Two-Family Duplex with Vacant
For Sale
$658,888
Pending
41 Berkeley Pl, Bloomfield, NJ 07003
MULTI_FAMILY - Bloomfield Twp., NJ
Property Size2,054 SF
Lot Size0.10 Acres
Days on Market51
Property Features for 41 Berkeley Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2B
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 1
Parking
1
Patio and Porch features
Porch
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Wood Floors
Exterior features
Metal Fence, Open Porch(es)
Fencing
Fenced
Elementary school
BERKELEY
Middle school
BLOOMFIELD
High school
BLOOMFIELD
Directions
Bloomfield Ave to Berkely Pl
Standard status
Pending
Size
2,054 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12780
Utilities
Sewer type
Public Sewer
Heating system
Steam, Other (Heating)
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REAL
(855) 450-0442
Listed By:
CARLY ACKERMAN
Added: Jun 22
Changed: Aug 3
Last Checked: Aug 11 at 6:06AM
MLS# 4035997
Copyright © 2026 Garden State MLS, LLC. 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 two-family duplex at 41 Berkeley Pl features two apartments in a well-laid-out home. Unit 1 has three bedrooms and two bathrooms, including a sunroom, separate living and dining spaces, and access to a partially finished basement that can be finished for additional value. Unit 2 is vacant and offers three bedrooms and one bathroom, with newly redone floors for move-in or rental use. The home also includes wood floors and safety features such as smoke detectors, a carbon monoxide detector, and a fire extinguisher.
The property is located on the same street as Berkeley Elementary and just off Bloomfield Ave in Bloomfield Twp. A bus stop is about a 3-minute walk away, with shopping and dining nearby.
Additional details include steam heating, a shingle roof, an open porch, and fenced yard areas, with public water and public sewer service. Built in 1923, the property sits on a 0.1-acre lot zoned R-2B.
The property is located on the same street as Berkeley Elementary and just off Bloomfield Ave in Bloomfield Twp. A bus stop is about a 3-minute walk away, with shopping and dining nearby.
Additional details include steam heating, a shingle roof, an open porch, and fenced yard areas, with public water and public sewer service. Built in 1923, the property sits on a 0.1-acre lot zoned R-2B.
Key Highlights
- Two‑family duplex on a 0.1‑acre lot
- Unit 2 is vacant with newly redone floors
- Unit 1 offers three bedrooms, two bathrooms, and a sunroom
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
$34,376
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
5.22%
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%
$687,520
$687.5K
Cap Rate 7%
$491,086
$491.1K
Cap Rate 9%
$381,956
$382.0K
Market Conditions
NOI Build-Up for 2,054 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
$52.5K $25.56/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$49.1K $23.91/SF
− OpEx
−$14.7K −$7.17/SF
NOI
$34.4K $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%
$687,520
Cap Rate 7%
$491,086
Cap Rate 9%
$381,956
Alternative Uses
Best Use
Multifamily LT 5
$491.1K
$429.7K – $572.9K
NOI $34,376 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$451.2K
$394.8K – $526.4K
NOI $31,586 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$536.3K
$469.3K – $625.7K
NOI $37,544 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
Explore this area
Business Placement
Demographics for 07003, NJ
52,955
Population
21,692
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
9,992
Density / Sq Mi
$98,805
Median Household Income
$56,465
Median Earnings
$1,775
Median Rent
$447,600
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?
Duplex - Two-family duplex zoned R-2B with public water and sewer; one unit is vacant.
Where is this duplex located?
The property is located at 41 Berkeley Pl Bloomfield, NJ.
What is the asking price?
The asking price for this property is $658,888.
What are key features of this property?
This property features: Two‑family duplex on a 0.1‑acre lot; Unit 2 is vacant with newly redone floors; Unit 1 offers three bedrooms, two bathrooms, and a sunroom
