Duplex with Two Car
For Sale
$670,000
Pending
233 Shephard Ave, Newark, NJ 07112
MULTI_FAMILY - Newark City, NJ
Property Size2,424 SF
Lot Size0.10 Acres
Days on Market109
Property Features for 233 Shephard Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 6, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 3
Parking
2
Security features
Security System
Patio and Porch features
Patio
Interior features
Blinds, Carbon Monoxide Detector, Carpeting, Security System, Shades, Smoke Detector, Tile Floors, Wood Floors
Exterior features
Gazebo, MetalFnc, Patio, FencPriv, StrmDoor, StrmWind, FencVnyl
Fencing
Fenced
Subdivision
WEEQUAHIC
High school
WEEQUAHIC
Directions
BETWEEN SCHUYLER & OSBORNE TERRACE
Standard status
Pending
Size
2,424 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6246
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
stainless steel appliances
granite countertops
large picture windows
hardwood floors
HVAC system
washer/dryer
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Additional Structures
Gazebo
Listing Agency:
EXIT PLATINUM REALTY · EXIT Realty
(973) 746-4777
Listed By:
TRACY CHERRY-ARNOLD · License #311837
(908) 338-0639
Added: Apr 25
Changed: Aug 5
Last Checked: Aug 11 at 8:06AM
MLS# 4023227
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.
This duplex at 233 Shephard Ave offers two residential units in a maintained, move-in-ready configuration. The home totals 7 bedrooms and 2 bathrooms, with generous room sizes and hardwood floors featured throughout. Each unit includes renovated kitchens with stainless steel appliances and granite countertops, along with large picture windows that bring in natural light. Comfort is supported by a HVAC system, central air, and forced-air heating, plus an in-unit washer/dryer setup. The property also includes a patio and additional outdoor features, and it is fenced for added privacy.
Built in 1960, the home is served by public water and public sewer. Exterior features include metal fencing and vinyl fencing, and the layout includes a two-car garage.
For owner-occupant buyers, this property combines practical features like central air and in-unit laundry with renovated kitchen finishes and a fenced outdoor space.
Built in 1960, the home is served by public water and public sewer. Exterior features include metal fencing and vinyl fencing, and the layout includes a two-car garage.
For owner-occupant buyers, this property combines practical features like central air and in-unit laundry with renovated kitchen finishes and a fenced outdoor space.
Key Highlights
- 2‑family duplex at 233 Shephard Ave, Newark City, NJ 07112‑1843
- 7 bedrooms and 2 bathrooms with hardwood floors throughout
- Renovated kitchens in each unit with stainless steel appliances and granite countertops
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
$41,077
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
6.13%
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%
$821,540
$821.5K
Cap Rate 7%
$586,814
$586.8K
Cap Rate 9%
$456,411
$456.4K
Market Conditions
NOI Build-Up for 2,424 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
$61.7K $25.44/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$58.7K $24.21/SF
− OpEx
−$17.6K −$7.26/SF
NOI
$41.1K $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 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%
$821,540
Cap Rate 7%
$586,814
Cap Rate 9%
$456,411
Alternative Uses
Best Use
Multifamily LT 5
$586.8K
$513.5K – $684.6K
NOI $41,077 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$535.7K
$468.8K – $625.0K
NOI $37,501 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$858.9K
$751.5K – $1.00M
NOI $60,120 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,483
Businesses Nearby
Explore this area
Business Placement
Demographics for 07112, NJ
29,773
Population
11,779
Households
2.5
Avg Household Size
34
Median Age
18%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
21,266
Density / Sq Mi
$55,171
Median Household Income
$35,709
Median Earnings
$1,334
Median Rent
$306,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained Newark duplex with central air, HVAC, renovated kitchens, washer/dryer, and a fenced yard.
Where is this duplex located?
The property is located at 233 Shephard Ave Newark, NJ.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: 2‑family duplex at 233 Shephard Ave, Newark City, NJ 07112‑1843; 7 bedrooms and 2 bathrooms with hardwood floors throughout; Renovated kitchens in each unit with stainless steel appliances and granite countertops
