Quadplex with
For Sale
$1,145,000
Pending
184 N Walnut Street, East Orange, NJ 07017
MULTI_FAMILY - East Orange, NJ
Property Size5,048 SF
Days on Market403
Property Features for 184 N Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 8, Bedroom 6, Basement, Bedroom 4, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 3
Parking
8
Basement
Partial
Directions
Turn off Park Ave
Standard status
Pending
APN
05 00361-0000-00010
Size
5,048 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16390
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Multi Units
Water source
Public
Building Details
Floors in Building
2
Number of units
4
Listing Agency:
American Homes Group
(732) 289-3900
Listed By:
Steven Schaefer · License #2324673
(732) 289-3900
Added: Jul 23, 2025
Changed: Aug 14
Last Checked: Aug 29 at 12:06PM
MLS# 22521973
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex at 184 N Walnut Street, East Orange, NJ 07017 is configured with multiple bedrooms and bathrooms across seven listed bedrooms and three listed bathrooms. The property includes a basement and is served by forced air heating and multi-unit cooling. Public water and public sewer are available.
The property also benefits from ample on-site parking with 8 spots. The remarks note the location is in the N Walnut Rezoning area; buyers should consult with an architect for specific development considerations.
With its established multifamily layout and public utilities, the quadplex is suited for tenants seeking an independent bedroom-and-bath configuration within a single property.
The property also benefits from ample on-site parking with 8 spots. The remarks note the location is in the N Walnut Rezoning area; buyers should consult with an architect for specific development considerations.
With its established multifamily layout and public utilities, the quadplex is suited for tenants seeking an independent bedroom-and-bath configuration within a single property.
Key Highlights
- Quadplex located at 184 N Walnut Street, East Orange, NJ 07017
- 8 on‑site parking spots
- 5,048 SF total property size
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,484
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,689,680
$1.7M
Cap Rate 7%
$1,206,914
$1.2M
Cap Rate 9%
$938,711
$938.7K
Market Conditions
NOI Build-Up for 5,048 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$129.0K $25.56/SF
− Vacancy
−$8.3K −$1.65/SF
EGI
$120.7K $23.91/SF
− OpEx
−$36.2K −$7.17/SF
NOI
$84.5K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,689,680
Cap Rate 7%
$1,206,914
Cap Rate 9%
$938,711
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,484 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$1.11M
$970.4K – $1.29M
NOI $77,628 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,269 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
Explore this area
Business Placement
Demographics for 07017, NJ
39,054
Population
16,770
Households
2.3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
2.3 sq mi
ZIP Area
16,980
Density / Sq Mi
$61,552
Median Household Income
$39,847
Median Earnings
$1,346
Median Rent
$316,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Quadplex at 184 N Walnut St with 8 parking spots, forced air heat, multi-unit cooling, and public water and sewer.
Where is this quadplex located?
The property is located at 184 N Walnut Street East Orange, NJ.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: Quadplex located at 184 N Walnut Street, East Orange, NJ 07017; 8 on‑site parking spots; 5,048 SF total property size
