,200 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2019 |
| Opportunity Zone |
Yes |
| Zoning | C-2A |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 13-00425-0000-00014-01 | Improvements Assessment | $3,681,900 |
| Land Assessment | $469,200 | Total Assessment | $4,151,100 |
Property Taxes
Parcel Number
13-00425-0000-00014-01
Land Assessment
$469,200
Improvements Assessment
$3,681,900
Total Assessment
$4,151,100
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366 Somerset St
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