Renovated Two-Family
For Sale
$769,000
37 Prospect St, Bloomfield, NJ 07003
Three-story duplex with updated systems, finished attic space, and a full basement with laundry hookups.
Property Size2,224 SF
Price / SF$345.77
Days on Market49
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Property Features for 37 Prospect St
General Information
Standard status
Active
Size
2,224 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
granite countertops
laundry hookups
Building Details
Year Built
1931
Year Renovated
2022
Buildings
1
Stories
3
Listing Agency:
RE/MAX CENTRAL
Listed By:
RUT OLIVERA · License #395083
(908) 223-5306
Source:
Goldstandardrealty
Added: Aug 28
Changed: Oct 15
Last Checked: Oct 15 at 1:18AM
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 CENTRAL
Investment Insights
Based on property information with market context.
This three-story duplex contains two residential units, each with three bedrooms, within 2,224 square feet. The property was built in 1931 and renovated in 2022, with improvements including a new roof, electrical system, and plumbing. Both units feature granite countertops, while the finished attic adds flexible living space and the basement provides additional storage area with laundry hookups.
Located at 37 Prospect St in Bloomfield, the property is 0.6 miles from the train station and near shopping, dining, and local amenities. The sale is offered as-is.
Located at 37 Prospect St in Bloomfield, the property is 0.6 miles from the train station and near shopping, dining, and local amenities. The sale is offered as-is.
Key Highlights
- Two‑family duplex with 3 bedrooms in each unit
- 2,224 SF property built in 1931
- Renovated in 2022 with new roof, electrical system, and plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,221
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$744,420
$744.4K
Cap Rate 7%
$531,729
$531.7K
Cap Rate 9%
$413,567
$413.6K
Market Conditions
NOI Build-Up for 2,224 SF
Gross rent
$56.8K $25.56/SF
− Vacancy
−$3.7K −$1.65/SF
EGI
$53.2K $23.91/SF
− OpEx
−$16.0K −$7.17/SF
NOI
$37.2K $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%
$744,420
Cap Rate 7%
$531,729
Cap Rate 9%
$413,567
Alternative Uses
Best Use
Multifamily LT 5
$531.7K
$465.3K – $620.4K
NOI $37,221 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$488.6K
$427.5K – $570.0K
NOI $34,201 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$580.7K
$508.1K – $677.5K
NOI $40,651 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 07003, NJ
52,955
Population
21,692
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
9,992
Density / Sq Mi
$98,805
Median Household Income
$56,465
Median Earnings
$1,775
Median Rent
$447,600
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
Frequently Asked Questions
What type of property is this?
Duplex - Three-story duplex with updated systems, finished attic space, and a full basement with laundry hookups.
Where is this duplex located?
The property is located at 37 Prospect St Bloomfield, NJ.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: Two‑family duplex with 3 bedrooms in each unit; 2,224 SF property built in 1931; Renovated in 2022 with new roof, electrical system, and plumbing
