Three-Unit Multifamily
For Sale
$849,000
Pending
124 Spruce Street, Bloomfield, NJ 07003
Multi-Family, Bloomfield, NJ
Property Size3,064 SF
Lot Size0.07 Acres
Days on Market145
Property Features for 124 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Basement, Bedroom 1, Bedroom 3, Bedroom 7, Bathroom 3, Bedroom 6, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 2
Basement
Full
Directions
JFK Pkwy S to Beach to Spruce
Standard status
Pending
APN
02-00282-0000-00029
Size
3,064 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12285
Utilities
Sewer type
Public Sewer
Cooling system
Multi Units
Water source
Public
Building Details
Floors in Building
2
Number of units
3
Listing Agency:
Real Broker, LLC- Fairfield
(855) 450-0442
Listed By:
John Natale · License #790719
(212) 380-3203
Added: Apr 21
Changed: Sep 6
Last Checked: Sep 12 at 3:06PM
MLS# 22611143
Copyright © 2026 More MLS. 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 3,064-square-foot multifamily property contains three residential units, configured as one three-bedroom unit and two two-bedroom units. The building includes a basement, three bathrooms, multi-unit cooling, public water, and public sewer. The property is being offered in its existing condition.
Set on 0.07 acres in Bloomfield, the property is situated near shopping and the Garden State Parkway. The residential layout and established utility connections provide a defined configuration for continued multifamily use.
Set on 0.07 acres in Bloomfield, the property is situated near shopping and the Garden State Parkway. The residential layout and established utility connections provide a defined configuration for continued multifamily use.
Key Highlights
- Three‑unit multifamily property with one 3‑bedroom unit and two 2‑bedroom units
- 3,064 square feet of building area on a 0.07‑acre lot
- Basement included
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
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,643
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Unit mix includes one three-bedroom residence and two two-bedroom residences.
Where is this triplex located?
The property is located at 124 Spruce Street 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: Three‑unit multifamily property with one 3‑bedroom unit and two 2‑bedroom units; 3,064 square feet of building area on a 0.07‑acre lot; Basement included
