Contemporary Duplex with
For Sale
$789,000
515 South 10th Street, Newark, NJ 07103
Three-level duplex with central air, forced-air heat, hardwood flooring, and ceramic tile finishes throughout.
Property Size1,264 SF
Price / SF$624.21
Days on Market151
Property Features for 515 South 10th Street
General Information
Standard status
Active
Size
1,264 SF
Total Parking Spaces
2
Property subtype
Multi Family / 3-Three Story
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
central air conditioning/forced air heat
hardwood floors
ceramic tile floors
No
Asphalt Shingle
Slab
Brick/Block, Vinyl Siding
Building Details
Year Built
2026
Buildings
1
Stories
3
Construction
contemporary
Listing Agency:
ROSA AGENCY
(973) 751-1000
Listed By:
SHAWN ROSA · License #274328
(973) 751-1000
Source:
Compass
Added: Apr 5
Changed: Aug 31
Last Checked: Aug 30 at 12:05PM
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 ROSA AGENCY
Investment Insights
Based on property information with market context.
This contemporary two-family home is arranged across three levels and includes a built-in two-car garage. The ground floor provides a bedroom, family room, TV room, and half bathroom behind the garage. Each of the upper floors contains a separate three-bedroom, two-bathroom apartment, creating a clearly defined residential layout.
Central air conditioning and forced-air heat serve the home, while hardwood and ceramic tile flooring are used throughout. The exterior combines brick or block construction with vinyl siding, and the property was built in 2026.
The property is subject to affordable housing restrictions. The buyer must occupy the home for 10 years, and the rental unit must be reserved for a moderate-income occupant. A five-year property tax abatement is available, with the applicable requirements incorporated into a deed restriction.
Central air conditioning and forced-air heat serve the home, while hardwood and ceramic tile flooring are used throughout. The exterior combines brick or block construction with vinyl siding, and the property was built in 2026.
The property is subject to affordable housing restrictions. The buyer must occupy the home for 10 years, and the rental unit must be reserved for a moderate-income occupant. A five-year property tax abatement is available, with the applicable requirements incorporated into a deed restriction.
Key Highlights
- Two‑family home built in 2026
- Three‑level layout with two 3‑bedroom/2‑bathroom apartments
- Built‑in 2‑car garage
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
$25,259
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
3.20%
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%
$505,180
$505.2K
Cap Rate 7%
$360,843
$360.8K
Cap Rate 9%
$280,656
$280.7K
Market Conditions
NOI Build-Up for 1,264 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
$37.9K $30.00/SF
− Vacancy
−$1.8K −$1.45/SF
EGI
$36.1K $28.55/SF
− OpEx
−$10.8K −$8.56/SF
NOI
$25.3K $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%
$505,180
Cap Rate 7%
$360,843
Cap Rate 9%
$280,656
Alternative Uses
Best Use
Multifamily LT 5
$360.8K
$315.7K – $421.0K
NOI $25,259 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$328.0K
$287.0K – $382.7K
NOI $22,959 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,647 @ 7.0% cap · market cap 4.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,518
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
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 - Three-level duplex with central air, forced-air heat, hardwood flooring, and ceramic tile finishes throughout.
Where is this duplex located?
The property is located at 515 South 10th Street Newark, NJ.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Two‑family home built in 2026; Three‑level layout with two 3‑bedroom/2‑bathroom apartments; Built‑in 2‑car garage
