Renovated Two-Unit
New
For Sale
$499,000
491 S 17th Street, Newark, NJ 07103
Multi-Family, Newark, NJ
Property Size1,726 SF
Lot Size0.05 Acres
Price / SF$289.11
Days on Market7
Property Features for 491 S 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Basement, Bedroom 3
Parking features
On Street
Elementary school
Ivy Hill
High school
West Side
Directions
GPS
Subdivision
Newark
Standard status
Active
APN
14-00326-0000-00057
Size
1,726 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1820
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
hardwood floors
granite counters
stainless steel appliances
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Listing Agency:
C21 Thomson & Co.
Listed By:
Kyle Golden · License #1646836
(732) 945-7035
Added: Sep 19
Last Checked: Sep 25 at 6:06AM
MLS# 22629753
Copyright © 2026 More 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 1,726-square-foot duplex at 491 S 17th Street in Newark, NJ, contains two separate residential units. Each unit has 3 bedrooms and 1 bathroom, creating a combined layout of 6 bedrooms and 2 bathrooms. Interior features include hardwood flooring, granite countertops, and stainless steel appliances. The property was built in 1900 and includes forced-air heating.
Set on a 0.05-acre lot, the property has public water and public sewer service. Parking is available on the street. The two-unit configuration supports an owner-occupant arrangement or separate rental use, as described in the property information.
Set on a 0.05-acre lot, the property has public water and public sewer service. Parking is available on the street. The two-unit configuration supports an owner-occupant arrangement or separate rental use, as described in the property information.
Key Highlights
- Two separate residential units, each with 3 bedrooms and 1 bathroom
- 1,726 square feet on a 0.05‑acre lot
- Hardwood floors, granite counters, and stainless steel appliances
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
$34,492
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
6.91%
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%
$689,840
$689.8K
Cap Rate 7%
$492,743
$492.7K
Cap Rate 9%
$383,244
$383.2K
Market Conditions
NOI Build-Up for 1,726 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
$51.8K $30.00/SF
− Vacancy
−$2.5K −$1.45/SF
EGI
$49.3K $28.55/SF
− OpEx
−$14.8K −$8.56/SF
NOI
$34.5K $19.98/SF
Area
ZIP 07103
Vacancy
4.84%
Lease Rate
$30.00 /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%
$689,840
Cap Rate 7%
$492,743
Cap Rate 9%
$383,244
Alternative Uses
Best Use
Multifamily LT 5
$492.7K
$431.2K – $574.9K
NOI $34,492 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$447.9K
$391.9K – $522.5K
NOI $31,351 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$617.3K
$540.2K – $720.2K
NOI $43,214 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 07103, NJ
39,439
Population
13,832
Households
2.9
Avg Household Size
30
Median Age
21%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
17,927
Density / Sq Mi
$42,397
Median Household Income
$34,278
Median Earnings
$1,289
Median Rent
$259,300
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments feature hardwood floors, granite counters, and stainless steel appliances.
Where is this duplex located?
The property is located at 491 S 17th Street Newark, NJ.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two separate residential units, each with 3 bedrooms and 1 bathroom; 1,726 square feet on a 0.05‑acre lot; Hardwood floors, granite counters, and stainless steel appliances
