Renovated Duplex with
New
For Sale
$590,000
183 Norman Rd, Newark, NJ 07106
Multi-Family, 2-Two Story, Newark City, NJ
Property Size3,312 SF
Lot Size0.08 Acres
Price / SF$178.14
Days on Market2
Property Features for 183 Norman Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Basement, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1
Parking
2
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Tile Floors, Wood Floors
Directions
Irvington Avenue to Norman Road
Standard status
Active
Size
3,312 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5662
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
washer/dryer
Building Details
Year built
1947
Floors in Building
2
Number of units
2
Roof type
Flat, Shingle
Architectural style
Other
Listing Agency:
BHHS JORDAN BARIS REALTY
(973) 763-7700
Listed By:
PAMELA TAYLOR · License #279259
(973) 736-1600
Added: Sep 2
Last Checked: Sep 3 at 2:06AM
MLS# 4050185
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 two-family property contains 3,312 square feet across two residential apartments, with each unit offering 2 bedrooms and 1 full bath. The first-floor residence has been renovated with a new kitchen, stainless steel refrigerator, stove, microwave, and updated bathroom finishes. Tile and wood flooring are among the interior features, while forced-air heating serves the home.
A basement provides additional storage and includes a new washer and dryer. The property also has a two-car garage, public water, public sewer, and a 0.08-acre lot. Built in 1947, it is located in Newark’s Ivy Hill section, near neighborhood shopping, services, and major roadways. Required city certifications are the buyer’s responsibility.
A basement provides additional storage and includes a new washer and dryer. The property also has a two-car garage, public water, public sewer, and a 0.08-acre lot. Built in 1947, it is located in Newark’s Ivy Hill section, near neighborhood shopping, services, and major roadways. Required city certifications are the buyer’s responsibility.
Key Highlights
- 3,312‑square‑foot duplex with two residential apartments
- Each apartment includes 2 bedrooms and 1 full bath
- First‑floor apartment renovated with updated kitchen and bathroom
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
$50,030
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
8.48%
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%
$1,000,600
$1.0M
Cap Rate 7%
$714,714
$714.7K
Cap Rate 9%
$555,889
$555.9K
Market Conditions
NOI Build-Up for 3,312 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
$97.0K $29.28/SF
− Vacancy
−$6.0K −$1.82/SF
EGI
$91.0K $27.46/SF
− OpEx
−$40.9K −$12.36/SF
NOI
$50.0K $15.11/SF
Area
ZIP 07106
Vacancy
6.20%
Lease Rate
$29.28 /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%
$1,000,600
Cap Rate 7%
$714,714
Cap Rate 9%
$555,889
Alternative Uses
Best Use
Multifamily LT 5
$817.5K
$715.3K – $953.8K
NOI $57,227 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$714.7K
$625.4K – $833.8K
NOI $50,030 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,696 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 07106, NJ
34,596
Population
13,633
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
24,711
Density / Sq Mi
$48,105
Median Household Income
$34,820
Median Earnings
$1,221
Median Rent
$321,400
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?
Duplex - Two residential units include a refreshed first-floor apartment and basement laundry.
Where is this duplex located?
The property is located at 183 Norman Rd Newark, NJ.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 3,312‑square‑foot duplex with two residential apartments; Each apartment includes 2 bedrooms and 1 full bath; First‑floor apartment renovated with updated kitchen and bathroom
