Four-Unit Victorian with 8-Car
For Sale
$1,435,000
96 Hillside Ave, Nutley, NJ 07110
Legal four-unit Victorian with two units vacant at sale and private 8-car parking, with separate utilities for all units.
Property Size4,450 SF
Price / SF$322.47
Days on Market98
Property Features for 96 Hillside Ave
General Information
Standard status
Active
Size
4,450 SF
Class
Trophy
Total Parking Spaces
8
Property subtype
Multi-Family
Occupancy
50%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
YOUR TOWN REALTY
Listed By:
RONNIE GLOMB · License #790072
(973) 865-5050
Source:
Luminancerealty
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 7:00AM
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 YOUR TOWN REALTY
Investment Insights
Based on property information with market context.
This legal four-unit Victorian offers two separate living configurations and separate utilities for all units. Units 1 and 2 are currently occupied and generate a combined $2,950 per month. Unit 3 is vacant as of June 22 and is described as recently renovated, bright, and rent-ready, with a current rent of $2,650 and potential to increase upon re-leasing. Unit 4 is a vacant duplex setup with two levels and loft space, described as ready for renovation.
The property is located on Hillside Avenue in Nutley Township, on a quiet, tree-lined residential block. The asset includes a private on-site parking lot with eight spaces, three of which are currently rented to neighborhood residents. The remaining spaces are available for additional income opportunities or tenant amenities, and the listing states the property has passed state and local inspections.
The current vacancy at closing provides an owner-occupant or investor with flexibility to position the property for re-leasing, while the occupied units support ongoing rental income. With all utilities separated and dedicated parking on-site, the layout is built to serve multiple households with minimal shared systems.
The property is located on Hillside Avenue in Nutley Township, on a quiet, tree-lined residential block. The asset includes a private on-site parking lot with eight spaces, three of which are currently rented to neighborhood residents. The remaining spaces are available for additional income opportunities or tenant amenities, and the listing states the property has passed state and local inspections.
The current vacancy at closing provides an owner-occupant or investor with flexibility to position the property for re-leasing, while the occupied units support ongoing rental income. With all utilities separated and dedicated parking on-site, the layout is built to serve multiple households with minimal shared systems.
Key Highlights
- Legal 4‑unit Victorian built in 1900 with two units vacant at sale for immediate re‑leasing or occupancy planning.
- Units 1 & 2 are occupied, generating a combined $2,950/month with a stated 4% annual rent increase.
- Unit 3 is vacant as of June 22, recently renovated and rent‑ready at $2,650; rent can be $2,850 upon vacancy from 7/1.
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
$74,476
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
5.19%
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%
$1,489,520
$1.5M
Cap Rate 7%
$1,063,943
$1.1M
Cap Rate 9%
$827,511
$827.5K
Market Conditions
NOI Build-Up for 4,450 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
$113.7K $25.56/SF
− Vacancy
−$7.3K −$1.65/SF
EGI
$106.4K $23.91/SF
− OpEx
−$31.9K −$7.17/SF
NOI
$74.5K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$1,489,520
Cap Rate 7%
$1,063,943
Cap Rate 9%
$827,511
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$931.0K – $1.24M
NOI $74,476 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$977.6K
$855.4K – $1.14M
NOI $68,432 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,339 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,217
Businesses Nearby
Explore this area
Business Placement
Demographics for 07110, NJ
30,149
Population
11,981
Households
2.5
Avg Household Size
41
Median Age
50%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
8,867
Density / Sq Mi
$115,215
Median Household Income
$67,621
Median Earnings
$1,698
Median Rent
$489,900
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?
Quadplex - Legal four-unit Victorian with two units vacant at sale and private 8-car parking, with separate utilities for all units.
Where is this quadplex located?
The property is located at 96 Hillside Ave Nutley, NJ.
What is the asking price?
The asking price for this property is $1,435,000.
What are key features of this property?
This property features: Legal 4‑unit Victorian built in 1900 with two units vacant at sale for immediate re‑leasing or occupancy planning.; Units 1 & 2 are occupied, generating a combined $2,950/month with a stated 4% annual rent increase.; Unit 3 is vacant as of June 22, recently renovated and rent‑ready at $2,650; rent can be $2,850 upon vacancy from 7/1.
