Two-Unit Duplex with
New
For Sale
$598,000
191 21st St, Irvington, NJ 07111
Two residential units include separate kitchens and dining rooms.
Property Size2,107 SF
Price / SF$283.82
Days on Market2
Property Features for 191 21st St
General Information
Standard status
Active
Size
2,107 SF
Property subtype
Multi-Family
Building Details
Year Built
1926
Listing Agency:
YES REALTY
Listed By:
NAFTALI GREENBERG · License #407311
(845) 425-5988
Source:
Luminancerealty
Added: Sep 18
Last Checked: Sep 19 at 2:21PM
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 YES REALTY
Investment Insights
Based on property information with market context.
This 2,107-square-foot duplex, built in 1926, contains two residential units with separate kitchens and dining areas. The upper apartment is vacant and offers four bedrooms and one bathroom, along with updated flooring, fresh paint, and a window AC unit. The lower apartment includes three bedrooms and one bathroom and is occupied by a long-term tenant.
The property also provides a full unfinished basement with high ceilings, plus a private driveway and garage for off-street parking. Located at 191 21st St in Irvington, New Jersey, the layout includes a combination of existing rental occupancy and a vacant unit.
The property also provides a full unfinished basement with high ceilings, plus a private driveway and garage for off-street parking. Located at 191 21st St in Irvington, New Jersey, the layout includes a combination of existing rental occupancy and a vacant unit.
Key Highlights
- 2,107‑square‑foot duplex built in 1926
- Two units: upper 4‑bedroom/1‑bath and lower 3‑bedroom/1‑bath
- Vacant upper unit with new flooring, fresh paint, and window AC
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
$35,263
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
5.90%
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%
$705,260
$705.3K
Cap Rate 7%
$503,757
$503.8K
Cap Rate 9%
$391,811
$391.8K
Market Conditions
NOI Build-Up for 2,107 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
$53.9K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.4K $23.91/SF
− OpEx
−$15.1K −$7.17/SF
NOI
$35.3K $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%
$705,260
Cap Rate 7%
$503,757
Cap Rate 9%
$391,811
Alternative Uses
Best Use
Multifamily LT 5
$503.8K
$440.8K – $587.7K
NOI $35,263 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$462.9K
$405.0K – $540.0K
NOI $32,401 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$550.2K
$481.4K – $641.9K
NOI $38,513 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,340
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include separate kitchens and dining rooms.
Where is this duplex located?
The property is located at 191 21st St Irvington, NJ.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: 2,107‑square‑foot duplex built in 1926; Two units: upper 4‑bedroom/1‑bath and lower 3‑bedroom/1‑bath; Vacant upper unit with new flooring, fresh paint, and window AC
