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New Jersey real estate values have skyrocketed in recent years. And it’s not just people who have been priced out of New York City that are scooping up properties.
Strong market fundamentals have made New Jersey attractive to investors looking for multi family homes for sale.
With that, we’re going to take a look at how to discover multi family homes for sale anywhere in the state of New Jersey—from those located just outside NYC, to the New Jersey shoreline, and everywhere in between.
How to Find Multi Family Homes for Sale in NJ
Whether you’re a first-time investor or have a robust portfolio, finding lucrative deals can be challenging in today’s frothy real estate market.
So, what are the best ways to find multi family homes for sale in NJ?
There are generally three strategies: scour traditional listing platforms, look for off-market deals, or work with a real estate broker. Sometimes, finding a great deal requires a combination of all three.
Here, we’ll take a look at the best commercial and residential listings platforms, then look at how you can take your search off-market with Reonomy to widen your scope of opportunity.
Commercial and Residential Real Estate Listings
One of the best places to begin your search for multi family homes for sale in NJ is to begin looking at what’s been posted on the multiple listing service, or MLS.
These commercial and residential real estate listings are syndicated to multiple platforms and therefore, are widely available to the rest of the marketplace. While there may be more competition for MLS-listed properties, this is how you’ll find the widest variety of multi family homes for sale in NJ.
Here are a few of the most prominent MLS-oriented platforms to find multi family homes for sale in NJ:
As one of the leading platforms for single family homes, it’s not always intuitive to use Zillow to find multi family homes for sale in NJ.
But indeed, Zillow is a great resource for those in search of duplexes or triplexes as well.
Zillow is also widely used by owners and brokers when listing NJ apartments for rent, so investors looking to purchase multi family properties can use the platform to get a handle on what realistic rent comps are, as well.
Trulia is another residential-focused MLS platform that is preferred by some for its user-friendly interface. It’s a great resource for those looking to purchase investment property, including duplexes and triples for sale in NJ.
Something to note: Trulia was purchased by Zillow back in 2015, so while the platforms are technically different, there is significant overlap with the listings featured on each.
LoopNet is a favorite among investors looking to purchase traditional commercial properties, such as office buildings or retail centers.
Many people don’t realize that LoopNet can also be used to find multi family properties for sale in NJ, as well.
The multi family homes for sale listed on LoopNet tend to skew larger, so this is a great place to find 6-unit, 20-unit, even 50+ unit multi family homes for sale.
Coldwell Banker Residential Brokerage
There are multiple adept real estate brokerages selling multi family homes for sale in NJ, but Coldwell Banker Residential Brokerage really rises to the top.
The NJ offices had $1.33 billion in dollar listing volume across 1,437 properties in 2018. Coldwell Banker has offices across the state, including in Clark, Elizabeth, Ventnor City, Stone Harbor, Barnegat, Vineland, Nutley, and more.
Prominent Properties is an office of Sotheby’s International based in New Jersey.
The brokerage is known to rack up interest in its multi family homes for sale by using professional photographers to shoot properties to feature across the web and social media, as most investors begin their searches online.
“The internet is your first open house,” says Diane Cookson, an agent at Prominent Properties in Saddle River.
Realtor.com is another online platform used by investors searching for multi family homes for sale in NJ.
The website is easy to navigate. Simply type in a city or town of interest and filter by “multi family” listings to view MLS-listed properties on homes.com.
Some of Weichert’s largest offices are in Monmouth County, Morris Township, Bergen County, Burlington, and Ocean Township.
For Sale by Owner Listings
For sale by owner listings, otherwise referred to as “FSBO”, are harder for brokers and investors to track down. There are a few ways people can search for FSBO multi family homes for sale in NJ.
For Sale by Owner
For Sale by Owner is a website focused on just that – listing homes for sale by owner! This platform is one of the leading FSBO sties in the U.S.
The website claims to help sellers save (collectively) tens of millions of dollars in real estate commissions each year. For Sale by Owner focuses exclusively on residential properties and often features multi family homes for sale.
FSBO.com is a global marketplace for those looking to sell residential real estate without hiring a broker.
The platform offers two packages: The first costs $99.95 for 12 months and allows users to post unlimited photos, a video and includes a cross-posting on the Redfin website.
The second package costs more, $399.95, and is only a 6-month listing, but this package syndicates the listing to the MLS platform which will ensure the listing is featured on Zillow, Redfin, Realtor.com and other online listing websites that help investors find multi family homes for sale in NJ.
