Two-Unit Brick
For Sale
$720,000
389 21st Street, Irvington, NJ 07111
Residential Income, Irvington, NJ
Property Size2,208 SF
Lot Size0.06 Acres
Price / SF$326.09
Days on Market18
Property Features for 389 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Buyer Should Verify
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Basement, Dining Room, Bathroom 1
Parking features
Garage, On Street
Interior features
Unit 1(Dining Room, 3 Bedrooms, Kitchen, Living Room, 2+ Baths, See Remarks), Unit 2(Dining Room, 3 Bedrooms, Kitchen, Laundry Hookup, Living Room, 2+ Baths)
Exterior features
Fencing/Wall, Yard
Fencing
Fenced
Appliances
Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
Subdivision
Township/Irvington
Lot features
Near Shopping
Elementary school district
Irvington Township School Dist
Middle school district
Irvington Township School Dist
High school district
Irvington Township School Dist
Directions
Use gps
Standard status
Active
APN
090013700000002401
Size
2,208 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13633
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2007
Floors in Building
2
Building materials
Brick
Roof type
Asphalt
Additional Structures
See Remarks
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
(732) 549-1998
Listed By:
Amani Pullum
(908) 307-7635
Added: Sep 15
Changed: Oct 1
Last Checked: Oct 2 at 5:06PM
MLS# 2704539R
Copyright © 2026 All Jersey 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.
This brick duplex contains two residences, each with three bedrooms, two full bathrooms, a kitchen, dining room, and living room. The building was constructed in 2007 and offers 2,208 square feet on a 0.0574-acre lot. Central air and forced-air heat serve the property, and both units have a range and refrigerator. Laundry hookups are noted in the second unit.
The exterior includes a fenced yard, with garage and on-street parking. Public water and public sewer serve the property. Shopping, dining, schools, parks, public transportation, major roadways, and neighboring communities are identified among the surrounding area’s amenities.
The exterior includes a fenced yard, with garage and on-street parking. Public water and public sewer serve the property. Shopping, dining, schools, parks, public transportation, major roadways, and neighboring communities are identified among the surrounding area’s amenities.
Key Highlights
- Two residences, each with 3 bedrooms and 2 full bathrooms
- 2,208 square feet on a 0.0574‑acre lot
- Built in 2007 with brick construction
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
$36,953
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
5.13%
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%
$739,060
$739.1K
Cap Rate 7%
$527,900
$527.9K
Cap Rate 9%
$410,589
$410.6K
Market Conditions
NOI Build-Up for 2,208 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
$56.4K $25.56/SF
− Vacancy
−$3.6K −$1.65/SF
EGI
$52.8K $23.91/SF
− OpEx
−$15.8K −$7.17/SF
NOI
$37.0K $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%
$739,060
Cap Rate 7%
$527,900
Cap Rate 9%
$410,589
Alternative Uses
Best Use
Multifamily LT 5
$527.9K
$461.9K – $615.9K
NOI $36,953 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$485.1K
$424.4K – $565.9K
NOI $33,955 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$576.6K
$504.5K – $672.7K
NOI $40,359 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,696
Businesses Nearby
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence has three bedrooms, two full bathrooms, a kitchen, dining room, and living room.
Where is this duplex located?
The property is located at 389 21st Street Irvington, NJ.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 full bathrooms; 2,208 square feet on a 0.0574‑acre lot; Built in 2007 with brick construction
