Renovated Quadplex with Solar
For Sale
$899,000
Pending
201-203 Watchung Ave, West Orange, NJ 07052
Multi-Family, Duplex-Side by Side, West Orange Twp., NJ
Property Size3,776 SF
Lot Size0.10 Acres
Days on Market95
Property Features for 201-203 Watchung Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 9, Bathroom 3, Bedroom 3, Bedroom 2
Interior features
Carbon Monoxide Detector, Smoke Detector
Exterior features
Curbs, Metal Fence, Sidewalk
Fencing
Fenced
Lot features
Level Lot
Elementary school
WASHINGTON
Middle school
EDISON
High school
W ORANGE
Directions
Sits between Liberty St & Watchung Ave
Standard status
Pending
Size
3,776 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18717
Utilities
Sewer type
Public Sewer
Heating system
Steam, Baseboard, Hot Water(Heating), Other (Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
basement storage
backyard
Building Details
Year built
1925
Number of units
4
Roof type
Flat, Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY
Listed By:
AARON VISCO
(908) 273-2991
Added: Jun 10
Changed: Sep 12
Last Checked: Sep 12 at 7:06PM
MLS# 4033540
Copyright © 2026 Garden State MLS, LLC. 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 renovated quadplex contains 3,776 square feet across four residential units. Three apartments have two bedrooms, an eat-in kitchen, living area, full bath, and laundry, while the fourth provides three bedrooms with a similar arrangement. The property also includes basement storage, a partially fenced backyard, built-in microwaves and stoves, and separate solar systems for each unit. A newer roof was installed in 2008, and the building has 400A electrical service installed in 2006 along with newer gas steam boilers serving the units.
The property is located on Watchung Ave in West Orange Township, near shopping, dining, parks, and schools. Access to Route 280 and the local bus loop is nearby, and Orange NJ Transit Station is approximately 1 mile away. Public water and public sewer serve the property.
The property is located on Watchung Ave in West Orange Township, near shopping, dining, parks, and schools. Access to Route 280 and the local bus loop is nearby, and Orange NJ Transit Station is approximately 1 mile away. Public water and public sewer serve the property.
Key Highlights
- Four‑unit quadplex with three 2‑bedroom units and one 3‑bedroom unit
- 3,776 square feet on a 0.1‑acre lot
- Separate solar systems for each unit; electric bills reduced by 30‑40%
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
$63,196
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
7.03%
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%
$1,263,920
$1.3M
Cap Rate 7%
$902,800
$902.8K
Cap Rate 9%
$702,178
$702.2K
Market Conditions
NOI Build-Up for 3,776 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
$96.5K $25.56/SF
− Vacancy
−$6.2K −$1.65/SF
EGI
$90.3K $23.91/SF
− OpEx
−$27.1K −$7.17/SF
NOI
$63.2K $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%
$1,263,920
Cap Rate 7%
$902,800
Cap Rate 9%
$702,178
Alternative Uses
Best Use
Multifamily LT 5
$902.8K
$790.0K – $1.05M
NOI $63,196 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$829.5K
$725.8K – $967.8K
NOI $58,067 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$986.0K
$862.7K – $1.15M
NOI $69,019 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 07052, NJ
48,867
Population
18,300
Households
2.7
Avg Household Size
42
Median Age
53%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
4,072
Density / Sq Mi
$131,456
Median Household Income
$63,458
Median Earnings
$1,791
Median Rent
$527,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Four-unit residential income property with varied bedroom layouts, individual solar systems, basement storage, and a partially fenced backyard.
Where is this quadplex located?
The property is located at 201-203 Watchung Ave West Orange, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Four‑unit quadplex with three 2‑bedroom units and one 3‑bedroom unit; 3,776 square feet on a 0.1‑acre lot; Separate solar systems for each unit; electric bills reduced by 30‑40%
