Three-Unit Multifamily
New
For Sale
$615,000
38-40 ECKERT AVE, Newark, NJ 07112
Three separate apartments are arranged across three floors, with delivery planned vacant for flexible occupancy or leasing.
Property Size2,770 SF
Price / SF$222.02
Days on Market2
Property Features for 38-40 ECKERT AVE
General Information
Standard status
Active
Size
2,770 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Building Details
Stories
3
Listing Agency:
Keller Williams Realty - Moorestown
(856) 316-1100
Listed By:
Ebenezer Carpio · License #1971607
(856) 600-4001
Source:
Careyrealtygroup
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:22AM
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 Keller Williams Realty - Moorestown
Investment Insights
Based on property information with market context.
This three-family residential property contains three separate apartments distributed across three levels. The first-floor residence has two bedrooms and one bathroom, while the second-floor unit provides three bedrooms and one bathroom. The top-floor apartment includes two bedrooms and one bathroom, creating a clearly defined unit mix within the building. The property is currently occupied and is expected to be delivered vacant, allowing the next owner to establish occupancy plans after closing.
The property is located near major highways, public transportation, shopping centers, and schools. The street address is 38–40 Eckert Ave in Newark, New Jersey. Private appointments are required, and the residents should not be disturbed.
The property is located near major highways, public transportation, shopping centers, and schools. The street address is 38–40 Eckert Ave in Newark, New Jersey. Private appointments are required, and the residents should not be disturbed.
Key Highlights
- Three‑family property with one apartment on each of three floors
- Unit mix includes two 2‑bedroom apartments and one 3‑bedroom apartment
- Each residence has 1 bathroom
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
$46,941
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
7.63%
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%
$938,820
$938.8K
Cap Rate 7%
$670,586
$670.6K
Cap Rate 9%
$521,567
$521.6K
Market Conditions
NOI Build-Up for 2,770 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
$70.5K $25.44/SF
− Vacancy
−$3.4K −$1.23/SF
EGI
$67.1K $24.21/SF
− OpEx
−$20.1K −$7.26/SF
NOI
$46.9K $16.95/SF
Area
Newark, NJ
Vacancy
4.84%
Lease Rate
$25.44 /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%
$938,820
Cap Rate 7%
$670,586
Cap Rate 9%
$521,567
Alternative Uses
Best Use
Multifamily LT 5
$670.6K
$586.8K – $782.4K
NOI $46,941 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$612.2K
$535.7K – $714.2K
NOI $42,854 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$981.5K
$858.8K – $1.15M
NOI $68,702 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,775
Businesses Nearby
Explore this area
Business Placement
Demographics for 07112, NJ
29,773
Population
11,779
Households
2.5
Avg Household Size
34
Median Age
18%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
21,266
Density / Sq Mi
$55,171
Median Household Income
$35,709
Median Earnings
$1,334
Median Rent
$306,100
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?
Triplex - Three separate apartments are arranged across three floors, with delivery planned vacant for flexible occupancy or leasing.
Where is this triplex located?
The property is located at 38-40 ECKERT AVE Newark, NJ.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Three‑family property with one apartment on each of three floors; Unit mix includes two 2‑bedroom apartments and one 3‑bedroom apartment; Each residence has 1 bathroom
