Spacious Multi-Family
For Sale
$1,299,000
85 Grove St, South Hackensack, NJ 07606
Large, modern 15-room house in a quiet residential neighborhood.
Property Size3,532 SF
Price / SF$367.78
Days on Market289
Property Features for 85 Grove St
General Information
Standard status
Active
Size
3,532 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
HOMECOIN.COM
Listed By:
JONATHAN MINERICK · License #01523060
(888) 400-2513
Source:
Luminancerealty
Added: Nov 28, 2025
Changed: Sep 12
Last Checked: Sep 12 at 2:18PM
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 HOMECOIN.COM
Investment Insights
Based on property information with market context.
This large, modern 15-room house is located in a quiet, residential town. Built in 1980, the property is a legal two-family home, featuring two apartments with six rooms each, plus a three-room apartment, and a two-car garage. The layout offers the flexibility to live in one unit and lease the other. The property is conveniently located for commuting to NYC, being a 10-minute drive to the George Washington Bridge and a 3-minute drive to the train station, with buses located two blocks away. Situated on streets with little traffic, the property is in a quiet neighborhood, with police quarters one block away and a school a few blocks away. The main and top floors each feature three large bedrooms, two bathrooms, a living room, a dining room, a large eat-in kitchen, and a deck. The bottom floor, which is above ground, includes one bedroom, a living room, a kitchen, and one bathroom with a separate entrance. There is a laundry room with space for two washers and two dryers. The house has new windows throughout and is not in a flood zone. The units are vacant and have separate electric and gas bills.
Key Highlights
- Legal 2‑family home offering flexibility to live in one unit and lease the other.
- Easy commute to NYC: 10‑minute drive to GWB, 3‑minute drive to train station, 2 blocks to buses.
- Three separate units: 6+6+3 rooms apartment layout.
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
$54,315
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
4.18%
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%
$1,086,300
$1.1M
Cap Rate 7%
$775,929
$775.9K
Cap Rate 9%
$603,500
$603.5K
Market Conditions
NOI Build-Up for 3,532 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
$106.0K $30.00/SF
− Vacancy
−$7.2K −$2.04/SF
EGI
$98.8K $27.96/SF
− OpEx
−$44.4K −$12.58/SF
NOI
$54.3K $15.38/SF
Area
Bergen 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%
$1,086,300
Cap Rate 7%
$775,929
Cap Rate 9%
$603,500
Alternative Uses
Best Use
Apartment 5plus
$775.9K
$678.9K – $905.3K
NOI $54,315 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$922.3K
$807.0K – $1.08M
NOI $64,559 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 07606, NJ
2,701
Population
970
Households
2.8
Avg Household Size
39
Median Age
29%
College-Educated
88%
High-School Grad
0.7 sq mi
ZIP Area
3,859
Density / Sq Mi
$82,750
Median Household Income
$40,871
Median Earnings
$1,906
Median Rent
$514,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Large, modern 15-room house in a quiet residential neighborhood.
Where is this apartment building located?
The property is located at 85 Grove St South Hackensack, NJ.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Legal 2‑family home offering flexibility to live in one unit and lease the other.; Easy commute to NYC: **10‑minute drive to GWB**, 3‑minute drive to train station, 2 blocks to buses.; Three separate units: 6+6+3 rooms apartment layout.
