2455 3RD St · Fort Lee, NJ 07024-4068

$999,900

6 bd · 3.6 ba · 3,171 sqft · SingleFamily public records · 30 Days on market

Built 1920

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.9/10.0
• Livability +4.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Well-located two-family property on a quiet, desirable street near the Fort Lee and Englewood Cliffs border on Lemoine Ave. Offering flexible living and income potential, the home is configured as two rentable units. Unit 1 spans the first floor and ground level (the ground level offers walkout access and is not a traditional basement) and is currently occupied by a tenant. This unit includes a deck off the main level, a walkout patio below, and access to backyard space ideal for gardening or outdoor enjoyment. Unit 2 occupies the entire second floor and is currently vacant, presenting an immediate rental or owner-occupant opportunity. Appliances are included. Cooling is provided by window units. The driveway accommodates approximately three vehicles, with additional parking in front of the garage (currently used for storage). The location is a major highlight just one block from shops and local conveniences, walking distance to a Blue Ribbon elementary school, steps to a bus stop on Lemoine Avenue providing direct access to Manhattan, and approximately a two-minute drive to Fort Lee High School. A preschool/daycare is also about two minutes away. Set on a serene residential block while remaining close to major routes and daily amenities, this property offers a compelling opportunity for investors or owner-occupants seeking rental income in a highly accessible neighborhood.

Key facts

• Two rentable units
• Income potential
• Two family property

Tags

• TWO FAMILY PROPERTY
• INCOME POTENTIAL
• TWO RENTABLE UNITS
• DECK OFF MAIN LEVEL
• WALKOUT PATIO
• BACKYARD SPACE

Property features AI

Exterior

• Parking: Parking for 1 car (other parking per remarks)
• Home design: Multilevel residence
• Construction: Lead paint form: Yes
• Exterior features: Aluminum/Vinyl exterior finish

Interior

• Kitchen: Two kitchens (one on each level)
• Bedrooms: Four bedrooms on the first floor; Two bedrooms on the second floor
• Bathrooms: Four total bathrooms (three full, one half); Two full baths on the first floor; One full bath on the second floor; One half bath on the first floor
• Heating & cooling: Window A/C; Baseboard heating; Gas heating; Hot water heating
• Interior features: Finished full walk-out basement

What this means for you Summary

Snapshot

• This is a 6-bed/3.6-bath single-family listed at $1000k.

Deal economics

• At list price, monthly cash flow is $-6k ($-67k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (83.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (85.5% below list).
• Recommended offer: $144k (85.5% below list) — sets the bar for 1% rule.
• Cap rate -0.4% vs local median 1.5% in Fort Lee — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 89/100 on livability (#2 in NJ, #139 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Fort Lee School District (suburban): math 46% / reading 63% proficiency, ranked #105 of 472 in NJ (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 3,488 units permitted in Bergen County in 2024 (1,610 in 5+ unit buildings).

Forward outlook

• In year one you build about $37k of equity ($7k loan paydown + $30k appreciation (3.0% local appreciation)).
• Bergen County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $635k; list at $1000k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,488 (85.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.14% ✗
• Cap rate: -0.39%
• Cash-on-cash: -23.87%
• DSCR: -0.06
• GRM: 57.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.16×
• Total profit: $-234,287
• Equity at exit: $449,598

10-year hold

• IRR: -7.5%
• Equity multiple: -0.20×
• Total profit: $-337,011
• Equity at exit: $692,885

Cash invested: $279,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07024-4068

• Active inventory: 1
• Price-to-rent: 57.7×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$5,244
• Tax from tax record: −$1,049 /mo · $12,593/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-5,568

Break-even live

Break-even rent $8,493

Max offer price $165,170

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,975
• Closing costs: $29,997
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $999,900 Active 30 DOM
2. 2026-06-17
   days on market $999,900 Active 29 DOM
3. 2026-06-16
   days on market $999,900 Active 28 DOM
4. 2026-06-15
   days on market $999,900 Active 27 DOM
5. 2026-06-13
   days on market $999,900 Active 25 DOM
6. 2026-06-13
   days on market $999,900 Active 24 DOM
7. 2026-06-09
   days on market $999,900 Active 21 DOM
8. 2026-06-08
   days on market $999,900 Active 20 DOM
9. 2026-06-07
   days on market $999,900 Active 19 DOM
10. 2026-06-04
    days on market $999,900 Active 16 DOM
11. 2026-06-03
    days on market $999,900 Active 15 DOM
12. 2026-06-02
    days on market $999,900 Active 14 DOM
13. 2026-06-01
    days on market $999,900 Active 13 DOM
14. 2026-05-31
    days on market $999,900 Active 12 DOM
15. 2026-05-19
    historical

