Renovated Duplex with Finished Third
For Sale
$580,000
35 Chester Ave, Irvington, NJ 07111
Fully rented two-family property with renovated kitchens, finished upper-level space, a detached garage, and off-street parking.
Property Size2,352 SF
Price / SF$246.60
Days on Market32
Property Features for 35 Chester Ave
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Building Details
Year Built
1925
Buildings
1
Listing Agency:
RE/MAX FIRST REALTY
(732) 257-3500
Listed By:
MICHAEL GALINDEZ · License #298970
Source:
Goldstandardrealty
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 29 at 2:09PM
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 RE/MAX FIRST REALTY
Investment Insights
Based on property information with market context.
Built in 1925, this 2,352-square-foot duplex contains two residential units, each arranged with a large living room, formal dining room, two bedrooms, an updated bathroom, and a recently renovated kitchen. The property is fully rented and includes a finished third level that is currently unused, providing additional space within the building.
A basement, detached garage, and off-street parking are also included. Located at 35 Chester Avenue in Irvington Township, the property combines established residential construction with updated unit interiors and supplementary storage or flex space.
A basement, detached garage, and off-street parking are also included. Located at 35 Chester Avenue in Irvington Township, the property combines established residential construction with updated unit interiors and supplementary storage or flex space.
Key Highlights
- Fully rented two‑family building at 35 Chester Avenue
- 2,352‑square‑foot duplex built in 1925
- Each unit includes two bedrooms, a formal dining room, and an updated bathroom
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
$39,363
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
6.79%
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%
$787,260
$787.3K
Cap Rate 7%
$562,329
$562.3K
Cap Rate 9%
$437,367
$437.4K
Market Conditions
NOI Build-Up for 2,352 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
$60.1K $25.56/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.2K $23.91/SF
− OpEx
−$16.9K −$7.17/SF
NOI
$39.4K $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%
$787,260
Cap Rate 7%
$562,329
Cap Rate 9%
$437,367
Alternative Uses
Best Use
Multifamily LT 5
$562.3K
$492.0K – $656.1K
NOI $39,363 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$516.7K
$452.1K – $602.8K
NOI $36,169 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$614.2K
$537.4K – $716.5K
NOI $42,991 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully rented two-family property with renovated kitchens, finished upper-level space, a detached garage, and off-street parking.
Where is this duplex located?
The property is located at 35 Chester Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Fully rented two‑family building at 35 Chester Avenue; 2,352‑square‑foot duplex built in 1925; Each unit includes two bedrooms, a formal dining room, and an updated bathroom
