Two-Family Duplex with
197 Park Ave Orange, NJ 07050
197 Park Ave, Orange, NJ, 07050
$1,250,000
For Sale
$1,250,000
Two residential units plus 10 detached garages offer separate income streams for an owner-investor or buyer.
Property Size2,900 SF
Price / SF$431.03
Days on Market26
Property Features for 197 Park Ave
General Information
- Standard status
- Active
- Size
- 2,900 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1889
Listing Agency
KELLER WILLIAMS MID-TOWN DIRECT
(973) 589-3050
Listed by
ISABELLA BRITO
Source
Corcoran
Added: Jun 21 Checked: Jul 16 at 6:46 am
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 KELLER WILLIAMS MID-TOWN DIRECT
Investment Insights
Based on property information with market context.
This property presents a two-family duplex at 197 Park Ave, City of Orange Twp., NJ 07050, paired with 10 detached garages. The configuration supports flexible use as a combined residential and storage/parking-income setup, with revenue generated from the residential units and from garage rentals. The offering also includes the option to purchase the property individually or as part of a larger assemblage that adds two additional adjacent lots.
The assembler concept is designed to accommodate future expansion, storage, parking, or redevelopment, depending on how a buyer intends to utilize the additional land. As presented, the detached garages provide on-site options that can complement residential occupancy and give an owner a way to diversify income within the same asset.
For owner-users, the duplex layout can support living in one unit while renting the other, while the garages provide additional ways to offset carrying costs. For investors, the presence of two residential units and multiple detached garages can appeal as a straightforward structure with separate revenue opportunities. Buyers should review the assemblage option and determine whether staying focused on this duplex and garage package or combining it with the adjacent lots best fits their plans.
The assembler concept is designed to accommodate future expansion, storage, parking, or redevelopment, depending on how a buyer intends to utilize the additional land. As presented, the detached garages provide on-site options that can complement residential occupancy and give an owner a way to diversify income within the same asset.
For owner-users, the duplex layout can support living in one unit while renting the other, while the garages provide additional ways to offset carrying costs. For investors, the presence of two residential units and multiple detached garages can appeal as a straightforward structure with separate revenue opportunities. Buyers should review the assemblage option and determine whether staying focused on this duplex and garage package or combining it with the adjacent lots best fits their plans.
Key Highlights
- Two‑family property at 195 Park Ave (two residential units) built in 1889
- Includes 10 detached garages for additional rental income
- Garage rentals can supplement income from the residential units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $74.1k | $25.56 |
| − Vacancy | −$4.8k | −$1.65 |
| EGI | $69.3k | $23.91 |
| − OpEx | −$20.8k | −$7.17 |
| NOI | $48.5k | $16.74 |
2,900 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$693.4K
$606.7K – $808.9K
NOI $48,535 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$637.1K
$557.5K – $743.3K
NOI $44,596 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$757.2K
$662.6K – $883.5K
NOI $53,007 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two residential units plus 10 detached garages offer separate income streams for an owner-investor or buyer.
Where is this duplex located?
The property is located at 197 Park Ave Orange, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑family property at 195 Park Ave (two residential units) built in 1889; Includes 10 detached garages for additional rental income; Garage rentals can supplement income from the residential units
