Two-Family Duplex with
For Sale
$1,250,000
197 Park Ave, Orange, NJ 07050
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 Market52
Property Features for 197 Park Ave
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,254
Amenities
Central air
Asphalt Shingle Roof
Additional Parking
Concrete Driveway
Radiators - Hot Water Heating
Wall A/C Unit(s) Cooling
Building Details
Year Built
1889
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT
(973) 589-3050
Listed By:
ISABELLA BRITO · License #406783
Source:
Corcoran
Added: Jun 21
Changed: Aug 10
Last Checked: Aug 10 at 3:39AM
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
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
$48,535
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
3.88%
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%
$970,700
$970.7K
Cap Rate 7%
$693,357
$693.4K
Cap Rate 9%
$539,278
$539.3K
Market Conditions
NOI Build-Up for 2,900 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
$74.1K $25.56/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$69.3K $23.91/SF
− OpEx
−$20.8K −$7.17/SF
NOI
$48.5K $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%
$970,700
Cap Rate 7%
$693,357
Cap Rate 9%
$539,278
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,944
Businesses Nearby
Explore this area
Business Placement
Demographics for 07050, NJ
34,315
Population
13,412
Households
2.6
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
2.2 sq mi
ZIP Area
15,598
Density / Sq Mi
$53,109
Median Household Income
$38,587
Median Earnings
$1,427
Median Rent
$336,200
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 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
