Vacant Two-Family with
38 Schley Street Newark, NJ 07112
38 Schley Street, Newark, NJ, 07112
$499,999
For Sale
$499,999
Two-family delivered vacant with a partially finished basement and laundry hookups, plus a two-car garage on two lots.
Property Size1,150 SF
Price / SF$434.78
Days on Market77
Property Features for 38 Schley Street
General Information
- Standard status
- Active
- Size
- 1,150 SF
- Property subtype
- Multi Family / 2-Two Story
Building Details
- Year Built
- 1940
Listing agency
CONLEY REALTY
(973) 757-2185
Listed by
TAIESHA MURCHISON · License #287219
(973) 757-2185
Source
Compass
Added: May 8 Updated: Jul 22 at 4:25AM Checked: Jul 22 at 4:25AM
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 CONLEY REALTY
Investment Insights
Based on property information with market context.
This two-family residential income property is being delivered vacant. The home includes a partially finished basement with three rooms, an unfinished bathroom, and laundry hookups, along with additional laundry hookups in the main areas. The property is configured as a first-floor unit with four bedrooms, and a second-floor unit with three bedrooms plus a dining room, laundry, and a den.
The offering includes two lots and a two-car garage. The remarks also note a possible opportunity to add an ADU above the garage.
Each unit layout is described in the current configuration, and the property is positioned for a renovation or reconfiguration to suit the next owner’s plan.
The offering includes two lots and a two-car garage. The remarks also note a possible opportunity to add an ADU above the garage.
Each unit layout is described in the current configuration, and the property is positioned for a renovation or reconfiguration to suit the next owner’s plan.
Key Highlights
- Two‑family property delivered vacant, ready for renovation
- Year built 1940 with a partially finished full basement (3 rooms) and unfinished bathroom
- Basement includes laundry hookups; additional laundry included in both units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.3k | $25.44 |
| − Vacancy | −$1.4k | −$1.23 |
| EGI | $27.8k | $24.21 |
| − OpEx | −$8.4k | −$7.26 |
| NOI | $19.5k | $16.95 |
1,150 SF · lease $25.44/SF/yr · vacancy 4.84% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$278.4K
$243.6K – $324.8K
NOI $19,488 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$254.2K
$222.4K – $296.5K
NOI $17,791 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$407.5K
$356.5K – $475.4K
NOI $28,522 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-family delivered vacant with a partially finished basement and laundry hookups, plus a two-car garage on two lots.
Where is this duplex located?
The property is located at 38 Schley Street Newark, NJ.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: Two‑family property delivered vacant, ready for renovation; Year built 1940 with a partially finished full basement (3 rooms) and unfinished bathroom; Basement includes laundry hookups; additional laundry included in both units
