For sale

$688,000

Est. $4,317/mo —

•

1,440

sq ft

481 Hamilton St, Somerset, NJ 08873-2663

About this home

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

Multi-familyProperty Type

1950Year Built

3,484 sq ftLot Size

$478Price/Sq.Ft.

2 spacesParking

Listed by XIANGHUI LOTUS ZHANG • ELITE REALTORS OF NEW JERSEY

Contact: 973-723-2015

Listing updated: Oct 1, 2026 at 04:10pm

Redfin checked: a minute ago

•Source:GSMLS #4055764

Payment calculator

$4,317 per month

Principal and interest$3,848

Property taxes

$376

HOA dues

Home insurance

$92

Utilities

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Open houses

No upcoming open houses.

Nearby open houses (10)

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Around this home

Schools

K - 12
Preschool & daycare

Hillcrest Elementary School

Public PreK-5 • Assigned • 1.1mi

5/10

Franklin Middle School

Public 6-8 • Assigned • 1.3mi

4/10

Franklin Twp High School

Public 9-12 • Assigned • 5.0mi

3/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Offer insights

481 Hamilton St · $688,000

Strong offer

$741K and above

75% chance or better to win

Why $741K+ is a strong offer

DAYS ON MARKET

The average home goes pending in 27 days.

SALE-TO-LIST

Most homes are selling 5% above list price.

About offer insights

Property details

Interior
Exterior
Finance

Kitchen

Bathroom

Bedroom

Interior features
Carbon monoxide detector
Smoke detector
Fire extinguisher
Wood floors
Gas water heater

Bedrooms
Unit 1: 2 bedrooms
Unit 2: 4 bedrooms
Total units: 2

Bathrooms
3 full bathrooms total
Unit 1: 1 bathroom
Unit 2: 2 bathrooms

Kitchen
Range/Oven - Gas (both units)
Refrigerator (both units)

Laundry & utility
Owner pays water for both units
Tenants pay electric, gas and heat

Flooring
Wood floors

Heating & cooling
Two heating units with baseboard hot water
Natural gas heating fuel
Window A/C units

Sale and tax history for 481 Hamilton St

Sale History
Tax History

Year

Property tax

Land + Additions

Assessment*

2025

$4,517 (+10.9%)

$156,400 + $130,100

$286,500

2024

$4,074 (+14.4%)

$126,400 + $130,100

$256,500

2023

$3,562 (−5.3%)

$126,400 + $97,200

$223,600

2022

$3,760 (−8.6%)

$86,400 + $97,200

$183,600

2021

$4,113 (−2.5%)

$86,400 + $97,200

$183,600

2020

$4,220 (−1.3%)

$86,400 + $98,100

$184,500

2019

$4,277 (−1.0%)

$86,400 + $98,100

$184,500

2018

$4,321 (−0.4%)

$86,400 + $98,100

$184,500

2017

$4,338 (−0.8%)

$86,400 + $98,100

$184,500

2016

$4,374 (+2.2%)

$86,400 + $98,100

$184,500

2014

$4,280 (+1.4%)

$86,400 + $98,100

$184,500

2013

$4,221 (+7.7%)

$86,400 + $98,100

$184,500

2011

$3,919 (+4.8%)

$86,400 + $98,100

$184,500

2010

$3,740 (+7.9%)

$86,400 + $98,100

$184,500

2009

$3,465

$86,400 + $98,100

$184,500

Public record

Public record
Zoning

Beds

—

Baths

—

Stories

Lot width

36 ft.

Lot depth

100 ft.

Lot size

3,598 Sq. Ft.

Year renovated

—

Finished Sq. Ft.

1,440

Unfinished Sq. Ft.

—

Total Sq. Ft.

1,440

Year built

1950

Style

Single Family Residential

County

Somerset County

APN

0800194 00129

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Sep 17, 2026.

HBD

Hamilton Street Business District

The purpose of the HBD District is to provide for commercial uses with supportive residential, community and institutional uses that, in combination, contribute to an attractive, vibrant and sustainable business district that is geared towards pedestrian circulation, bicycle circulation and public transportation.

Permitted uses

Include but are not limited to:

Bank
Day care facility
Laundromat
General retail
Restaurant
Housing-Single unit
Housing-Senior
Mixed use building
Office
Death related/funeral home

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

7/10 Heat Factor

7 days above 101° expected this year, 15 days in 30 years

6/10 Wind Factor

27% chance of strong winds in next 30 years

3/10 Air Factor

3 unhealthy days expected this year, 5 days in 30 years

Provided by First Street

Historical weather

Somerset, NJ • 08873-2663

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 8.7 hours in June and 4.3 hours in December, placing it below the U.S. average for solar exposure.

8.7 hrs

4.3 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 481 Hamilton St

$689,854

$1,854 over list price of $688K

Nearby comparable homes

The Redfin Estimate uses 5 recent nearby sales, priced between $448K to $596K.

SOLD JUN 30, 2026
$596,000 Last sold price
4 beds3.5 baths1,748 sq ft
22 Harvey St, New Brunswick, NJ 08901
$137/sq ft
smaller lot
28 years older
SOLD JUN 8, 2026
$595,000 Last sold price
— beds— baths— sq ft
23 Home St, Somerset, NJ 08873-2132
smaller lot
34 years older
no basement
SOLD AUG 21, 2026
$465,000 Last sold price
2 beds1 bath— sq ft
3 Dix St, New Brunswick, NJ 08901
2 years newer
SOLD SEP 4, 2026
$448,000 Last sold price
2 beds2.5 baths1,579 sq ft
13 Ronald Dr, Somerset, NJ 08873
$194/sq ft
smaller lot
64 years newer
SOLD FEB 13, 2026
$574,000 Last sold price
5 beds1.5 baths1,560 sq ft
45 Duke St, New Brunswick, NJ 08901
$110/sq ft
24 years older

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