Vacant Four-Family Property with Detached
For Sale
$849,900
222 William St, East Orange, NJ 07017
MULTI_FAMILY - East Orange City, NJ
Property Size2,956 SF
Lot Size0.30 Acres
Price / SF$287.52
Days on Market89
Property Features for 222 William St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 1, Bathroom 4, Basement, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Parking
6
Patio and Porch features
Porch
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Tile Floors, Vinyl-Linoleum Floors
Exterior features
Metal Fence, Open Porch(es)
Fencing
Fenced
Lot features
Level Lot
Directions
On William Street near Park Ave, off of N Maple Ave.
Standard status
Active
Size
2,956 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20713
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
4
Roof type
Fiberglass
Architectural style
Other
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP · Keller Williams Realty
(973) 783-7400
Listed By:
JAMES HUGHES · License #267175
(973) 783-7400
Added: May 13
Changed: Aug 1
Last Checked: Aug 9 at 2:06PM
MLS# 4027309
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Vacant four-family property delivered vacant at closing, set on an oversized gated corner lot measuring 115' x 115'. Built in 1925, the home offers flexible use for investors or owner-occupants and includes a total of four apartments, with three of the units updated and the remaining apartment presenting an opportunity for cosmetic improvements. The property also features open porches, fenced/gated outdoor space, and central air.
In addition to the main building, there are eight detached garages in two separate structures, providing options for parking and storage or supplemental uses. An unfinished walk-up attic adds potential for future expansion, subject to buyer due diligence, municipal approvals, and any required variances.
Utilities include public water and public sewer. The roof is listed as fiberglass. The home also includes safety and interior finishes such as carbon monoxide detectors, smoke detectors, fire extinguisher, tile floors, and vinyl-linoleum floors, along with a basement.
In addition to the main building, there are eight detached garages in two separate structures, providing options for parking and storage or supplemental uses. An unfinished walk-up attic adds potential for future expansion, subject to buyer due diligence, municipal approvals, and any required variances.
Utilities include public water and public sewer. The roof is listed as fiberglass. The home also includes safety and interior finishes such as carbon monoxide detectors, smoke detectors, fire extinguisher, tile floors, and vinyl-linoleum floors, along with a basement.
Key Highlights
- Oversized gated corner lot measuring 115' x 115'
- Delivered vacant at closing; four‑family layout with three updated units
- Eight detached garages in two separate structures
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
$49,472
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
5.82%
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%
$989,440
$989.4K
Cap Rate 7%
$706,743
$706.7K
Cap Rate 9%
$549,689
$549.7K
Market Conditions
NOI Build-Up for 2,956 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
$75.6K $25.56/SF
− Vacancy
−$4.9K −$1.65/SF
EGI
$70.7K $23.91/SF
− OpEx
−$21.2K −$7.17/SF
NOI
$49.5K $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%
$989,440
Cap Rate 7%
$706,743
Cap Rate 9%
$549,689
Alternative Uses
Best Use
Multifamily LT 5
$706.7K
$618.4K – $824.5K
NOI $49,472 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$649.4K
$568.2K – $757.6K
NOI $45,457 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$771.9K
$675.4K – $900.5K
NOI $54,031 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,547
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?
Quadplex - Vacant four-family on a gated corner lot with eight detached garages and central air, plus an unfinished walk-up attic.
Where is this quadplex located?
The property is located at 222 William St East Orange, NJ.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Oversized gated corner lot measuring 115' x 115'; Delivered vacant at closing; four‑family layout with three updated units; Eight detached garages in two separate structures
