Three-Story Duplex with Bonus
For Sale
$825,000
Pending
19 Montrose St, South Orange, NJ 07079
Multi-Family, 3-Three Story, South Orange Village Twp., NJ
Property Size3,268 SF
Lot Size0.06 Acres
Days on Market49
Property Features for 19 Montrose St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Basement, Bedroom 7, Bathroom 2
Directions
19 Montrose st, South Orange
Standard status
Pending
Size
3,268 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16798
Utilities
Heating system
Baseboard, Hot Water(Heating), Other (Heating), Steam
Water source
Public
Building Details
Year built
1923
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX SELECT · RE/MAX International
(973) 539-6300
Listed By:
NICHOLAS WALSH
(973) 539-6300
Added: Jul 14
Changed: Aug 20
Last Checked: Aug 31 at 8:06PM
MLS# 4040479
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 three-story duplex contains 3,268 square feet with 8 bedrooms and 3 full bathrooms. The property includes two primary units, both currently occupied, along with a vacant third-floor bonus unit configured with 2 bedrooms and 1 bathroom. The first unit also features a finished basement with two bonus rooms and an attic.
Set on a 0.06-acre lot, the property dates to 1923 and has a shingle roof, public water, and steam, baseboard, and hot-water heating systems. South Orange Train Station is 1.5 miles away, providing access to NYC transportation. Shopping, dining, parks, and major roadways are also located nearby.
Set on a 0.06-acre lot, the property dates to 1923 and has a shingle roof, public water, and steam, baseboard, and hot-water heating systems. South Orange Train Station is 1.5 miles away, providing access to NYC transportation. Shopping, dining, parks, and major roadways are also located nearby.
Key Highlights
- 3,268 square feet with 8 bedrooms and 3 full bathrooms
- Two primary units are currently occupied
- Vacant third‑floor bonus unit with 2 bedrooms and 1 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
$54,694
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
6.63%
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%
$1,093,880
$1.1M
Cap Rate 7%
$781,343
$781.3K
Cap Rate 9%
$607,711
$607.7K
Market Conditions
NOI Build-Up for 3,268 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
$83.5K $25.56/SF
− Vacancy
−$5.4K −$1.65/SF
EGI
$78.1K $23.91/SF
− OpEx
−$23.4K −$7.17/SF
NOI
$54.7K $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%
$1,093,880
Cap Rate 7%
$781,343
Cap Rate 9%
$607,711
Alternative Uses
Best Use
Multifamily LT 5
$781.3K
$683.7K – $911.6K
NOI $54,694 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$717.9K
$628.2K – $837.6K
NOI $50,255 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$853.3K
$746.7K – $995.6K
NOI $59,734 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,245
Businesses Nearby
Explore this area
Business Placement
Demographics for 07079, NJ
18,597
Population
6,131
Households
3
Avg Household Size
34
Median Age
76%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
6,413
Density / Sq Mi
$184,769
Median Household Income
$75,829
Median Earnings
$2,067
Median Rent
$808,100
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 - Occupied two-unit property with finished lower-level space and a third-floor bonus unit.
Where is this duplex located?
The property is located at 19 Montrose St South Orange, NJ.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,268 square feet with 8 bedrooms and 3 full bathrooms; Two primary units are currently occupied; Vacant third‑floor bonus unit with 2 bedrooms and 1 bathroom
