Renovated 4-Unit
New
For Sale
$899,000
201-203 Watchung Ave, West Orange, NJ 07052
Four residential units offer varied bedroom layouts, individual solar systems, basement storage, and a partially fenced backyard.
Property Size3,776 SF
Price / SF$238.08
Days on Market5
Property Features for 201-203 Watchung Ave
General Information
Standard status
Active
Size
3,776 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR
Multifamily Units
4
Building Details
Year Built
1925
Listing Agency:
KELLER WILLIAMS REALTY
Listed By:
AARON VISCO
(908) 273-2991
Source:
Goldstandardrealty
Added: Sep 20
Last Checked: Sep 24 at 1:16PM
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 REALTY
Investment Insights
Based on property information with market context.
This renovated quadplex contains 3 two-bedroom units and 1 three-bedroom unit. Each residence includes a living area, eat-in kitchen, full bathroom, laundry, built-in microwave, and stove, while the property also provides basement storage and a partially fenced backyard. The 3,776-square-foot building was constructed in 1925.
Property systems include a roof installed in 2008, separate solar systems serving each unit, 400A electrical service added in 2006, and gas steam boilers serving all units. The property is near shopping, dining, parks, and schools, with access to Route 280 and the bus loop. Orange NJ Transit Station is approximately 1 mile away.
Property systems include a roof installed in 2008, separate solar systems serving each unit, 400A electrical service added in 2006, and gas steam boilers serving all units. The property is near shopping, dining, parks, and schools, with access to Route 280 and the bus loop. Orange NJ Transit Station is approximately 1 mile away.
Key Highlights
- Four‑unit configuration with 3 two‑bedroom units and 1 three‑bedroom unit
- 3,776 square feet; built in 1925
- Separate solar systems for each unit, reducing electric bills by 30‑40%
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
$63,196
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
7.03%
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%
$1,263,920
$1.3M
Cap Rate 7%
$902,800
$902.8K
Cap Rate 9%
$702,178
$702.2K
Market Conditions
NOI Build-Up for 3,776 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
$96.5K $25.56/SF
− Vacancy
−$6.2K −$1.65/SF
EGI
$90.3K $23.91/SF
− OpEx
−$27.1K −$7.17/SF
NOI
$63.2K $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%
$1,263,920
Cap Rate 7%
$902,800
Cap Rate 9%
$702,178
Alternative Uses
Best Use
Multifamily LT 5
$902.8K
$790.0K – $1.05M
NOI $63,196 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$829.5K
$725.8K – $967.8K
NOI $58,067 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$986.0K
$862.7K – $1.15M
NOI $69,019 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 07052, NJ
48,867
Population
18,300
Households
2.7
Avg Household Size
42
Median Age
53%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
4,072
Density / Sq Mi
$131,456
Median Household Income
$63,458
Median Earnings
$1,791
Median Rent
$527,200
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?
Quadplex - Four residential units offer varied bedroom layouts, individual solar systems, basement storage, and a partially fenced backyard.
Where is this quadplex located?
The property is located at 201-203 Watchung Ave West Orange, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Four‑unit configuration with 3 two‑bedroom units and 1 three‑bedroom unit; 3,776 square feet; built in 1925; Separate solar systems for each unit, reducing electric bills by 30‑40%
