Four-Unit Residential Income
For Sale
$849,000
124 Paine Ave, Irvington, NJ 07111
Fully leased two-story building with separate utilities and four residential apartments.
Property Size4,232 SF
Price / SF$200.61
Days on Market13
Property Features for 124 Paine Ave
General Information
Standard status
Active
Size
4,232 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1953
Buildings
1
Stories
2
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT
(973) 762-5400
Listed By:
JOEL MILLER · License #408229
Source:
Luminancerealty
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 at 2:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS MID-TOWN DIRECT
Investment Insights
Based on property information with market context.
This two-story quadplex contains four residential apartments with a combined 9 bedrooms and 4 baths. The 4,232-square-foot building has a brick first level, durable siding above, a symmetrical facade, and multiple windows that bring natural light into the units. Separate utilities serve the apartments, and a wide driveway leads to a two-car garage. The property was built in 1953.
Located at 124 Paine Ave in Irvington Township, the property sits on a residential block near transportation, shopping, and neighborhood amenities. All four units are fully leased, and the established rent roll provides an operating history for prospective investors. The configuration may also suit an owner-occupant seeking multiple residential units within one property.
Located at 124 Paine Ave in Irvington Township, the property sits on a residential block near transportation, shopping, and neighborhood amenities. All four units are fully leased, and the established rent roll provides an operating history for prospective investors. The configuration may also suit an owner-occupant seeking multiple residential units within one property.
Key Highlights
- Four residential units with 9 bedrooms and 4 baths
- 4232 square feet across a two‑story building
- Fully leased with an established rent roll
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
$70,828
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
8.34%
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%
$1,416,560
$1.4M
Cap Rate 7%
$1,011,829
$1.0M
Cap Rate 9%
$786,978
$787.0K
Market Conditions
NOI Build-Up for 4,232 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
$108.2K $25.56/SF
− Vacancy
−$7.0K −$1.65/SF
EGI
$101.2K $23.91/SF
− OpEx
−$30.4K −$7.17/SF
NOI
$70.8K $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%
$1,416,560
Cap Rate 7%
$1,011,829
Cap Rate 9%
$786,978
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$885.4K – $1.18M
NOI $70,828 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$929.7K
$813.5K – $1.08M
NOI $65,080 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.11M
$966.9K – $1.29M
NOI $77,354 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
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 - Fully leased two-story building with separate utilities and four residential apartments.
Where is this quadplex located?
The property is located at 124 Paine Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Four residential units with 9 bedrooms and 4 baths; 4232 square feet across a two‑story building; Fully leased with an established rent roll
