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 Market28
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
(855) 450-0442
Listed By:
John Natale · License #790719
Source:
Obrienrealtyllc
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 28 at 8:21PM
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 = 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
$51,280
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
6.04%
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%
$1,025,600
$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
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
$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 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%
$1,025,600
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