    Show marketing remark (1396 chars)

    Well-located two-family property on a quiet, desirable street near the Fort Lee and Englewood Cliffs border on Lemoine Ave. Offering flexible living and income potential, the home is configured as two rentable units. Unit 1 spans the first floor and ground level (the ground level offers walkout access and is not a traditional basement) and is currently occupied by a tenant. This unit includes a deck off the main level, a walkout patio below, and access to backyard space ideal for gardening or outdoor enjoyment. Unit 2 occupies the entire second floor and is currently vacant, presenting an immediate rental or owner-occupant opportunity. Appliances are included. Cooling is provided by window units. The driveway accommodates approximately three vehicles, with additional parking in front of the garage (currently used for storage). The location is a major highlight just one block from shops and local conveniences, walking distance to a Blue Ribbon elementary school, steps to a bus stop on Lemoine Avenue providing direct access to Manhattan, and approximately a two-minute drive to Fort Lee High School. A preschool/daycare is also about two minutes away. Set on a serene residential block while remaining close to major routes and daily amenities, this property offers a compelling opportunity for investors or owner-occupants seeking rental income in a highly accessible neighborhood.

16. 2026-05-19
    listed $999,900 Active 1396-char remark

    Show marketing remark (1396 chars)

    Well-located two-family property on a quiet, desirable street near the Fort Lee and Englewood Cliffs border on Lemoine Ave. Offering flexible living and income potential, the home is configured as two rentable units. Unit 1 spans the first floor and ground level (the ground level offers walkout access and is not a traditional basement) and is currently occupied by a tenant. This unit includes a deck off the main level, a walkout patio below, and access to backyard space ideal for gardening or outdoor enjoyment. Unit 2 occupies the entire second floor and is currently vacant, presenting an immediate rental or owner-occupant opportunity. Appliances are included. Cooling is provided by window units. The driveway accommodates approximately three vehicles, with additional parking in front of the garage (currently used for storage). The location is a major highlight just one block from shops and local conveniences, walking distance to a Blue Ribbon elementary school, steps to a bus stop on Lemoine Avenue providing direct access to Manhattan, and approximately a two-minute drive to Fort Lee High School. A preschool/daycare is also about two minutes away. Set on a serene residential block while remaining close to major routes and daily amenities, this property offers a compelling opportunity for investors or owner-occupants seeking rental income in a highly accessible neighborhood.

17. 2026-05-19
    listed $999,900 Active

    Show marketing remark (1396 chars)

    Well-located two-family property on a quiet, desirable street near the Fort Lee and Englewood Cliffs border on Lemoine Ave. Offering flexible living and income potential, the home is configured as two rentable units. Unit 1 spans the first floor and ground level (the ground level offers walkout access and is not a traditional basement) and is currently occupied by a tenant. This unit includes a deck off the main level, a walkout patio below, and access to backyard space ideal for gardening or outdoor enjoyment. Unit 2 occupies the entire second floor and is currently vacant, presenting an immediate rental or owner-occupant opportunity. Appliances are included. Cooling is provided by window units. The driveway accommodates approximately three vehicles, with additional parking in front of the garage (currently used for storage). The location is a major highlight just one block from shops and local conveniences, walking distance to a Blue Ribbon elementary school, steps to a bus stop on Lemoine Avenue providing direct access to Manhattan, and approximately a two-minute drive to Fort Lee High School. A preschool/daycare is also about two minutes away. Set on a serene residential block while remaining close to major routes and daily amenities, this property offers a compelling opportunity for investors or owner-occupants seeking rental income in a highly accessible neighborhood.

