North Jersey Multifamily Market Analysis -01/02/2026

Based on today's NJMLS "Revised 3&4 fam no oil no flood" saved search (DOM 0–1, last 48 hours), there are 10 qualifying listings—seven 2-families, two 3-families, and one quasi-3-unit property. Today's inventory shows the ongoing disconnect between seller pricing and current borrowing costs, with only three deals offering cap rates above 5% and genuine positive cash flow potential at 25% down / 6% interest.

🏆 #1: BLOOMFIELD — 2 Units — $649,900

214 Ashland Avenue | MLS# 25043978 | DOM: 0

The Setup

Estate sale, sold strictly as-is. Two-family home near Montclair and Brookdale Park with 6 bedrooms, 3.5 baths across both units. Unit 1: 3 bedrooms, 2 full baths. Unit 2: 3 bedrooms, 1 full bath. Fully finished basement with half bath. Detached heated garage, large yard, and rare 4-car exclusive driveway. Close to NJ Transit for easy NYC commute. 24-hour notice required for showings, starting 1/10/26. Quick closing preferred.

The Numbers

• Asking: $649,900 • Units: 2 • $/Unit: $324,950 • Year Built: Pre-1900 • Lot Size: 8,346 SF • Taxes: $14,658/yr • Est. Monthly Rent: $5,400 ($2,700/unit for 3BR) • Est. Annual Gross: $64,800 • GRM: 10.03 • NOI (45% expenses): $35,640 • Cap Rate: 5.5% • Est. CoC (25% down, 6%): 3.7%

The Angle Best GRM (10.03) and cap rate (5.5%) in today's batch. Estate sale, as-is purchase, quick close preferred—signals motivated seller and negotiation potential. Bloomfield/Montclair border location supports strong rents. Oversized 8,346 SF lot with 4-car driveway is a rare find.

The Risk Pre-1900 construction and estate sale mean deferred maintenance is almost guaranteed—budget $30-50K for immediate repairs post-close. Verify structure, roof, mechanicals, and foundation before submitting offer.

The Play Pursue aggressively—offer $600-620K with inspection contingency. Even with $40K in immediate rehab, this could deliver 7-8% cash-on-cash and strong long-term value in Bloomfield.

#2: NEWARK — 2 Units — $630,000

81 Wolcott Terrace | MLS# 25044031 | DOM: 0

The Setup Recently renovated (2024) two-family home redone top to bottom. Each unit features 3 bedrooms, 1 full bath, spanning two levels in half-duplex style for added privacy. Current rents: $2,550/unit (both occupied). Brand new: walls, windows, doors, flooring, bathrooms, stainless appliances, central A/C, tankless water heaters, recessed lighting. Fully finished basement. Detached 2-car garage. Prime location near GSP Exit 145 with quick access to highways and Newark Airport. Open Houses Fri 1/3 and Sat 1/4, 1-3pm.

The Numbers

• Asking: $630,000 • Units: 2 • Taxes: $9,222/yr • Est. Monthly Rent: $5,100 ($2,550/unit) • Est. Annual Gross: $61,200 • GRM: 10.29 • Est. Cap Rate (45% expenses): 5.3% • Est. CoC (25% down, 6%): 3.3%

The Angle Fully renovated 2024 turnkey property with current tenants in place at solid market rents. Half-duplex layout provides privacy and appeal. Strong location near major transportation hubs. Immediate cash flow with minimal capex risk for 5+ years.

The Risk Both units occupied—limited ability to inspect condition or verify renovation quality until turnover. Old bones (pre-1940) beneath new finishes may hide issues. Small lot limits expansion.

The Play Worth pursuing—strong 5.3% cap rate and 3.3% CoC with rent roll in place. Recent renovation and occupied units provide immediate income with reduced risk. Second-best deal in today's batch.

