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    Newark City New Construction Duplex Title is generated by Realmo AI

    233 W Runyon St, Newark, NJ 07108

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    For Sale
    $899,000

    Multi-Family, Duplex-Side by Side - Newark City, NJ

    Lot size:
    0.04 Acres
    Added:
    Dec 23, 2025
    Days on Market:
    158
    Last Refresh:
    May 30 at 2:06 pm

    Property Features for 233 W Runyon St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    8
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Kitchen, Laundry
    Parking
    2
    Parking features
    Driveway
    Standard status
    Active
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    524

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2026
    Number of units
    2
    Building materials
    Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

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    Listing Contact
    Jeff Bailey

    Listing agent Jeff Bailey

    Listing office UNITED REAL ESTATE 18-19 RIVER ROAD, Fair Lawn, NJ

    Listing date Dec 23, 2025

    MLS# 4002550 Listing URL

    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.

    HighLights

    • New construction 2‑family duplex offering rental income potential and built‑in equity.
    • Located 5 minutes from the new LionsGate Production Studios.
    • Each unit features 3 bedrooms, 2 full and 2 half baths, private garage, and storage/rec room.
    • Opportunity to select desired finishes and design selections pre‑construction.
    • Convenient location: 6 minutes from Newark Liberty Int'l Airport, 11 minutes from Newark Penn Station, and 10 minutes from colleges/universities.
    • Potential eligibility for Seller Concession & Newark's $20K Down Payment Assistance.

    Overview

    This new construction two-family duplex, to be built in the Upper Clinton Hill neighborhood, combines style and functionality with investment potential. Each unit is a private townhome with three levels, three bedrooms, two full baths, two half baths, a private garage, storage/rec room, laundry room, and an eat-in kitchen with a central island. The layout includes separate dining and living rooms, and a dedicated bonus space suitable for remote work or study. The property is located six minutes from Newark Liberty International Airport, eleven minutes from Newark Penn Station, and ten minutes from nearby colleges and universities. The lot size is 0.04 acres. This duplex presents an opportunity for rental income and potential built-in equity as the home is completed. The location is also near the New LionsGate Production Studios. Seller concessions and Newark's $20,000 down payment assistance may be available to eligible buyers. This property is suitable for owner-occupants, investors, and local professionals.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.20598
    Latitude
    40.71836

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    FAQs

    What type of property is this?
    Duplex - New construction duplex with modern design near LionsGate Studios.
    Where is this duplex located?
    The property is located at 233 W Runyon St Newark, NJ.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: New construction 2‑family duplex offering rental income potential and built‑in equity.; Located 5 minutes from the new LionsGate Production Studios.; Each unit features **3 bedrooms, 2 full and 2 half baths, private garage, and storage/rec room.**
    (888) 501-6953
    We can help!
    Listing Contact
    Jeff Bailey
    Request Owner's contact information
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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.

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