Multifamily Building with Six
For Sale
Contact for pricing
61-63 Chestnut Street, West Orange, NJ 07052
Three-story building offers six rental units, including five two-bedroom units and one one-bedroom unit, plus four off-street spaces.
Property Size6,615 SF
Lot Size0.11 Acres
Price / SF$188.96
Days on Market51
Property Features for 61-63 Chestnut Street
General Information
Standard status
Active
Size
6,615 SF
Total Parking Spaces
4
Lot size
0.11 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$90,282
Additional Details
Highway Access
Yes
Multifamily Units
6
Building Details
Year Built
1915
Buildings
1
Stories
3
Units
6
Listing Agency:
Horvath & Tremblay
(201) 215-1801
Listed By:
Michael Agrifolio · License #NJ 2189994
Source:
Crexi
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 30 at 11:08PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This three-story multifamily building is configured as six total residential units, consisting of five 2-bedroom/1-bath units and one 1-bedroom/1-bath unit. The property is offered with approximately 6,615 square feet of gross living area and includes four off-street parking spaces for residents.
The building is located at 61-63 Chestnut Street in West Orange, NJ, within convenient reach of the township’s primary commercial corridors, employment centers, and lifestyle amenities. Regional connectivity is supported by nearby Interstate 280, Route 10, and the Garden State Parkway, providing access throughout Northern New Jersey and connections toward Newark and New York City.
Set on a 0.11-acre parcel, the property’s unit mix and parking arrangement make it a straightforward rental-income candidate for buyers seeking an owner-occupied or investment multifamily asset with on-site parking.
The building is located at 61-63 Chestnut Street in West Orange, NJ, within convenient reach of the township’s primary commercial corridors, employment centers, and lifestyle amenities. Regional connectivity is supported by nearby Interstate 280, Route 10, and the Garden State Parkway, providing access throughout Northern New Jersey and connections toward Newark and New York City.
Set on a 0.11-acre parcel, the property’s unit mix and parking arrangement make it a straightforward rental-income candidate for buyers seeking an owner-occupied or investment multifamily asset with on-site parking.
Key Highlights
- Three‑story multifamily building (built 1915) with 6 total rental units
- Unit mix: five 2‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit
- 6,615 sq ft gross living area on a 0.11‑acre parcel
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
$101,725
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
8.14%
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%
$2,034,500
$2.0M
Cap Rate 7%
$1,453,214
$1.5M
Cap Rate 9%
$1,130,278
$1.1M
Market Conditions
NOI Build-Up for 6,615 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
$198.5K $30.00/SF
− Vacancy
−$13.5K −$2.04/SF
EGI
$185.0K $27.96/SF
− OpEx
−$83.2K −$12.58/SF
NOI
$101.7K $15.38/SF
Area
Essex 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%
$2,034,500
Cap Rate 7%
$1,453,214
Cap Rate 9%
$1,130,278
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.70M
NOI $101,725 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $120,912 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
818
Businesses Nearby
Explore this area
Business Placement
Demographics for 07052, NJ
48,867
Population
18,300
Households
2.7
Avg Household Size
42
Median Age
53%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
4,072
Density / Sq Mi
$131,456
Median Household Income
$63,458
Median Earnings
$1,791
Median Rent
$527,200
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?
Apartment building - Three-story building offers six rental units, including five two-bedroom units and one one-bedroom unit, plus four off-street spaces.
Where is this apartment building located?
The property is located at 61-63 Chestnut Street West Orange, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Three‑story multifamily building (built 1915) with 6 total rental units; Unit mix: five 2‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit; 6,615 sq ft gross living area on a 0.11‑acre parcel
