East Orange Multifamily Investment
For Sale
$849,900
222 William St, East Orange, NJ 07017
Vacant 4-family property with upside potential near transit.
Property Size2,956 SF
Price / SF$287.52
Days on Market117
Property Features for 222 William St
General Information
Standard status
Active
Size
2,956 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
Listed By:
JAMES HUGHES · License #0454530
(201) 675-1210
Source:
Goldstandardrealty
Added: May 15
Changed: Sep 8
Last Checked: Sep 7 at 12:21PM
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 - NJ METRO GROUP
Investment Insights
Based on property information with market context.
This 4-family multifamily property in East Orange presents income potential and flexibility for owner-occupants. Located approximately 8 minutes from the East Orange NJ Transit station, it offers convenient access to NYC Penn Station. Three of the four units have been updated, while one unit provides an opportunity for renovation and future rental growth. The property will be delivered vacant, appealing to investors, owner-occupants, furnished rental operators, or buyers seeking a live-in investment. An unfinished walk-up attic offers potential expansion opportunities, and buyers may explore incorporating the attic into an upper unit to create additional living space, subject to municipal approvals and due diligence. The oversized lot includes 8 detached garages in two separate structures, providing additional storage, parking, or income potential in a densely populated neighborhood where off-street parking is valuable. The property may also offer future subdivision possibilities, subject to municipal approvals and buyer due diligence. The location is convenient to public transportation, Route 280, the Garden State Parkway, shopping, parks, and ongoing redevelopment activity. The property has a bike score of 51, indicating it is bikeable, a walk score of 78, indicating it is very walkable, and a transit score of 68, indicating good transit options.
Key Highlights
- Delivered vacant, offering immediate income potential and flexibility.
- Commuter‑friendly location, approximately 8 minutes from East Orange NJ Transit station with direct access to NYC Penn Station.
- Three of four units are updated, with one unit offering value‑add potential.
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
Location Intelligence
Trade Area within ½ mile
1,363
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 4-family property with upside potential near transit.
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: Delivered vacant, offering immediate income potential and flexibility.; Commuter‑friendly location, approximately 8 minutes from East Orange NJ Transit station with direct access to NYC Penn Station.; Three of four units are updated, with one unit offering value‑add potential.
