Two-Family Duplex with
New
For Sale
$575,000
21-23 Evergreen Avenue, Newark, NJ 07114
Two three-level residences provide six bedrooms, including one updated unit that is vacant.
Property Size1,680 SF
Price / SF$342.26
Days on Market5
Property Features for 21-23 Evergreen Avenue
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Multi-family
Building Details
Year Built
1943
Listing Agency:
PETRA BEST REALTY LLC
Listed By:
MARYEMMA TERRON
(732) 442-1400
Source:
Actionplusrealty
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 2:45PM
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 PETRA BEST REALTY LLC
Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex contains two side-by-side residences, each arranged over three levels and offering three bedrooms. The property has three full bathrooms, a full basement, and a detached garage. One unit is vacant and updated, with recessed lighting and wood flooring. Built in 1943, the building offers a two-unit configuration with a total of six bedrooms.
The Newark property is near Newark Penn Station, Prudential Center, Newark Liberty International Airport, major highways, public transportation, shopping, dining, and Downtown Newark. Lionsgate Newark’s film and television studio development is also nearby.
The Newark property is near Newark Penn Station, Prudential Center, Newark Liberty International Airport, major highways, public transportation, shopping, dining, and Downtown Newark. Lionsgate Newark’s film and television studio development is also nearby.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms
- 1,680 square feet; built in 1943
- Three full bathrooms and a full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,469
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$569,380
$569.4K
Cap Rate 7%
$406,700
$406.7K
Cap Rate 9%
$316,322
$316.3K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$42.7K $25.44/SF
− Vacancy
−$2.1K −$1.23/SF
EGI
$40.7K $24.21/SF
− OpEx
−$12.2K −$7.26/SF
NOI
$28.5K $16.95/SF
Area
Newark, NJ
Vacancy
4.84%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$569,380
Cap Rate 7%
$406,700
Cap Rate 9%
$316,322
Alternative Uses
Best Use
Multifamily LT 5
$406.7K
$355.9K – $474.5K
NOI $28,469 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$371.3K
$324.9K – $433.2K
NOI $25,991 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$595.2K
$520.8K – $694.5K
NOI $41,667 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
Demographics for 07114, NJ
17,767
Population
4,694
Households
3.8
Avg Household Size
39
Median Age
9%
College-Educated
69%
High-School Grad
7.9 sq mi
ZIP Area
2,249
Density / Sq Mi
$34,167
Median Household Income
$35,916
Median Earnings
$616
Median Rent
$384,700
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 three-level residences provide six bedrooms, including one updated unit that is vacant.
Where is this duplex located?
The property is located at 21-23 Evergreen Avenue Newark, NJ.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 bedrooms; 1,680 square feet; built in 1943; Three full bathrooms and a full basement
