Duplex with Park
For Sale
$599,000
92 South Devine Street Unit 2, Newark, NJ 07106
Two three-bedroom units feature updated kitchens, wood-look flooring, and access to a private backyard.
Property Size999 SF
Price / SF$599.60
Days on Market140
Property Features for 92 South Devine Street Unit 2
General Information
Standard status
Active
Size
999 SF
Property subtype
Multi Family / 2-Two Story
Net Operating Income
$99,999
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,134
Amenities
private backyard
unfinished basement
Yes
Asphalt Shingle
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector, Vinyl-Linoleum Floors
Unfinished
Metal Fence, Sidewalk
Brick/Block, Composition Shingle
Building Details
Year Built
1912
Buildings
1
Listing Agency:
REAL
(855) 450-0442
Listed By:
JOSEL STOUTE · License #406236
(855) 450-0442
Source:
Compass
Added: Apr 14
Changed: Aug 31
Last Checked: Aug 31 at 4:09AM
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 REAL
Investment Insights
Based on property information with market context.
This 1912 duplex contains two three-bedroom, one-bathroom units with bright interiors, wood-look flooring, and kitchens equipped with stainless steel appliances. The second-floor unit will be delivered vacant, while the first floor may also be available vacant. An unfinished basement with its own entrance adds flexible storage or future renovation space.
The property faces Vailsburg Park and includes a private backyard, metal fencing, sidewalk access, and a driveway accommodating at least 3 cars. An NYC express bus stop is 1 block away, with approximately 30 minutes of travel to Port Authority. The Garden State Parkway is a 1-minute drive, while Newark Penn Station, Newark Airport, The Mills at Jersey Gardens, and Weequahic Golf Course are each 15 minutes away.
The property faces Vailsburg Park and includes a private backyard, metal fencing, sidewalk access, and a driveway accommodating at least 3 cars. An NYC express bus stop is 1 block away, with approximately 30 minutes of travel to Port Authority. The Garden State Parkway is a 1-minute drive, while Newark Penn Station, Newark Airport, The Mills at Jersey Gardens, and Weequahic Golf Course are each 15 minutes away.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 bathroom per unit
- Second‑floor unit delivered vacant; first floor may also be vacant
- Direct views of Vailsburg Park across the street
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
$17,262
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
2.88%
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%
$345,240
$345.2K
Cap Rate 7%
$246,600
$246.6K
Cap Rate 9%
$191,800
$191.8K
Market Conditions
NOI Build-Up for 999 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
$26.4K $26.40/SF
− Vacancy
−$1.7K −$1.72/SF
EGI
$24.7K $24.68/SF
− OpEx
−$7.4K −$7.41/SF
NOI
$17.3K $17.28/SF
Area
ZIP 07106
Vacancy
6.50%
Lease Rate
$26.40 /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%
$345,240
Cap Rate 7%
$246,600
Cap Rate 9%
$191,800
Alternative Uses
Best Use
Multifamily LT 5
$246.6K
$215.8K – $287.7K
NOI $17,262 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$215.6K
$188.6K – $251.5K
NOI $15,090 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$390.8K
$342.0K – $456.0K
NOI $27,357 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
Explore this area
Business Placement
Demographics for 07106, NJ
34,596
Population
13,633
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
24,711
Density / Sq Mi
$48,105
Median Household Income
$34,820
Median Earnings
$1,221
Median Rent
$321,400
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 - Two three-bedroom units feature updated kitchens, wood-look flooring, and access to a private backyard.
Where is this duplex located?
The property is located at 92 South Devine Street Unit 2 Newark, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 bathroom per unit; Second‑floor unit delivered vacant; first floor may also be vacant; Direct views of Vailsburg Park across the street
