Two-Family Residential Income
For Sale
$899,000
330 Academy Street, South Orange, NJ 07079
Two updated units each include an eat-in kitchen, bonus space, in-unit laundry, and off-street parking.
Property Size2,323 SF
Price / SF$386
Days on Market173
Property Features for 330 Academy Street
General Information
Standard status
Active
Size
2,323 SF
Property subtype
Multi Family / 2-Two Story
Net Operating Income
$69,624
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$20,271
Amenities
in-unit laundry
Yes
Asphalt Shingle
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Wood Floors
Finished, Full, Walkout
Aluminum Siding
Building Details
Year Built
1922
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
KATHERINE ELLIOTT · License #290357
(973) 378-8300
Source:
Compass
Added: Mar 18
Changed: Aug 8
Last Checked: Jul 21 at 5:02PM
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.
Well-maintained and thoughtfully updated two-family property offering two spacious, flexible residential units. Each unit features a living room, dining area, bonus space, and an eat-in kitchen with refrigerator, dishwasher, stove, and microwave. Interiors include high ceilings, hardwood floors, and large windows for abundant natural light, along with in-unit laundry for added convenience. Off-street parking is available for day-to-day use.
The property is located in South Orange, just moments from Seton Hall University, South Orange Village, and direct NYC transit, supporting strong day-to-day rental demand. Recent improvements include updated kitchens and bathrooms, upgraded electrical and plumbing systems, drainage and foundation work, and major mechanical updates. A new roofing and gutter system was installed in 2025.
This is a residential income property configured as a two-family building with multiple bedrooms per unit and extensive capital upgrades completed.
The property is located in South Orange, just moments from Seton Hall University, South Orange Village, and direct NYC transit, supporting strong day-to-day rental demand. Recent improvements include updated kitchens and bathrooms, upgraded electrical and plumbing systems, drainage and foundation work, and major mechanical updates. A new roofing and gutter system was installed in 2025.
This is a residential income property configured as a two-family building with multiple bedrooms per unit and extensive capital upgrades completed.
Key Highlights
- Two‑family home with updated interiors in each unit: living room, dining area, bonus space, and an eat‑in kitchen
- Each unit includes in‑unit laundry plus off‑street parking for added convenience
- Finished full walkout basement
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
$38,878
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
4.32%
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%
$777,560
$777.6K
Cap Rate 7%
$555,400
$555.4K
Cap Rate 9%
$431,978
$432.0K
Market Conditions
NOI Build-Up for 2,323 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
$59.4K $25.56/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$55.5K $23.91/SF
− OpEx
−$16.7K −$7.17/SF
NOI
$38.9K $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%
$777,560
Cap Rate 7%
$555,400
Cap Rate 9%
$431,978
Alternative Uses
Best Use
Multifamily LT 5
$555.4K
$486.0K – $648.0K
NOI $38,878 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$510.3K
$446.5K – $595.4K
NOI $35,723 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$606.6K
$530.8K – $707.7K
NOI $42,461 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Two updated units each include an eat-in kitchen, bonus space, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 330 Academy Street South Orange, 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: Two‑family home with updated interiors in each unit: living room, dining area, bonus space, and an eat‑in kitchen; Each unit includes in‑unit laundry plus off‑street parking for added convenience; Finished full walkout basement
