Three-Unit Multifamily
For Sale
$775,000
61 Spring St, Bloomfield, NJ 07003
Three residences include a full-height basement, a one-car garage, and additional parking behind the building.
Property Size2,434 SF
Price / SF$318.41
Days on Market12
Property Features for 61 Spring St
General Information
Standard status
Active
Size
2,434 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Net Operating Income
$37,196
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Building Size
2,434 SF
Year Built
1918
Units
3
Listing Agency:
Keller Williams Park Views
(201) 939-0050
Listed By:
Lauren Sosa
(551) 655-1904
Source:
Culturaunitedrealty
Added: Oct 13
Changed: Oct 23
Last Checked: Oct 23 at 3:32PM
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 Keller Williams Park Views
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Investment Insights
Based on property information with market context.
This multifamily property contains three units with a combined 5 bedrooms, 2 flex rooms, and 3.5 bathrooms. The building measures 2,434 square feet and includes an unfinished, full-height basement. A one-car garage and an open parking area behind the property supplement available on-street parking. Built in 1918, the property offers distinct residential spaces within one building.
Bloomfield Station is about one mile away, with train service to Newark, Hoboken, and New York Penn Station. A weekday shuttle connects the North End to the station during morning and evening rush hours. Road access includes the Garden State Parkway, Routes 3, 7, and 21, and Interstate 280.
Bloomfield Station is about one mile away, with train service to Newark, Hoboken, and New York Penn Station. A weekday shuttle connects the North End to the station during morning and evening rush hours. Road access includes the Garden State Parkway, Routes 3, 7, and 21, and Interstate 280.
Key Highlights
- Three residential units with 5 bedrooms, 2 flex rooms, and 3.5 bathrooms
- 2,434 square feet; built in 1918
- Unfinished, full‑height basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,736
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$814,720
$814.7K
Cap Rate 7%
$581,943
$581.9K
Cap Rate 9%
$452,622
$452.6K
Market Conditions
NOI Build-Up for 2,434 SF
Gross rent
$62.2K $25.56/SF
− Vacancy
−$4.0K −$1.65/SF
EGI
$58.2K $23.91/SF
− OpEx
−$17.5K −$7.17/SF
NOI
$40.7K $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 Rate 5%
$814,720
Cap Rate 7%
$581,943
Cap Rate 9%
$452,622
Alternative Uses
Best Use
Multifamily LT 5
$581.9K
$509.2K – $678.9K
NOI $40,736 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$534.7K
$467.9K – $623.8K
NOI $37,430 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$635.6K
$556.1K – $741.5K
NOI $44,490 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
888
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residences include a full-height basement, a one-car garage, and additional parking behind the building.
Where is this triplex located?
The property is located at 61 Spring St Bloomfield, NJ.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three residential units with 5 bedrooms, 2 flex rooms, and 3.5 bathrooms; 2,434 square feet; built in 1918; Unfinished, full‑height basement
