Two-Unit Duplex with Separate
For Sale
$595,000
24 Johnson Ave, Newark, NJ 07108
Multi-Family, 2-Two Story, Newark City, NJ
Property Size2,346 SF
Lot Size0.10 Acres
Price / SF$253.62
Days on Market143
Property Features for 24 Johnson Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 5
Parking
2
Directions
Google Map
Standard status
Active
Size
2,346 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7318
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
SU ZHENG · License #2078658
(201) 661-0369
Added: May 1
Changed: Sep 14
Last Checked: Sep 20 at 2:06PM
MLS# 4024608
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 vacant duplex contains 2,346 square feet on a 0.1-acre lot and includes separate gas and electric utilities for the two units. The property is being sold as-is and features forced-air heating, central air conditioning, and a shingle roof. The room inventory includes five bedrooms and two bathrooms.
Public water and public sewer serve the property. A bus connection to New York City is approximately 3 minutes away, providing a defined transit link from the Newark location.
Public water and public sewer serve the property. A bus connection to New York City is approximately 3 minutes away, providing a defined transit link from the Newark location.
Key Highlights
- 2,346‑square‑foot duplex on a 0.1‑acre lot
- Separate gas and electric utilities
- Five bedrooms and two bathrooms
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
$39,756
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
6.68%
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%
$795,120
$795.1K
Cap Rate 7%
$567,943
$567.9K
Cap Rate 9%
$441,733
$441.7K
Market Conditions
NOI Build-Up for 2,346 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
$59.7K $25.44/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$56.8K $24.21/SF
− OpEx
−$17.0K −$7.26/SF
NOI
$39.8K $16.95/SF
Area
Newark, NJ
Vacancy
4.84%
Lease Rate
$25.44 /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%
$795,120
Cap Rate 7%
$567,943
Cap Rate 9%
$441,733
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$497.0K – $662.6K
NOI $39,756 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$518.5K
$453.7K – $604.9K
NOI $36,294 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$831.2K
$727.3K – $969.8K
NOI $58,186 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,227
Businesses Nearby
Explore this area
Business Placement
Demographics for 07108, NJ
28,715
Population
12,862
Households
2.2
Avg Household Size
32
Median Age
17%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
20,511
Density / Sq Mi
$33,960
Median Household Income
$30,336
Median Earnings
$1,098
Median Rent
$326,900
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex with independent gas and electric service, central air, and public water and sewer connections.
Where is this duplex located?
The property is located at 24 Johnson Ave Newark, NJ.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,346‑square‑foot duplex on a 0.1‑acre lot; Separate gas and electric utilities; Five bedrooms and two bathrooms