Craigslist is often used by people searching for apartments for rent, but it can also be used to sell multi family homes for sale in NJ.
Posts are discoverable by geography, making this site helpful for those searching in very specific geographies.
Despite Craigslist’s wide appeal and market reach, one downfall is that the platform does not have a tool to refine searches to only include multi-family properties for sale.
Users have to search for specific keywords, such as “duplex” or “investment property” or “apartment building” to uncover potential deals.
Search Off-Market with Reonomy
Another option is to search off-market for New Jersey multi family assets.
Instead of just looking through what is currently listed for sale, you tap in to all multi family properties in the state and get in touch with owners directly.
Going off-market gives you more options in the property discovery process. Finding unlisted properties also lets avoid the competition and price hikes of listings, while also avoiding costly broker fees and communication go-betweens.
Below, we’ll show you how to run an off-market search for multi family properties likely to sell in NJ using Reonomy, as well as how to search listings platforms to find your ideal asset.
How to Search Different Platforms (With Examples)
When scouring the market for multi family homes for sale in NJ, a logical place to start is by browsing online listings. Some platforms are easier to navigate for this purpose than others.
Here’s a look at how investors and brokers can use a few of the more popular platforms to find multifamily homes for sale in New Jersey.
Bergen County Search with Zillow
Bergen County is one of the state’s most prominent areas for investors searching for multi family homes for sale. Let’s take a look at how to use Zillow to search for properties in Bergen County, using Garfield, NJ as an example.
When searching on Zillow, you’ll want to start by filtering for geographic area.
A search of multi family homes for sale in Garfield, NJ, for example, reveals 18 properties currently on the market, ranging from duplexes priced under $300,000 to a four-family apartment building listed for approximately $700,000.
Monmouth County Search with LoopNet
There is a significant amount of multi family homes for sale in Monmouth County on LoopNet.
One of the reasons for this is likely due to the fact that several areas in Monmouth County (e.g. outside Asbury Park, Long Branch, Red Bank and more) have been designated as Opportunity Zone tracts – a designation that offers significant tax benefits to people willing to invest and improve upon properties in these areas.
Most of the Monmouth County listings featured on LoopNet are office and retail properties for sale, although there are a few multi family homes for sale as well.
For example, the listing above is for a four-unit multi family property for sale in Long Branch, NJ. One of the benefits of LoopNet is that it features critical property information that investors look for, such as the cap rate – in this case, 5.10 percent.
Cap rates are one of the metrics that investors use to analyze potential deals.
Elizabeth, NJ Search with Reonomy
When going off-market with Reonomy to search for multi family homes in NJ, you can search with varying levels of granularity.
Aside from location, you can filter properties by asset class and sub-classes, sales history, debt history, current business tenants, owner records, and much more.
Let’s say you’re looking for duplexes in Elizabeth, NJ.
First, you’d add your location.
Then, add asset type filters for multi family, or any combination of multi family sub-classes. Again, let’s say you’re only searching for duplexes.
From here, you can add more specific building and lot filters in the Building & Lot tab. Here, you can select to only see properties within Opportunity Zones.
Then, to identify properties where the owner is likely to sell, you can search by sales history, for properties that have not been sold within the last 5 years, 10 years, or any custom range you prefer.
Jersey City Search with Trulia
Jersey City is one of the hottest destinations for investors looking to purchase multi family homes for sale in NJ.
That’s because Jersey City is literally closer to downtown NYC than most of NYC-proper.
To search these listings, type in “Jersey City, NJ” into the search bar. Given the volume of listings, it may be helpful to refine your search based on specific criteria.
One way to narrow your search is by filtering for new listings only, defined as those posted within the last week. Using the example below, this brings the total number of listings from over 200 to just 21.
Conversely, you can search for those that have upcoming open houses or those that have had their prices reduced in the past week.
Clifton, NJ Search with Homes.com
Start by entering the town into the search bar. As you’ll see here, Homes.com tends to feature smaller multi family homes for sale, such as duplexes and triplexes.
Of the 45 multi family homes for sale in Clifton, NJ on the market right now, the vast majority are duplexes primarily in residential neighborhoods.
Although homes.com does not allow users to search for multi family homes based on number of units, one way to filter for larger apartment buildings is to search by number of bathrooms. The more bathrooms a building has, the greater likelihood that there will be more units.