18. 2026-05-19
    listed $999,900 Active

    Show marketing remark (1396 chars)

    Well-located two-family property on a quiet, desirable street near the Fort Lee and Englewood Cliffs border on Lemoine Ave. Offering flexible living and income potential, the home is configured as two rentable units. Unit 1 spans the first floor and ground level (the ground level offers walkout access and is not a traditional basement) and is currently occupied by a tenant. This unit includes a deck off the main level, a walkout patio below, and access to backyard space ideal for gardening or outdoor enjoyment. Unit 2 occupies the entire second floor and is currently vacant, presenting an immediate rental or owner-occupant opportunity. Appliances are included. Cooling is provided by window units. The driveway accommodates approximately three vehicles, with additional parking in front of the garage (currently used for storage). The location is a major highlight just one block from shops and local conveniences, walking distance to a Blue Ribbon elementary school, steps to a bus stop on Lemoine Avenue providing direct access to Manhattan, and approximately a two-minute drive to Fort Lee High School. A preschool/daycare is also about two minutes away. Set on a serene residential block while remaining close to major routes and daily amenities, this property offers a compelling opportunity for investors or owner-occupants seeking rental income in a highly accessible neighborhood.

19. 2026-04-27
    price $999,900
20. 2026-04-24
    price $999,900
21. 2026-04-13
    price $1,199,900
22. 2026-04-01
    price $1,199,900
23. 2026-03-02
    listed $1,299,000 Active
24. 2026-03-02
    listed $1,299,000 Active
25. 2025-09-24
    price $1,299,000
26. 2025-06-20
    price $1,385,000
27. 2025-06-11
    listed $1,439,000 Active
28. 2019-01-03
    soldstatus $635,000
29. 1998-06-10
    soldstatus $255,000
30. 1995-08-14
    soldstatus $267,000
31. 1978-08-01
    soldstatus $43,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $12,593 · $1,049/mo
• Projected year-2 tax: $18,745 · $1,562/mo
• Expected delta: +$6,152/yr (+$513/mo · 48.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,339
• − Mortgage interest: −$56,010
• − Property taxes: −$12,593
• − Insurance: −$5,000
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$29,088
• Taxable loss: −$88,126
• Est. tax savings @ 24.0%: +$21,150
• After-tax cash flow: $-45,668/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fort Lee School District
• NCES district ID: 3405310
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 63% ▼ -11.00%
• Median HH income: $71,442
• Composite: 48.5/100
• National rank: #2121
• State rank: #105 of 472 in NJ

Livability — Fort Lee

• Score: 89/100
• State rank: #2
• US rank: #139

Category grades

Amenities A+ Commute A+ Cost of living F Crime A Employment A+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Lee, NJ

Population outlook (Bergen County) Hauer SSP2

• Today (2025): 1,021,896 people
• By 2030: 1,063,119 · +4.0%
• By 2040: 1,146,566 · +12.2%
• By 2050: 1,229,132 · +20.3%
• By 2075: 1,429,694 · +39.9%
• By 2100: 1,547,614 · +51.4%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+2225.3% since first listed

17 events — show timeline

• 2026-05-19 Listed $999,900 HCMLS
• 2026-05-19 Listed $999,900 GSMLS
• 2026-05-19 Listed $999,900 NJMLS
• 2026-05-19 Listing Removed — HCMLS
• 2026-04-27 Price Changed $999,900 HCMLS
• 2026-04-24 Price Changed $999,900 NJMLS
• 2026-04-13 Price Changed $1,199,900 HCMLS
• 2026-04-01 Price Changed $1,199,900 NJMLS
• 2026-03-02 Listed $1,299,000 NJMLS
• 2026-03-02 Listed $1,299,000 HCMLS
• 2025-09-24 Price Changed $1,299,000 NJMLS
• 2025-06-20 Price Changed $1,385,000 NJMLS
• 2025-06-11 Listed $1,439,000 NJMLS
• 2019-01-03 Sold (Public Records) $635,000 Public Records
• 1998-06-10 Sold (Public Records) $255,000 Public Records
• 1995-08-14 Sold (Public Records) $267,000 Public Records
• 1978-08-01 Sold (Public Records) $43,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $12,593 · +3.6% YoY. Source: county tax records.