Residential Income Property with Bonus
New
For Sale
$675,000
7 Cliff Rd D2, Woodland Park, NJ 07424
Updated one-floor condo with a flexible office area, private balcony, attached garage, and access to gated community amenities.
Property Size1,738 SF
Price / SF$388.38
Days on Market3
Property Features for 7 Cliff Rd D2
General Information
Standard status
Active
Size
1,738 SF
Property subtype
Commercial
Units
Unit Mix
2-Bedroom, 2-Bathroom plus bonus den/office
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$14,107
Amenities
gas fireplace
balcony
Clubhouse
fitness center
heated indoor pool
heated outdoor pool
pickleball
tennis
gated community
Listing Agency:
(973) 632-5304
Listed By:
MARY BECKWITH
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 5:00AM
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 MARY BECKWITH
Investment Insights
Based on property information with market context.
This 1,738-square-foot, two-bedroom, two-bathroom condominium includes a bonus den or office and a single-level layout. Interior improvements include fresh paint, newer wood flooring, and an updated kitchen. The open dining and living areas provide connected gathering space, while a gas fireplace adds a defined feature to the main living area. A balcony faces greenery, and the property includes an attached garage, a driveway accommodating 2 cars, and guest parking.
Located at 7 Cliff Rd D2 in Woodland Park, the residence is within K. Hovnanian’s Four Seasons at Great Notch, a gated 55+ community with a clubhouse, fitness center, heated indoor and outdoor pools, pickleball, and tennis. The community is 12 miles west of Manhattan. Shopping and dining in Upper Montclair are 3 miles away, while downtown Montclair is a 15-minute drive.
Located at 7 Cliff Rd D2 in Woodland Park, the residence is within K. Hovnanian’s Four Seasons at Great Notch, a gated 55+ community with a clubhouse, fitness center, heated indoor and outdoor pools, pickleball, and tennis. The community is 12 miles west of Manhattan. Shopping and dining in Upper Montclair are 3 miles away, while downtown Montclair is a 15-minute drive.
Key Highlights
- 1,738‑square‑foot condominium with 2 bedrooms, 2 bathrooms, and a bonus den or office
- Fresh paint, newer wood flooring, and an updated kitchen
- Balcony overlooking greenery and a gas fireplace in the living area
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
$26,727
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
3.96%
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%
$534,540
$534.5K
Cap Rate 7%
$381,814
$381.8K
Cap Rate 9%
$296,967
$297.0K
Market Conditions
NOI Build-Up for 1,738 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
$52.1K $30.00/SF
− Vacancy
−$3.5K −$2.04/SF
EGI
$48.6K $27.96/SF
− OpEx
−$21.9K −$12.58/SF
NOI
$26.7K $15.38/SF
Area
Passaic 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%
$534,540
Cap Rate 7%
$381,814
Cap Rate 9%
$296,967
Alternative Uses
Best Use
Apartment 5plus
$381.8K
$334.1K – $445.5K
NOI $26,727 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$453.8K
$397.1K – $529.5K
NOI $31,768 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 07424, NJ
26,776
Population
11,243
Households
2.4
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
5.7 sq mi
ZIP Area
4,698
Density / Sq Mi
$104,122
Median Household Income
$47,894
Median Earnings
$1,771
Median Rent
$477,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated one-floor condo with a flexible office area, private balcony, attached garage, and access to gated community amenities.
Where is this residential income property located?
The property is located at 7 Cliff Rd D2 Woodland Park, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 1,738‑square‑foot condominium with 2 bedrooms, 2 bathrooms, and a bonus den or office; Fresh paint, newer wood flooring, and an updated kitchen; Balcony overlooking greenery and a gas fireplace in the living area
