Renovated Two-Family
New
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 Market3
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
(908) 223-5306
Listed By:
Rut Olivera · License #395083
Source:
Srrealestategroup
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 11:19PM
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 = 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
