Two-Family Property with Detached
For Sale
$949,000
329 Academy Street, South Orange, NJ 07079
Four-level layout includes two residences, outdoor space, and off-street parking.
Property Size2,100 SF
Price / SF$451.90
Days on Market132
Property Features for 329 Academy Street
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
8
Property subtype
Multi Family / 2-Two Story
Net Operating Income
$57,161
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$19,359
Amenities
covered patio
Yes
Asphalt Shingle
Blinds, Carbon Monoxide Detector, Smoke Detector, Wood Floors
Finished, Full, Walkout
Pergola, Storage Shed
Aluminum Siding
Building Details
Year Built
1914
Buildings
1
Tenancy
Multi
Listing Agency:
COLDWELL BANKER REALTY
(973) 378-8300
Listed By:
KATHERINE ELLIOTT · License #290357
(973) 378-8300
Source:
Compass
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 7:03PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This two-family property presents two residential units arranged across 4 levels, with 8+ bedrooms and 4 full baths. The interior includes wood floors, natural light, finished full walkout space, and features such as blinds, smoke detectors, and carbon monoxide detectors. Exterior improvements include aluminum siding, a detached garage, covered patio space, a storage shed, and a deep backyard.
The property includes off-street parking for up to 6 additional vehicles beyond the garage. Its South Orange setting places it moments from Seton Hall University, Memorial Park, and South Orange Village, where shops, dining, and Midtown Direct service to NYC are located.
The property includes off-street parking for up to 6 additional vehicles beyond the garage. Its South Orange setting places it moments from Seton Hall University, Memorial Park, and South Orange Village, where shops, dining, and Midtown Direct service to NYC are located.
Key Highlights
- Two‑family configuration with 8+ bedrooms and 4 full baths across 4 levels
- Detached two‑car garage plus off‑street parking for up to 6 additional vehicles
- Covered patio, storage shed, pergola, and deep backyard
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
$35,146
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
3.70%
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%
$702,920
$702.9K
Cap Rate 7%
$502,086
$502.1K
Cap Rate 9%
$390,511
$390.5K
Market Conditions
NOI Build-Up for 2,100 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
$53.7K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.2K $23.91/SF
− OpEx
−$15.1K −$7.17/SF
NOI
$35.1K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$702,920
Cap Rate 7%
$502,086
Cap Rate 9%
$390,511
Alternative Uses
Best Use
Multifamily LT 5
$502.1K
$439.3K – $585.8K
NOI $35,146 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$461.3K
$403.7K – $538.2K
NOI $32,294 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$548.4K
$479.8K – $639.8K
NOI $38,385 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,580
Businesses Nearby
Explore this area
Business Placement
Demographics for 07079, NJ
18,597
Population
6,131
Households
3
Avg Household Size
34
Median Age
76%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
6,413
Density / Sq Mi
$184,769
Median Household Income
$75,829
Median Earnings
$2,067
Median Rent
$808,100
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 - Four-level layout includes two residences, outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 329 Academy Street South Orange, NJ.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Two‑family configuration with 8+ bedrooms and 4 full baths across 4 levels; Detached two‑car garage plus off‑street parking for up to 6 additional vehicles; Covered patio, storage shed, pergola, and deep backyard
