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    Two-Unit Multifamily Property Title is generated by Realmo AI

    237 E Passaic Ave, Bloomfield, NJ 07003

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    For Sale
    $869,000

    Two-unit multifamily property with potential for owner-occupiers and investors.

    Type:Multi-Family
    Lot size:
    0.49 Acres
    Added:
    Mar 11, 2026
    Days on Market:
    83
    Last Refresh:
    Apr 5 at 11:21 pm

    Property Features for 237 E Passaic Ave

    General Information

    Standard status
    Active
    Lot size
    0.49 Acres
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Tamima Friedman
    Tamima Friedman

    Listing agent Tamima Friedman License #0338651

    Listing office Bernardsville/Basking Ridge

    Listing date Mar 11, 2026

    Source Kw

    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 Bernardsville/Basking Ridge

    HighLights

    • Income‑producing multi‑family property with three units.
    • Opportunity for owner‑occupancy to live 'rent‑free'.
    • Large, deep half‑acre lot with ample parking space for 6 cars.
    • Updated first‑floor unit with original molding, hardwood floors, and updated kitchen.
    • Second‑floor unit features 2 bedrooms, 2 baths, a modern kitchen, and a bonus room.
    • Recent upgrades including 2 new HW heaters, new furnace, and chimney liner (2023/24).

    Overview

    This two-unit multifamily property is situated on a half-acre lot. The property includes a shared foyer providing access to two distinct units, one on each floor, as well as a boarder apartment on the third floor. The first-floor unit features two bedrooms and one bathroom, updated with original molding and hardwood throughout the living area and bedrooms. The kitchen includes updated appliances, countertops, and storage. Kitchen sliders provide access to a deep yard and a large blacktop with space for six cars. The second-floor unit features two bedrooms, two bathrooms, a modern kitchen, and a bonus space suitable for an office or den off the primary bedroom. The third floor is configured as a one-bedroom, one-bath boarder unit, which could be combined with the second-floor unit or remain an income-generating apartment. Laundry is located in the basement. Recent upgrades include two new hot water heaters, a new furnace, and a chimney liner in 2023/24. The property offers opportunities for owner-occupiers and investors and the potential to live rent-free as an owner.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomfield
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1694
    Latitude
    40.8355

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    FAQs

    What type of property is this?
    Multifamily property - Two-unit multifamily property with potential for owner-occupiers and investors.
    Where is this multifamily property located?
    The property is located at 237 E Passaic Ave Bloomfield, NJ.
    What is the asking price?
    The asking price for this property is $869,000.
    What are key features of this property?
    This property features: Income‑producing multi‑family property with three units.; Opportunity for owner‑occupancy to live 'rent‑free'.; Large, deep half‑acre lot with ample parking space for 6 cars.
    (201) 306-0267
    We can help!
    Listing Contact
    Tamima Friedman
    Tamima Friedman
    Real Estate License ID: 0338651
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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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    237 E Passaic Ave, Bloomfield Twp., NJ 07003
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