Occupied Triplex with Separate
For Sale
$675,000
41 20th Ave, Irvington, NJ 07111
Three-unit property with a basement kitchen and bathroom, separate utility service, and current occupancy.
Property Size2,760 SF
Price / SF$244.57
Days on Market40
Property Features for 41 20th Ave
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1953
Listing Agency:
RE/MAX SELECT
(908) 233-9292
Listed By:
NICHOLAS WALSH · License #405956
Source:
Luminancerealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:22PM
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 SELECT
Investment Insights
Based on property information with market context.
Located at 41 20th Ave in Irvington Township, this 1953 triplex contains 2,760 square feet of living space arranged across three units. The property offers seven bedrooms and four bathrooms, with an additional full kitchen and bathroom in the basement.
Each unit has separate utilities, and the property is fully occupied. The surrounding area includes nearby schools, shopping, and transportation options, providing access to everyday services and local transit connections.
Each unit has separate utilities, and the property is fully occupied. The surrounding area includes nearby schools, shopping, and transportation options, providing access to everyday services and local transit connections.
Key Highlights
- 2,760‑square‑foot triplex with 7 bedrooms and 4 bathrooms
- Basement includes a full kitchen and bathroom
- Fully occupied property
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
$46,192
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
6.84%
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%
$923,840
$923.8K
Cap Rate 7%
$659,886
$659.9K
Cap Rate 9%
$513,244
$513.2K
Market Conditions
NOI Build-Up for 2,760 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 $25.56/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.0K $23.91/SF
− OpEx
−$19.8K −$7.17/SF
NOI
$46.2K $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%
$923,840
Cap Rate 7%
$659,886
Cap Rate 9%
$513,244
Alternative Uses
Best Use
Multifamily LT 5
$659.9K
$577.4K – $769.9K
NOI $46,192 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$606.3K
$530.5K – $707.4K
NOI $42,443 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$720.7K
$630.6K – $840.8K
NOI $50,448 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
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
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-unit property with a basement kitchen and bathroom, separate utility service, and current occupancy.
Where is this triplex located?
The property is located at 41 20th Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,760‑square‑foot triplex with 7 bedrooms and 4 bathrooms; Basement includes a full kitchen and bathroom; Fully occupied property
