Renovated Duplex with Finished
New
For Sale
$1,249,000
35 Wheeler St, Montclair, NJ 07042
Two residences provide seven bedrooms, five full bathrooms, separate laundry, and individual central heating and A/C systems.
Property Size2,534 SF
Price / SF$492.90
Days on Market1
Property Features for 35 Wheeler St
General Information
Standard status
Active
Size
2,534 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
in-unit laundry
walkout basement
Building Details
Year Built
1940
Year Renovated
2026
Buildings
1
Listing Agency:
RE/MAX SELECT
Listed By:
MICHAEL G GABRIEL · License #299726
(973) 575-6005
Source:
Goldstandardrealty
Added: Sep 12
Last Checked: Sep 12 at 3:05PM
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 SELECT
Investment Insights
Based on property information with market context.
This duplex contains two separate residences with a combined seven bedrooms and five full bathrooms. Both units include living and dining areas, kitchens, laundry, and primary suites; the first-floor residence adds an open-concept layout, eat-in island, custom cabinetry, and new appliances. The second residence includes four bedrooms and two full bathrooms. A fully finished walkout basement with a full bathroom and laundry hookup adds flexible space, while the property also includes a two-car garage and driveway parking for up to four additional vehicles.
The property underwent a complete renovation in 2026, including new walls, hardwood flooring, recessed lighting, electrical and plumbing systems, and individual central heating and A/C systems. Located near Glenfield Park, restaurants, shopping, entertainment, and Bay St train station, with direct access to NYC. Built in 1940.
The property underwent a complete renovation in 2026, including new walls, hardwood flooring, recessed lighting, electrical and plumbing systems, and individual central heating and A/C systems. Located near Glenfield Park, restaurants, shopping, entertainment, and Bay St train station, with direct access to NYC. Built in 1940.
Key Highlights
- Two‑family duplex with 7 bedrooms and 5 full bathrooms
- Complete renovation completed in 2026
- Finished walkout basement with full bathroom and laundry hookup
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
$42,409
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
3.40%
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%
$848,180
$848.2K
Cap Rate 7%
$605,843
$605.8K
Cap Rate 9%
$471,211
$471.2K
Market Conditions
NOI Build-Up for 2,534 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
$64.8K $25.56/SF
− Vacancy
−$4.2K −$1.65/SF
EGI
$60.6K $23.91/SF
− OpEx
−$18.2K −$7.17/SF
NOI
$42.4K $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%
$848,180
Cap Rate 7%
$605,843
Cap Rate 9%
$471,211
Alternative Uses
Best Use
Multifamily LT 5
$605.8K
$530.1K – $706.8K
NOI $42,409 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$556.7K
$487.1K – $649.5K
NOI $38,968 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$661.7K
$579.0K – $772.0K
NOI $46,317 @ 7.0% cap · market cap 3.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
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Business Placement
Demographics for 07042, NJ
27,384
Population
11,682
Households
2.3
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
7,206
Density / Sq Mi
$127,083
Median Household Income
$75,856
Median Earnings
$2,017
Median Rent
$733,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences provide seven bedrooms, five full bathrooms, separate laundry, and individual central heating and A/C systems.
Where is this duplex located?
The property is located at 35 Wheeler St Montclair, NJ.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two‑family duplex with 7 bedrooms and 5 full bathrooms; Complete renovation completed in 2026; Finished walkout basement with full bathroom and laundry hookup
