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    Two-Family Residential Income Property Title is generated by Realmo AI

    241 North Ave, Cranford, NJ 07016

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    For Sale
    $795,000

    Oversized two-unit home with basement, attic expansion space, and off-street parking plus detached two-car garage.

    Type:Multi Family
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 1:55 am

    Property Features for 241 North Ave

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    Building Details

    Year Built
    1900

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    Listing Contact
    GABRIELA ANDRADE

    Listing agent GABRIELA ANDRADE

    Listing office

    Listing date Jun 3, 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 GABRIELA ANDRADE

    HighLights

    • Two‑family home on an 8,800 SF lot, sold strictly as‑is
    • First‑floor unit: 2 bedrooms, 2 full bathrooms (primary with private bath), eat‑in kitchen, in‑unit laundry, deck access
    • Second‑floor unit: 2 bedrooms, 1 full bath, eat‑in kitchen; needs renovation
    • Full basement with storage and utility space, plus a large unfinished attic with potential for expansion
    • Detached two‑car garage with a long driveway providing parking for approximately 6 vehicles
    • Convenient Cranford location just minutes to downtown, train station, parks, restaurants, and top‑rated schools

    Overview

    This two-family residential income property sits on an oversized 8,800 square-foot lot and includes two separate apartments. The first-floor unit features two bedrooms and two full bathrooms, including a private bath in the primary bedroom, along with an eat-in kitchen, in-unit laundry, and access to a deck that overlooks the backyard. The second-floor apartment offers two bedrooms, one full bathroom, and an eat-in kitchen. Both units are part of a home with a full basement for storage and utility space, and there is also a large unfinished attic that could support future expansion or additional living area.

    The property includes a newer detached two-car garage and a long driveway providing parking for approximately six vehicles. It is located just minutes from downtown Cranford, the train station, parks, restaurants, and top-rated schools.

    The layout suits owner-occupant and investor scenarios, with the first-floor unit offering functional, move-in ready space while the second-floor apartment is described as needing renovation. With the attic and basement already built out for storage and potential growth, this “as-is” offering is positioned for buyers looking to personalize updates and improvements according to their plans.
    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 Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Cranford
    County
    Union
    State
    New Jersey
    Longitude
    -74.3123545
    Latitude
    40.654912

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    FAQs

    What type of property is this?
    Duplex - Oversized two-unit home with basement, attic expansion space, and off-street parking plus detached two-car garage.
    Where is this duplex located?
    The property is located at 241 North Ave Cranford, NJ.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: Two‑family home on an 8,800 SF lot, sold strictly as‑is; First‑floor unit: 2 bedrooms, 2 full bathrooms (primary with private bath), eat‑in kitchen, in‑unit laundry, deck access; Second‑floor unit: 2 bedrooms, 1 full bath, eat‑in kitchen; needs renovation
    We can help!
    Listing Contact
    GABRIELA ANDRADE
    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.

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    241 North Ave, Cranford Twp., NJ 07016-2126
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