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    Renovated Athenia Unit For Rent Title is generated by Realmo AI

    23 Renaissance Dr 2, Clifton, NJ 07013

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    For Lease
    $12 SF/Yr $1,500/Mo (calc)

    Spacious, renovated three-bedroom unit in Clifton's Athenia section.

    Type:Multi Family
    Property size:
    1,500 SF
    Added:
    Apr 14, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 14 at 6:40 am

    Property Features for 23 Renaissance Dr 2

    General Information

    Standard status
    Active
    Size
    1,500 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    FERNANDO LEYVA
    FERNANDO LEYVA

    Listing agent FERNANDO LEYVA

    Listing office Real Broker LLC

    Listing date Apr 14, 2026

    Source Elliman

    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 Real Broker LLC

    HighLights

    • Renovated kitchen with QUARTZ COUNTERS and STAINLESS STEEL APPLIANCES
    • Large primary bedroom with ENSUITE BATHROOM
    • Spacious living room and dining room, ideal for entertaining
    • Washer/dryer hookup (can also be used as a pantry)
    • Forced hot air and central air conditioning
    • Convenient location in a desirable section of Clifton, close to transportation, restaurants, and parks

    Overview

    This renovated second-floor unit, located in the Athenia section of Clifton, offers nearly 1500 square feet of living space. It features a large living room suitable for entertaining, along with a spacious dining room for hosting. The kitchen has been newly renovated and includes quartz counters and stainless steel appliances. The primary bedroom is large and has its own primary bathroom. The other two bedrooms are well-sized, and there is a newly renovated bathroom serving them. Additional features include a washer/dryer hookup that can also be used as a pantry, forced hot air, and central air. Basement storage is available for an additional $500 deposit. Please note that no parking is included. The property is situated in a desirable area of Clifton, close to transportation, restaurants, and parks. Tenants are responsible for providing their own refrigerator. The location has a bike score of 50, indicating it is bikeable, and a walk score of 69, suggesting it is somewhat walkable. The transit score is 31, indicating some transit options are available.
    Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Clifton
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1475167
    Latitude
    40.8595086

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    FAQs

    What type of property is this?
    Residential income property - Spacious, renovated three-bedroom unit in Clifton's Athenia section.
    Where is this residential income property located?
    The property is located at 23 Renaissance Dr 2 Clifton, NJ.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Renovated kitchen with QUARTZ COUNTERS and STAINLESS STEEL APPLIANCES; Large primary bedroom with ENSUITE BATHROOM; Spacious living room and dining room, ideal for entertaining
    (855) 450-0442
    We can help!
    Listing Contact
    FERNANDO LEYVA
    FERNANDO LEYVA
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    23 Renaissance Dr 2, Clifton, NJ 07013-2104
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