Renovated Duplex with Finished
For Sale
$1,199,000
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$473.16
Days on Market47
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
(201) 669-7534
Source:
Goldstandardrealty
Added: Sep 12
Changed: Oct 26
Last Checked: Oct 7 at 2:11PM
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
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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 / Yr
$42,409
Cap Rate
3.54%
Suggested Prices Based on Cap Rates
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
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 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 3.54%
Second Best
Apartment 5plus
$556.7K
$487.1K – $649.5K
NOI $38,968 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$661.7K
$579.0K – $772.0K
NOI $46,317 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
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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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Market
Vacancy Rate% for Multifamily in Northeast region
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 $1,199,000.
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
