Three-Story
New
For Sale
$769,000
37 Prospect St, Bloomfield, NJ 07003
Multi-Family, 3-Three Story, Bloomfield Twp., NJ
Property Size2,224 SF
Lot Size0.08 Acres
Price / SF$345.77
Days on Market2
Property Features for 37 Prospect St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 5
Directions
Willow St to Prospect St
Standard status
Active
Size
2,224 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11252
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Hot Water(Heating)
Water source
Public
Amenities
granite countertops
finished attic
basement
laundry hookups
Building Details
Year built
1931
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX CENTRAL · Realty Executives International
(732) 972-1000
Listed By:
RUT OLIVERA · License #2186195
Added: Aug 26
Last Checked: Aug 27 at 2:06PM
MLS# 4049033
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 three-story duplex contains two residential units, each with three bedrooms, within 2,224 square feet. The property was renovated in 2022 with a new roof, updated electrical system, and new plumbing. Interior features include granite countertops, a finished attic, and a spacious basement with laundry hookups. The home was built in 1931 and has a shingle roof.
Located 0.6 miles from the train station, the property offers access to public transportation along with nearby shopping, dining, and local amenities. Public water and public sewer serve the property, which occupies a 0.08-acre lot. The sale is offered as-is.
Located 0.6 miles from the train station, the property offers access to public transportation along with nearby shopping, dining, and local amenities. Public water and public sewer serve the property, which occupies a 0.08-acre lot. The sale is offered as-is.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each unit
- 2,224 square feet on a 0.08‑acre lot
- Renovated in 2022 with new roof, electrical, and plumbing
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
$37,221
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
4.84%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - Renovated two-family residence with finished attic space, basement storage, and convenient train access.
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‑unit duplex with 3 bedrooms in each unit; 2,224 square feet on a 0.08‑acre lot; Renovated in 2022 with new roof, electrical, and plumbing
