Two-Unit Duplex with
New
For Sale
$849,900
662 18th Ave, Irvington, NJ 07111
Separate four- and three-bedroom residences each include a kitchen and dedicated laundry.
Property Size4,000 SF
Price / SF$212.48
Days on Market2
Property Features for 662 18th Ave
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/3.1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,311
Amenities
central air conditioning
in-unit laundry
security system
Building Details
Year Built
2026
Buildings
1
Units
2
Listing Agency:
KELLER WILLIAMS - NJ METRO GROUP
Listed By:
JAMES HUGHES · License #0454530
(201) 675-1210
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:41PM
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 - NJ METRO GROUP
Investment Insights
Based on property information with market context.
Built in 2026, this Irvington duplex contains two residences totaling nearly 4,000 square feet, with seven bedrooms and five full bathrooms. The larger home has four bedrooms, 3.1 baths, a 23-foot living room, an island kitchen, a first-floor bedroom and a primary suite with a walk-in closet and en-suite bath. The second residence has three bedrooms, two full baths, its own kitchen and laundry. Both homes feature central heating and air conditioning; the property also has a one-car garage and additional off-street parking.
The property is in Irvington, where its Walk Score is 80, Bike Score is 53 and Transit Score is 71. It is eligible for Irvington’s five-year tax abatement. The home also includes a pre-installed ADT security system and a builder-provided 2/10 home warranty.
The property is in Irvington, where its Walk Score is 80, Bike Score is 53 and Transit Score is 71. It is eligible for Irvington’s five-year tax abatement. The home also includes a pre-installed ADT security system and a builder-provided 2/10 home warranty.
Key Highlights
- Two residences with seven bedrooms and five full bathrooms across nearly 4,000 square feet
- Four‑bedroom residence with 3.1 baths, a 23‑foot living room and first‑floor bedroom
- Three‑bedroom residence with two full baths, kitchen and dedicated laundry
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
$66,945
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
7.88%
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%
$1,338,900
$1.3M
Cap Rate 7%
$956,357
$956.4K
Cap Rate 9%
$743,833
$743.8K
Market Conditions
NOI Build-Up for 4,000 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
$102.2K $25.56/SF
− Vacancy
−$6.6K −$1.65/SF
EGI
$95.6K $23.91/SF
− OpEx
−$28.7K −$7.17/SF
NOI
$66.9K $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 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%
$1,338,900
Cap Rate 7%
$956,357
Cap Rate 9%
$743,833
Alternative Uses
Best Use
Multifamily LT 5
$956.4K
$836.8K – $1.12M
NOI $66,945 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$878.7K
$768.9K – $1.03M
NOI $61,512 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,114 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,386
Businesses Nearby
Explore this area
Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - Separate four- and three-bedroom residences each include a kitchen and dedicated laundry.
Where is this duplex located?
The property is located at 662 18th Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two residences with seven bedrooms and five full bathrooms across nearly 4,000 square feet; Four‑bedroom residence with 3.1 baths, a 23‑foot living room and first‑floor bedroom; Three‑bedroom residence with two full baths, kitchen and dedicated laundry
