481 Hamilton Street (Block 194, Lot 129) presents an exceptional value-add opportunity in Franklin Township's High-Business District (HBD) zone. Featuring a versatile multi-unit residential configuration, verified by Township as a legal use of pre-existing non-conforming 2-family. This property is ideally suited for investors, contractors, or buyers looking to maximize income potential. Situated on a high-visibility corridor close to local shopping, public transportation, and major commuter routes into New Brunswick, this property offers incredible upside. Property is being sold in 'as-is' condition. Bring your imagination and vision to unlock the full potential of this prime Somerset location! This well-maintained 2 family home offering the perfect blend of flexibility and income potential. The home features two bedroom, 1 full bath unit on lower level, and 2+2 bedrooms , 2 full bath room on top level. Driveway parking with large backyard. Perfect for a new owner to move right in while collecting rent from the other unit, or easily leased for additional cash flow. Separate gas and electric meters, tenants pay all utilities, includes heat, electricity, water, sewer, trash etc. Low taxes.A potential 7.3%+ cap rate
Active
$688,000
481 Hamilton St, Franklin Twp., NJ 08873
6beds
1,440sqft
Multi Family
Built in 1950
-- sqft lot
$678,600 Zestimate®
$478/sqft
$-- HOA
What's special
Multi-unit residential configurationDriveway parkingLarge backyard
- 8 days
- 339
- 15
Zillow last checked:
Listing updated:
Listed by:
Xianghui Lotus Zhang 973-723-2015,
Elite Realtors Of New Jersey
Source: GSMLS,MLS#: 4055764
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 6
- Bathrooms: 3
- Full bathrooms: 3
Heating
- 2 Units, Baseboard - Hotwater, Natural Gas
Cooling
- Window Unit(s)
Appliances
- Included: Range/Oven - Gas, Refrigerator, Gas Water Heater
Features
- Bedrooms, Kitchen, Living Room, Family Room
- Flooring: Wood
- Doors: Storm Door(s)
- Basement: Yes,Full,Unfinished
- Has fireplace: No
Interior area
- Total structure area: 1,440
- Total interior livable area: 1,440 sqft
Property
Parking
- Total spaces: 2
- Parking features: 1 Car Width, Asphalt, Driveway-Exclusive, Off Street, None
- Uncovered spaces: 2
Features
- Levels: Two
- Stories: 2
- Patio & porch: Open Porch(es)
- Exterior features: Curbs, Sidewalk
Lot
- Size: 3,484 Square Feet
- Dimensions: 36 x 100
- Features: Level
Details
- Parcel number: 2708001940000001290000
- Zoning description: HBD
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Vinyl Siding
- Roof: Asphalt Shingle,See Remarks
Condition
- Year built: 1950
- Major remodel year: 2026
Utilities & green energy
- Gas: Gas-Natural
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Connected, Natural Gas Connected, Cable Connected, Fiber Optic, Garbage Extra Charge
Community & HOA
Community
- Security: Carbon Monoxide Detector(s), Smoke Detector(s), Carbon Monoxide Detector, Smoke Detector, Fire Extinguisher
Location
- Region: Somerset
Financial & listing details
- Price per square foot: $478/sqft
- Tax assessed value: $286,500
- Annual tax amount: $4,516
- Date on market: 9/29/2026
- Total actual rent: 1680
- Tenant pays: Electricity, Gas, Tenant Pays Heat, Tenant Pays Electric, Tenant Pays Gas
- Electric utility on property: Yes
Estimated market value
$678,600
$645,000 - $713,000
$2,968/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/29/2026 | Listed for sale | $688,000+262.1%$478/sqft |
Source:  GSMLS #4055764 Report a problem | ||
| 12/1/2010 | Sold | $190,000$132/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2026 | $4,517 +0.7% | $286,500 +11.7% |
| 2025 | $4,484 +14.7% | $256,500 +14.7% |
| 2024 | $3,909 +9.7% | $223,600 +21.8% |
| 2023 | $3,562 -13.4% | $183,600 |
| 2022 | $4,113 | $183,600 -0.5% |
| 2021 | -- | $184,500 |
| 2020 | $4,277 -1% | $184,500 |
| 2019 | $4,321 | $184,500 |
| 2018 | $4,321 -1.2% | $184,500 |
| 2017 | $4,375 +0.7% | $184,500 |
| 2016 | $4,345 +1.5% | $184,500 |
| 2015 | $4,280 +1.4% | $184,500 |
| 2014 | $4,221 +7.7% | $184,500 |
| 2012 | $3,919 +4.8% | $184,500 |
| 2011 | $3,740 +7.9% | $184,500 |
| 2010 | $3,465 -21.6% | $184,500 |
| 2009 | $4,420 | $184,500 -17.6% |
| 2008 | -- | $223,900 |
| 2007 | -- | $223,900 |
| 2006 | -- | $223,900 +9.2% |
| 2005 | -- | $205,100 +16.5% |
| 2004 | $1,452 | $176,000 +14.7% |
| 2003 | -- | $153,400 +44% |
| 2002 | -- | $106,500 +5.3% |
| 2001 | -- | $101,100 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 08873
Nearby schools
Schools provided by the listing agent
- Elementary: Pine Grove
- Middle: Franklin
- High: Franklin
Source: GSMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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