Duplex with Finished Third
For Sale
$580,000
35 Chester Ave, Irvington, NJ 07111
Multi-Family, 3-Three Story, Irvington Twp., NJ
Property Size2,352 SF
Lot Size0.08 Acres
Price / SF$246.60
Days on Market92
Property Features for 35 Chester Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 5
Parking
4
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Vinyl-Linoleum Floors
Exterior features
Sidewalk
Directions
Lyons to Chester
Standard status
Active
Size
2,352 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15904
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Hot Water(Heating)
Water source
Public
Building Details
Year built
1925
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX FIRST REALTY · RE/MAX International
(732) 257-3500
Listed By:
MICHAEL GALINDEZ · License #298970
(732) 257-3500
Added: May 30
Changed: Aug 21
Last Checked: Aug 29 at 6:06PM
MLS# 4031039
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 duplex contains two residential units, each arranged with a living room, formal dining area, two bedrooms, a bathroom, and a recently renovated kitchen. A finished third level is currently outside the rental arrangement and may provide additional interior flexibility. The property also includes a basement, detached garage, and off-street parking on a 0.08-acre lot.
Constructed in 1925, the building measures 2,352 square feet and has a shingle roof, public water, and public sewer. Interior features include vinyl-linoleum flooring, smoke and carbon monoxide detectors, and a fire extinguisher. Sidewalk access is also present.
Constructed in 1925, the building measures 2,352 square feet and has a shingle roof, public water, and public sewer. Interior features include vinyl-linoleum flooring, smoke and carbon monoxide detectors, and a fire extinguisher. Sidewalk access is also present.
Key Highlights
- Duplex with two residential units
- Each unit includes 2 bedrooms, a living room, dining area, bathroom, and renovated kitchen
- Finished third level is not currently rented
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
$39,363
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
6.79%
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%
$787,260
$787.3K
Cap Rate 7%
$562,329
$562.3K
Cap Rate 9%
$437,367
$437.4K
Market Conditions
NOI Build-Up for 2,352 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
$60.1K $25.56/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.2K $23.91/SF
− OpEx
−$16.9K −$7.17/SF
NOI
$39.4K $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%
$787,260
Cap Rate 7%
$562,329
Cap Rate 9%
$437,367
Alternative Uses
Best Use
Multifamily LT 5
$562.3K
$492.0K – $656.1K
NOI $39,363 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$516.7K
$452.1K – $602.8K
NOI $36,169 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$614.2K
$537.4K – $716.5K
NOI $42,991 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,034
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with renovated kitchens, basement, detached garage, and off-street parking.
Where is this duplex located?
The property is located at 35 Chester Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Duplex with two residential units; Each unit includes 2 bedrooms, a living room, dining area, bathroom, and renovated kitchen; Finished third level is not currently rented
