Turnkey 6-Unit Multifamily
For Sale
$899,999
68 Mill Street, Belleville, NJ 07109
Six-unit multifamily property with value-add potential in Belleville, NJ.
Property Size4,596 SF
Price / SF$195.82
Days on Market457
Property Features for 68 Mill Street
General Information
Standard status
Active
Size
4,596 SF
Taxes and HOA fees
Annual Taxes
$24,198
Building Details
Year Built
1917
Listing Agency:
OZANA REALTY GROUP
Listed By:
KEVIN PEREYRA
Source:
Corcoran
Added: Jun 5, 2025
Changed: Mar 16
Last Checked: Apr 11 at 12:00AM
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 OZANA REALTY GROUP
Investment Insights
Based on property information with market context.
This is a 6-unit multifamily property located in Belleville, New Jersey. The property consists of four one-bedroom units and two two-bedroom units. Five of the units are fully renovated, and one unit will be delivered vacant at closing. The property features cash-paying tenants and market rents. A new $25,000 heating system has been installed. The property has separate utilities. There is value-add potential with future rent growth. The property is located near transit, shopping, and highways. The property has strong in-place income and long-term upside. The property size is 4,596 square feet.
Key Highlights
- Turnkey 6‑unit building with 5 fully renovated units.
- Strong in‑place income with cash‑paying tenants and market rents.
- New $25K heating system.
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
$70,677
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
7.85%
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%
$1,413,540
$1.4M
Cap Rate 7%
$1,009,671
$1.0M
Cap Rate 9%
$785,300
$785.3K
Market Conditions
NOI Build-Up for 4,596 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
$137.9K $30.00/SF
− Vacancy
−$9.4K −$2.04/SF
EGI
$128.5K $27.96/SF
− OpEx
−$57.8K −$12.58/SF
NOI
$70.7K $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%
$1,413,540
Cap Rate 7%
$1,009,671
Cap Rate 9%
$785,300
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$883.5K – $1.18M
NOI $70,677 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,008 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Explore this area
Business Placement
Demographics for 07109, NJ
38,078
Population
15,045
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
3.3 sq mi
ZIP Area
11,539
Density / Sq Mi
$90,164
Median Household Income
$47,446
Median Earnings
$1,596
Median Rent
$405,500
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 - Six-unit multifamily property with value-add potential in Belleville, NJ.
Where is this apartment building located?
The property is located at 68 Mill Street Belleville, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Turnkey 6‑unit building with 5 fully renovated units.; Strong in‑place income with cash‑paying tenants and market rents.; New $25K heating system.
