Duplex With Separate Gas and
For Sale
$595,000
24 Johnson Ave, Newark, NJ 07108
MULTI_FAMILY - Newark City, NJ
Property Size2,346 SF
Lot Size0.10 Acres
Price / SF$253.62
Days on Market103
Property Features for 24 Johnson Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5
Parking
2
Directions
Google Map
Standard status
Active
Size
2,346 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7318
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
SU ZHENG · License #2078658
(866) 201-6210
Added: May 1
Changed: Aug 7
Last Checked: Aug 11 at 5:06AM
MLS# 4024608
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.
Duplex-style property built in 2002, offered for sale “as is.” The home is designed for flexible living and tenancy, with separate gas and electric utilities to support an owner-occupant setup (live in one unit and rent the other). Forced-air heating and central air conditioning are in place.
The property is connected to public water and public sewer, with a shingle roof. It includes rooms described as five bedrooms and two bathrooms across the home’s layout.
Outside, the site is listed at 0.1 acres. The house can be delivered vacant. Information is provided with an on-site address at 24 Johnson Ave, Newark City, NJ 07108-2867.
The property is connected to public water and public sewer, with a shingle roof. It includes rooms described as five bedrooms and two bathrooms across the home’s layout.
Outside, the site is listed at 0.1 acres. The house can be delivered vacant. Information is provided with an on-site address at 24 Johnson Ave, Newark City, NJ 07108-2867.
Key Highlights
- Duplex‑style property built in 2002
- Separate gas and electric utilities for each unit
- Forced air heating and central air conditioning
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
$39,756
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
6.68%
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%
$795,120
$795.1K
Cap Rate 7%
$567,943
$567.9K
Cap Rate 9%
$441,733
$441.7K
Market Conditions
NOI Build-Up for 2,346 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
$59.7K $25.44/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$56.8K $24.21/SF
− OpEx
−$17.0K −$7.26/SF
NOI
$39.8K $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%
$795,120
Cap Rate 7%
$567,943
Cap Rate 9%
$441,733
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$497.0K – $662.6K
NOI $39,756 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$518.5K
$453.7K – $604.9K
NOI $36,294 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$831.2K
$727.3K – $969.8K
NOI $58,186 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 07108, NJ
28,715
Population
12,862
Households
2.2
Avg Household Size
32
Median Age
17%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
20,511
Density / Sq Mi
$33,960
Median Household Income
$30,336
Median Earnings
$1,098
Median Rent
$326,900
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?
Duplex - Duplex-style home with separate gas and electric utilities, forced-air heat, and central air on a small lot.
Where is this duplex located?
The property is located at 24 Johnson Ave Newark, NJ.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Duplex‑style property built in 2002; Separate gas and electric utilities for each unit; Forced air heating and central air conditioning
