Three-Unit Residential
For Sale
$849,000
124 Spruce St, Bloomfield, NJ 07003
Multifamily property with one three-bedroom residence and two two-bedroom residences.
Property Size3,064 SF
Price / SF$277.09
Days on Market75
Property Features for 124 Spruce St
General Information
Standard status
Active
Size
3,064 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 2 x 2BR
Multifamily Units
3
Additional Details
Highway Access
Yes
Listing Agency:
Real Broker, LLC
Listed By:
John Natale · License #790719
(855) 450-0442
Source:
Obrienrealtyllc
Added: Aug 2
Changed: Oct 3
Last Checked: Oct 7 at 1:25PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This triplex contains 3,064 square feet arranged as three residential units: one three-bedroom unit and two two-bedroom units. The property is being sold in its existing condition, providing a straightforward opportunity to acquire a multi-unit residential asset.
The property is located at 124 Spruce St in Bloomfield, New Jersey, with shopping nearby and access to the Garden State Parkway. The three-unit configuration offers a defined residential layout for an owner or investor evaluating multifamily ownership.
The property is located at 124 Spruce St in Bloomfield, New Jersey, with shopping nearby and access to the Garden State Parkway. The three-unit configuration offers a defined residential layout for an owner or investor evaluating multifamily ownership.
Key Highlights
- 3,064 SF triplex
- One 3‑bedroom unit and two 2‑bedroom units
- Three residential units in one property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,280
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,025,600
$1.0M
Cap Rate 7%
$732,571
$732.6K
Cap Rate 9%
$569,778
$569.8K
Market Conditions
NOI Build-Up for 3,064 SF
Gross rent
$78.3K $25.56/SF
− Vacancy
−$5.1K −$1.65/SF
EGI
$73.3K $23.91/SF
− OpEx
−$22.0K −$7.17/SF
NOI
$51.3K $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 Rate 5%
$1,025,600
Cap Rate 7%
$732,571
Cap Rate 9%
$569,778
Alternative Uses
Best Use
Multifamily LT 5
$732.6K
$641.0K – $854.7K
NOI $51,280 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$673.1K
$589.0K – $785.3K
NOI $47,118 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$800.1K
$700.1K – $933.4K
NOI $56,005 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,613
Businesses Nearby
Explore this area
Business Placement
Demographics for 07003, NJ
52,955
Population
21,692
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
9,992
Density / Sq Mi
$98,805
Median Household Income
$56,465
Median Earnings
$1,775
Median Rent
$447,600
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
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Frequently Asked Questions
What type of property is this?
Triplex - Multifamily property with one three-bedroom residence and two two-bedroom residences.
Where is this triplex located?
The property is located at 124 Spruce St Bloomfield, 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: 3,064 SF triplex; One 3‑bedroom unit and two 2‑bedroom units; Three residential units in one property
