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    New Irvington Multifamily Development Title is generated by Realmo AI

    365 21st Street, Irvington, NJ 07111

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    Claim this Listing
    For Sale
    $850,500

    Two-family property with rooftop terrace, modern finishes, and tax abatement.

    Type:Multi Family / 3-Three Story
    Added:
    Dec 9, 2025
    Days on Market:
    176
    Last Refresh:
    Mar 13 at 1:59 pm

    Property Features for 365 21st Street

    General Information

    Standard status
    Active
    Property subtype
    Multi Family / 3-Three Story

    Building Details

    Year Built
    2026

    We can help!

    Listing Contact
    BRENDALY RIVERA

    Listing agent BRENDALY RIVERA License #300956

    Listing office NEST SEEKERS NEW JERSEY LLC

    Listing date Dec 9, 2025

    Source Compass

    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 NEST SEEKERS NEW JERSEY LLC

    HighLights

    • New construction two‑family property: Modern design in Irvington's premier multi‑family development.
    • Rooftop terrace: One unit features a private rooftop terrace, a unique outdoor living space.
    • Six bedrooms and four full bathrooms: Spacious living.
    • High‑end finishes: Quartz countertops, stainless steel appliances, and matte black fixtures throughout.
    • Convenient location: Easy access to shopping, dining, parks, and major transportation routes for commuting to NYC.
    • Dedicated laundry rooms: Each unit includes its own laundry room.

    Overview

    Sankofa Enclave by Akshay presents an opportunity to own or invest in a new multi-family development in Irvington, NJ. This two-family property features a total of six bedrooms and four full bathrooms, designed for modern living. One unit includes a recreation room on the ground floor, while the second unit offers access to a full rooftop terrace. Both units include dedicated laundry rooms. The open-concept layouts maximize natural light and comfort, featuring high-end finishes such as quartz countertops, stainless steel appliances, and matte black fixtures. One of the units offers a private rooftop terrace. Residents will have access to shopping, dining, parks, and major transportation routes, facilitating commuting to New York City and surrounding areas. The estimated delivery date is late spring of 2026. A 5-year tax abatement is included.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Irvington
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2151495
    Latitude
    40.7309434

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    FAQs

    What type of property is this?
    Duplex - Two-family property with rooftop terrace, modern finishes, and tax abatement.
    Where is this duplex located?
    The property is located at 365 21st Street Irvington, NJ.
    What is the asking price?
    The asking price for this property is $850,500.
    What are key features of this property?
    This property features: New construction two‑family property: Modern design in Irvington's premier multi‑family development.; Rooftop terrace: One unit features a private rooftop terrace, a unique outdoor living space.; Six bedrooms and four full bathrooms: Spacious living.
    (908) 655-5206
    We can help!
    Listing Contact
    BRENDALY RIVERA
    Real Estate License ID: 300956
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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