Updated Two-Unit
New
For Sale
$1,249,000
35 Wheeler St, Montclair, NJ 07042
Multi-Family, 2-Two Story, Montclair Twp., NJ
Property Size2,534 SF
Price / SF$492.90
Days on Market4
Property Features for 35 Wheeler St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 7, Bedroom 6, Basement, Bedroom 1, Bathroom 5, Bathroom 4, Bedroom 5, Bathroom 1
Parking
4
Lot features
Level Lot
Directions
Make a left in Woodland Ave Between Willowdale Ave and Maple Ave
Standard status
Active
Size
2,534 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11564
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX SELECT · RE/MAX International
(973) 575-6005
Listed By:
MICHAEL G GABRIEL · License #299726
(973) 539-6300
Added: Aug 26
Last Checked: Aug 29 at 2:06AM
MLS# 4048849
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,534-square-foot duplex contains two expansive residences with a combined seven bedrooms and five full bathrooms. The first unit has an open living and dining area, an eat-in kitchen with an island, three bedrooms, a primary suite with an en-suite bath, and in-unit laundry. The second includes living and dining space, an eat-in kitchen, four bedrooms, two full bathrooms, and its own laundry. Both units feature updated walls, hardwood floors, recessed lighting, electrical systems, plumbing, appliances, and individual central heating and AC units.
A finished walkout basement adds an open area, full bathroom, and laundry hookup. The property also includes a two-car garage and driveway parking for up to four vehicles. Public water and public sewer serve the property. Glenfield Park, downtown Montclair, and Bay Street train station are located nearby.
A finished walkout basement adds an open area, full bathroom, and laundry hookup. The property also includes a two-car garage and driveway parking for up to four vehicles. Public water and public sewer serve the property. Glenfield Park, downtown Montclair, and Bay Street train station are located nearby.
Key Highlights
- 2,534‑square‑foot duplex with two residences
- Seven bedrooms and five full bathrooms across the two units
- Comprehensively updated in 2026 with new electrical, plumbing, walls, and hardwood floors
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,573
Businesses Nearby
Explore this area
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
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 residences offer separate kitchens, laundry areas, primary suites, and a finished walkout basement.
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: 2,534‑square‑foot duplex with two residences; Seven bedrooms and five full bathrooms across the two units; Comprehensively updated in 2026 with new electrical, plumbing, walls, and hardwood floors
