Renovated Three-Unit
For Sale
$700,000
217 North 15th Street, East Orange, NJ 07017
Three-story residential income property with updated kitchens, private porches, and separately metered utilities for each apartment.
Property Size1,172 SF
Price / SF$597.27
Days on Market55
Property Features for 217 North 15th Street
General Information
Standard status
Active
Size
1,172 SF
Property subtype
Multi Family / 3-Three Story
Net Operating Income
$9,999
Taxes and HOA fees
Annual Taxes
$17,913
Amenities
No
Rubberized
Vinyl Siding
Building Details
Year Built
1932
Listing Agency:
Compass
(347) 292-8750
Listed By:
Carlos Beltran · License #301377
(347) 292-8750
Source:
Compass
Added: Jun 16
Changed: Aug 7
Last Checked: Aug 9 at 12:23PM
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 Compass
Investment Insights
Based on property information with market context.
This three-story triplex contains 3,516 square feet across three apartments, with 18 rooms, 9 bedrooms, and 3 full bathrooms. Each unit provides approximately 1,172 square feet with three bedrooms, one bathroom, living and dining areas, and a private open porch. The building dates to 1932 and has vinyl siding.
Renovated kitchens feature new cabinetry and granite countertops, while select apartments include stainless steel appliances and walk-in pantries. Additional interior details include high ceilings and walk-in closets. Separate utilities serve each unit, providing distinct service arrangements throughout the property.
The property is located at 217 North 15th Street in East Orange, New Jersey, with access to Park Avenue and local transit routes.
Renovated kitchens feature new cabinetry and granite countertops, while select apartments include stainless steel appliances and walk-in pantries. Additional interior details include high ceilings and walk-in closets. Separate utilities serve each unit, providing distinct service arrangements throughout the property.
The property is located at 217 North 15th Street in East Orange, New Jersey, with access to Park Avenue and local transit routes.
Key Highlights
- Three‑unit triplex with 3,516 square feet of building area
- Each apartment measures approximately 1,172 square feet
- Configuration includes 18 rooms, 9 bedrooms, and 3 full bathrooms
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
$19,615
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
2.80%
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%
$392,300
$392.3K
Cap Rate 7%
$280,214
$280.2K
Cap Rate 9%
$217,944
$217.9K
Market Conditions
NOI Build-Up for 1,172 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
$30.0K $25.56/SF
− Vacancy
−$1.9K −$1.65/SF
EGI
$28.0K $23.91/SF
− OpEx
−$8.4K −$7.17/SF
NOI
$19.6K $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%
$392,300
Cap Rate 7%
$280,214
Cap Rate 9%
$217,944
Alternative Uses
Best Use
Multifamily LT 5
$280.2K
$245.2K – $326.9K
NOI $19,615 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$257.5K
$225.3K – $300.4K
NOI $18,023 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$306.0K
$267.8K – $357.0K
NOI $21,422 @ 7.0% cap · market cap 3.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 07017, NJ
39,054
Population
16,770
Households
2.3
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
2.3 sq mi
ZIP Area
16,980
Density / Sq Mi
$61,552
Median Household Income
$39,847
Median Earnings
$1,346
Median Rent
$316,700
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?
Triplex - Three-story residential income property with updated kitchens, private porches, and separately metered utilities for each apartment.
Where is this triplex located?
The property is located at 217 North 15th Street East Orange, NJ.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,516 square feet of building area; Each apartment measures approximately 1,172 square feet; Configuration includes 18 rooms, 9 bedrooms, and 3 full bathrooms
