Updated Duplex with Two-Car
For Sale
$699,000
908 S 16th St, Newark, NJ 07108
Legal two-family property spanning three levels with a finished basement, private driveway, and flexible living space.
Property Size3,156 SF
Price / SF$221.48
Days on Market9
Property Features for 908 S 16th St
General Information
Standard status
Active
Size
3,156 SF
Property subtype
Multi-Family
Building Details
Year Built
1915
Listing Agency:
KELLER WILLIAMS METROPOLITAN
(973) 539-1120
Listed By:
EMMANUELLE FLEURINOR · License #1754066
Source:
Goldstandardrealty
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 7:05PM
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 METROPOLITAN
Investment Insights
Based on property information with market context.
This legal duplex contains 3,156 square feet across three levels and was built in 1915. Exterior improvements completed in 2023 include vinyl siding, while the property also offers a private driveway and detached two-car garage. Both units feature large rooms and abundant natural light, and the finished basement adds space for recreation, storage, or work-from-home use.
The property is in Newark’s Upper Clinton Hill neighborhood, with access to Route 22, I-78, the Garden State Parkway, NJ Transit, Newark Liberty International Airport, shopping, dining, parks, and downtown Newark. Its location also provides access to New York City for commuters.
The property is in Newark’s Upper Clinton Hill neighborhood, with access to Route 22, I-78, the Garden State Parkway, NJ Transit, Newark Liberty International Airport, shopping, dining, parks, and downtown Newark. Its location also provides access to New York City for commuters.
Key Highlights
- Legal two‑family duplex with 3,156 square feet
- Updated in 2023 with vinyl siding
- Three‑level layout with finished basement
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
$53,482
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
7.65%
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%
$1,069,640
$1.1M
Cap Rate 7%
$764,029
$764.0K
Cap Rate 9%
$594,244
$594.2K
Market Conditions
NOI Build-Up for 3,156 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
$80.3K $25.44/SF
− Vacancy
−$3.9K −$1.23/SF
EGI
$76.4K $24.21/SF
− OpEx
−$22.9K −$7.26/SF
NOI
$53.5K $16.95/SF
Area
Newark, NJ
Vacancy
4.84%
Lease Rate
$25.44 /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%
$1,069,640
Cap Rate 7%
$764,029
Cap Rate 9%
$594,244
Alternative Uses
Best Use
Multifamily LT 5
$764.0K
$668.5K – $891.4K
NOI $53,482 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$697.5K
$610.3K – $813.8K
NOI $48,825 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$1.12M
$978.4K – $1.30M
NOI $78,275 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,484
Businesses Nearby
Explore this area
Business Placement
Demographics for 07108, NJ
28,715
Population
12,862
Households
2.2
Avg Household Size
32
Median Age
17%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
20,511
Density / Sq Mi
$33,960
Median Household Income
$30,336
Median Earnings
$1,098
Median Rent
$326,900
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 - Legal two-family property spanning three levels with a finished basement, private driveway, and flexible living space.
Where is this duplex located?
The property is located at 908 S 16th St Newark, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Legal two‑family duplex with 3,156 square feet; Updated in 2023 with vinyl siding; Three‑level layout with finished basement