#3: IRVINGTON — 2 Units — $779,900

227 21st Street | MLS# 25044245 | DOM: 0

The Setup Brand new construction two-family with 3,044 SF of modern living space. Unit 1: 4 bedrooms, 2 full baths, 1 half bath. Unit 2: 3 bedrooms, 2 full baths. Quartz countertops, stainless appliances, designer finishes, in-unit W/D hookups, central air, separate utilities. One-car attached garage plus driveway parking. Pre-installed ADT system (transfers to buyer), 2/10 new construction warranty, and 5-year tax abatement from Irvington Township. Qualifies for CRA loans with below-market rates and no PMI. Open House Sat 1/4, 2-4pm.

The Numbers

• Asking: $779,900 • Units: 2 • Building SF: 3,044 SF • Taxes: $929/yr (with abatement) • Est. Monthly Rent: $4,600 ($2,500 4BR + $2,100 3BR) • Est. Annual Gross: $55,200 • GRM: 14.13 • Est. Cap Rate (45% expenses): 3.9% • Est. CoC (25% down, 6%): -0.3%

The Angle New construction with warranty eliminates near-term capex risk. 5-year tax abatement is a massive cash flow boost—current taxes are only $929 vs. typical $8-10K for comparable properties. CRA loan eligibility could drop debt cost significantly below 6%. Strong investor or owner-occupant opportunity.

The Risk Current tax assessment ($929/yr) will reset after abatement expires—budget for $8-10K annually in year 6+. Irvington location requires strong property management.

The Play Worth pursuing if you qualify for CRA financing (sub-5% rates) or can owner-occupy—tax abatement creates 5 years of strong cash flow runway before reset. Best new construction deal in today's batch.

#4: IRVINGTON — 2 Units — $568,900

65 38th Street | MLS# 25043668 | DOM: 0

Investor's dream with expansion upside via attic conversion to create up to 4BR on second floor. Current rents: $1,750/unit (both expired). Taxes listed as $0—major red flag requiring immediate verification. If taxes are truly abated, strong upside with rent increases and attic conversion. If not, marginal deal at best. Cannot evaluate until tax situation is clarified.

• Verdict: WATCH—verify tax status immediately before proceeding.

#5: HACKENSACK — 2 Units — $849,900

69 Ross Avenue | MLS# 25043592 | DOM: 0

Beautifully renovated 2024 turnkey on oversized 11,252 SF lot. Cap rate 4.3%, CoC 0.9%. Old bones (pre-1940) despite cosmetic updates require full inspection. Thin margins provide no buffer.

• Verdict: WATCH—worth pursuing if negotiated to $800K; at that price, pencils at 6% CoC.

#6–10: Remaining properties

Fort Lee ($989K), North Bergen ($818K), Clifton ($675K), Elizabeth 3-fam ($640K), and Newark quasi-3-unit ($625K) all show negative or near-zero cash-on-cash at 25% down / 6%. Fort Lee and North Bergen pricing reflects land value over income. Elizabeth's pre-1900 construction with below-market rents ($1,025-1,130/unit) still produces negative cash flow even with rent increases.

Today's DOM 0-1 inventory (10 listings) continues the Q4 2025 / early 2026 pattern: compressed cap rates and negative leverage in core North Jersey small-multifamily. With 6% debt, even decent assets underwrite to thin or negative cash-on-cash.

• Best true value: Bloomfield's 214 Ashland—5.5% cap, estate sale with negotiation potential, strong location. • Best turnkey: Newark's 81 Wolcott—5.3% cap, 2024 renovation, immediate income with rent roll in place. • Best new construction: Irvington's 227 21st—tax abatement creates 5-year cash flow runway if you qualify for CRA financing.

For investors deploying capital now, the three highlighted deals offer genuine positive cash flow potential. The remaining seven properties require either creative financing (sub-5% debt), owner-occupancy strategies, or substantial price reductions to make economic sense. Patient and well-capitalized buyers who can tolerate short-term thin margins and negotiate with motivated sellers will continue to have the edge.