Turnkey 2-Unit Investment
For Sale
$499,000
65 Stone Street, Newark, NJ 07104
Fully occupied multi-family generating immediate income in Newark, NJ.
Property Size1,000 SF
Price / SF$499
Days on Market239
Property Features for 65 Stone Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Multi Family / 2-Two Story
Net Operating Income
$2,313
Taxes and HOA fees
Annual Taxes
$6,034
Amenities
Yes
No
Asphalt Shingle, Flat
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector
Full, Unfinished
See Remarks
Brick/Block, Vinyl Siding
Building Details
Year Built
2021
Listing Agency:
KELLER WILLIAMS CITY VIEWS REALTY
(201) 592-8900
Listed By:
FARHAN YOUSUFI · License #281797
(201) 592-8900
Source:
Compass
Added: Jan 6
Changed: Sep 2
Last Checked: Jul 30 at 12:18PM
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 CITY VIEWS REALTY
Investment Insights
Based on property information with market context.
This is a turnkey, fully occupied 2-unit multi-family property in Newark, NJ, generating immediate income. It is suitable as an investment property or for an owner-occupier looking to offset housing costs with rental income. The unit mix includes a 3-bedroom, 1-bath unit on the first floor and a 4-bedroom, 1-bath unit on the second floor. Both units are occupied by long-term tenants. The property benefits from a diversified income stream due to a mix of housing-assisted and market tenants, ensuring reliable, on-time rent collection. Tenants are responsible for their own electric and gas, while the owner is responsible for water and sewer only. Recent capital improvements include a new roof, new separate HVAC system, and a new sewer line. This is a professionally managed asset with a proven rental history. The property is being sold as-is, fully occupied. Rent roll and financials are available to qualified buyers upon request.
Key Highlights
- Turnkey, fully occupied 2‑unit property generating immediate cash flow.
- Diversified income stream from a mix of housing‑assisted and market‑rate tenants with reliable rent collection.
- Recent capital improvements include a new roof, separate HVAC systems, and a new sewer line.
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
$17,026
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
3.41%
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%
$340,520
$340.5K
Cap Rate 7%
$243,229
$243.2K
Cap Rate 9%
$189,178
$189.2K
Market Conditions
NOI Build-Up for 1,000 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
$25.6K $25.56/SF
− Vacancy
−$1.2K −$1.24/SF
EGI
$24.3K $24.32/SF
− OpEx
−$7.3K −$7.30/SF
NOI
$17.0K $17.03/SF
Area
ZIP 07104
Vacancy
4.84%
Lease Rate
$25.56 /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%
$340,520
Cap Rate 7%
$243,229
Cap Rate 9%
$189,178
Alternative Uses
Best Use
Multifamily LT 5
$243.2K
$212.8K – $283.8K
NOI $17,026 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$223.7K
$195.7K – $261.0K
NOI $15,659 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$316.3K
$276.8K – $369.0K
NOI $22,142 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,962
Businesses Nearby
Explore this area
Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
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 - Fully occupied multi-family generating immediate income in Newark, NJ.
Where is this duplex located?
The property is located at 65 Stone 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: Turnkey, fully occupied 2‑unit property generating immediate cash flow.; Diversified income stream from a mix of housing‑assisted and market‑rate tenants with reliable rent collection.; Recent capital improvements include a new roof, separate HVAC systems, and a new sewer line.
