Four-Unit Two-Story
For Sale
$849,000
124 Paine Ave, Irvington, NJ 07111
Multi-Family, 2-Two Story, Fourplex, Irvington Twp., NJ
Property Size4,232 SF
Lot Size0.11 Acres
Price / SF$200.61
Days on Market143
Property Features for 124 Paine Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 5, Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2, Bedroom 9, Bedroom 8
Parking
6
Elementary school
IRVINGTON
Middle school
IRVINGTON
High school
IRVINGTON
Directions
Union Ave to Paine Ave
Standard status
Active
Size
4,232 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20271
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1953
Floors in Building
2
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT · Keller Williams Realty
(973) 762-5400
Listed By:
JOEL MILLER · License #408229
(908) 573-2244
Added: Apr 22
Changed: Sep 1
Last Checked: Sep 11 at 8:06AM
MLS# 4022603
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 two-story quadplex contains four residential apartments within 4,232 square feet. The property offers nine bedrooms and four baths, with separate utilities serving the units. Built in 1953, the building features a brick first level, siding above, a shingle roof, and a central front entry with brick steps. A wide driveway leads to a two-car garage, while the side-by-side configuration provides a balanced building profile and individual apartment layouts.
The property occupies 0.11 acres on Paine Ave in Irvington Twp., New Jersey. Public water and public sewer serve the site. The apartments are fully leased, and the established rent roll provides an existing income stream for an investor or an owner-occupant seeking a multi-unit property.
The property occupies 0.11 acres on Paine Ave in Irvington Twp., New Jersey. Public water and public sewer serve the site. The apartments are fully leased, and the established rent roll provides an existing income stream for an investor or an owner-occupant seeking a multi-unit property.
Key Highlights
- Four residential units totaling 4,232 square feet
- Nine bedrooms and four baths
- Fully leased with 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
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
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
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 - Fully leased residential property with separate utilities, a two-car garage, and a practical multi-unit layout.
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 totaling 4,232 square feet; Nine bedrooms and four baths; Fully leased with established rent roll
