6-Unit Apartment Building with
New
For Sale
$990,000
526 Market St, Clifton, NJ 07015
Six apartments offer varied layouts, separate utilities, gas heat, and shared basement laundry facilities.
Property Size4,032 SF
Price / SF$245.54
Days on Market4
Property Features for 526 Market St
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,805
Amenities
coin-operated washer and dryer
4+ Units Heating
Baseboard - Hotwater Heating
Flat Roof
Building Details
Year Built
9999
Buildings
1
Listing Agency:
WEICHERT REALTORS
(732) 494-6800
Listed By:
JOSH CLINGENSMITH
Source:
Corcoran
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 5:49PM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
This 4,032-square-foot apartment property contains six residential units: four with one bedroom and one bathroom, plus two with two bedrooms and one bathroom. Each apartment includes a living room and eat-in kitchen. Separate utility service and gas heat support straightforward building operations, while the basement contains coin-operated laundry equipment. The property is fully occupied, with most residents on month-to-month agreements and one lease scheduled to expire in December.
The building is located at 526 Market St in Newark’s Ironbound section, within a short distance of Newark Penn Station, Harrison PATH, Riverfront Park, Red Bull Arena, the Prudential Center, shopping, and dining. The sale is strictly AS-IS; the buyer is responsible for obtaining the Certificate of Occupancy and Fire Certificate.
The building is located at 526 Market St in Newark’s Ironbound section, within a short distance of Newark Penn Station, Harrison PATH, Riverfront Park, Red Bull Arena, the Prudential Center, shopping, and dining. The sale is strictly AS-IS; the buyer is responsible for obtaining the Certificate of Occupancy and Fire Certificate.
Key Highlights
- 6‑unit apartment building with 4,032 SF
- Unit mix includes four 1BR/1BA apartments and two 2BR/1BA apartments
- Fully occupied; most tenants are on month‑to‑month agreements
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
$62,004
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
6.26%
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%
$1,240,080
$1.2M
Cap Rate 7%
$885,771
$885.8K
Cap Rate 9%
$688,933
$688.9K
Market Conditions
NOI Build-Up for 4,032 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
$121.0K $30.00/SF
− Vacancy
−$8.2K −$2.04/SF
EGI
$112.7K $27.96/SF
− OpEx
−$50.7K −$12.58/SF
NOI
$62.0K $15.38/SF
Area
Passaic County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,240,080
Cap Rate 7%
$885,771
Cap Rate 9%
$688,933
Alternative Uses
Best Use
Apartment 5plus
$885.8K
$775.1K – $1.03M
NOI $62,004 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.2K – $1.23M
NOI $73,699 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,247
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six apartments offer varied layouts, separate utilities, gas heat, and shared basement laundry facilities.
Where is this apartment building located?
The property is located at 526 Market St Clifton, NJ.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 6‑unit apartment building with 4,032 SF; Unit mix includes four 1BR/1BA apartments and two 2BR/1BA apartments; Fully occupied; most tenants are on month‑to‑month agreements
