9-Unit Walk-Up Apartment
For Sale
$1,800,000
644 Oradell Ave, Oradell, NJ 07649
Two-story walk-up with nine individually metered units, offering stable income potential in an owner-maintained Bergen County asset.
Property Size6,000 SF
Lot Size0.22 Acres
Days on Market95
Property Features for 644 Oradell Ave
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
B1
Occupancy
100%
Additional Details
Cap Rate
5.17%
Multifamily Units
9
Amenities
Nine Unit Apartment Building - Two Studios and Seven 1Bed/1Baths Plus 11 On-Site Parking Spaces
Strong Cash Flow - Gross Rent is $158,400 23% Upside Potential to Reach $194,100
Substantial NOI Upside if 25% to Grow From $98,314 to $123,084
No Rent Control In Oradell. Units Can Be Increased To Market Upon Lease Expiration
Transit Oriented Site - 3 NJ Transit Buses to NYC Stop In Front Of The Building & Oradell NJ Transit Train Station Is 1 Block Away
Oradell's Median Household Income Is $221,322 && Per Capita Income is $77,497, Wealthy Compared to NJ and the Nation. This Equates to $309,988 For a Family Of Four
Total Crime Index of 86% (Safer Than 86% of US Cities)
Building Details
Building Size
6,000 SF
Stories
2
Units
9
Listing Agency:
Marcus & Millichap - New Jersey
Listed By:
Kevin Taub · License #License(s): NJ: 1111228
(201) 742-6132
Source:
Marcusmillichap
Added: Jun 5
Changed: Aug 8
Last Checked: Sep 7 at 4:52AM
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 Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
644 Oradell Avenue is a well maintained, two-story, wood frame walk-up apartment building with nine residential units. The mix includes two studios and seven one-bedroom/one-bathroom apartments. Each unit is individually metered for gas and electricity, with tenants responsible for their own cooking gas and electricity usage. Ownership is responsible for common area electric and heating, along with water/sewer expenses.
The property is located on the north side of Oradell Avenue between Kindekamack Road and Prospect Avenue, immediately opposite Oradell’s municipal parking lot. The site totals approximately 0.222 acres and is designated as Block 403 Lot 16 in the B1 zoning district.
The building has been owned and professionally maintained by the same investment group since 2005. The current Net Operating Income of $98,314 is reported to have potential to increase to $123,084, an increase of 25%, with the noted rationale including the absence of rent control in Oradell, strength of the local rental market, the stated transit-oriented location, and the municipality’s demographics, all supported by the property’s maintained condition.
The property is located on the north side of Oradell Avenue between Kindekamack Road and Prospect Avenue, immediately opposite Oradell’s municipal parking lot. The site totals approximately 0.222 acres and is designated as Block 403 Lot 16 in the B1 zoning district.
The building has been owned and professionally maintained by the same investment group since 2005. The current Net Operating Income of $98,314 is reported to have potential to increase to $123,084, an increase of 25%, with the noted rationale including the absence of rent control in Oradell, strength of the local rental market, the stated transit-oriented location, and the municipality’s demographics, all supported by the property’s maintained condition.
Key Highlights
- 9‑unit, two‑story wood frame walk‑up multifamily building in Oradell, NJ (Bergen County).
- Unit mix includes 2 studios and 7 one‑bedroom/one‑bath units.
- Individually metered gas and electricity for each apartment; tenants pay cooking gas/electricity.
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
$92,268
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
5.13%
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%
$1,845,360
$1.8M
Cap Rate 7%
$1,318,114
$1.3M
Cap Rate 9%
$1,025,200
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$180.0K $30.00/SF
− Vacancy
−$12.2K −$2.04/SF
EGI
$167.8K $27.96/SF
− OpEx
−$75.5K −$12.58/SF
NOI
$92.3K $15.38/SF
Area
Bergen County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,845,360
Cap Rate 7%
$1,318,114
Cap Rate 9%
$1,025,200
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,268 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Explore this area
Business Placement
Demographics for 07649, NJ
8,244
Population
2,749
Households
3
Avg Household Size
44
Median Age
72%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
3,435
Density / Sq Mi
$214,736
Median Household Income
$92,801
Median Earnings
$2,202
Median Rent
$702,400
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?
Apartment building - Two-story walk-up with nine individually metered units, offering stable income potential in an owner-maintained Bergen County asset.
Where is this apartment building located?
The property is located at 644 Oradell Ave Oradell, NJ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 9‑unit, two‑story wood frame walk‑up multifamily building in Oradell, NJ (Bergen County).; Unit mix includes 2 studios and 7 one‑bedroom/one‑bath units.; Individually metered gas and electricity for each apartment; tenants pay cooking gas/electricity.
