Three-Family Residential
For Sale
$615,000
38-40 ECKERT Avenue, Newark, NJ 07112
MULTI_FAMILY - NEWARK, NJ
Property Size2,770 SF
Lot Size0.08 Acres
Price / SF$222.02
Days on Market97
Property Features for 38-40 ECKERT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
3
Parking features
Driveway
Elementary school district
NEWARK PUBLIC SCHOOLS
Middle school district
NEWARK PUBLIC SCHOOLS
High school district
NEWARK PUBLIC SCHOOLS
Standard status
Active
Size
2,770 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
8700
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1912
Number of units
3
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Realty - Moorestown
(856) 316-1100
Listed By:
Ebenezer Carpio · License #1971607
(856) 600-4001
Added: May 5
Changed: Jul 31
Last Checked: Aug 9 at 10:06PM
MLS# NJES2000330
Copyright © 2026 Bright MLS. 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.
38-40 Eckert Avenue is a three-family residential property with three separate units across multiple floors. The first-floor unit features two bedrooms and one bathroom. The second-floor unit offers three bedrooms and one bathroom. The third-floor unit includes two bedrooms and one bathroom. The property is currently occupied but will be delivered vacant, giving flexibility for an owner-occupant or investor to set their own occupancy plan.
The home is situated on a small lot and features vinyl siding. Heating is electric with baseboard units, and cooling is provided by window unit(s). Parking is available via a driveway, and the property includes a basement.
Built in 1912, the layout is suited to tenants seeking independent unit living within a single structure. It is also described as being conveniently located near major highways, public transportation, shopping centers, and schools.
The home is situated on a small lot and features vinyl siding. Heating is electric with baseboard units, and cooling is provided by window unit(s). Parking is available via a driveway, and the property includes a basement.
Built in 1912, the layout is suited to tenants seeking independent unit living within a single structure. It is also described as being conveniently located near major highways, public transportation, shopping centers, and schools.
Key Highlights
- Three‑family layout with two-, three-, and two‑bedroom units
- First‑floor unit: 2 bedrooms, 1 bath
- Second‑floor unit: 3 bedrooms, 1 bath
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,826
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family property built in 1912 with electric baseboard heat and window cooling, delivered vacant and ready for new occupancy plans.
Where is this triplex located?
The property is located at 38-40 ECKERT Avenue 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 layout with two-, three-, and two‑bedroom units; First‑floor unit: 2 bedrooms, 1 bath; Second‑floor unit: 3 bedrooms, 1 bath
