77-79 Harrison Ave · Llewellyn Park, NJ 07052-5913

$799,000

8 bd · 4.0 ba · — sqft · MultiFamily · 15 Days on market

Built 1918 Fair condition 3,920 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Welcome to this expansive fourplex in the heart of West Orange, an ideal opportunity for both investors and owner occupants! This side-by-side layout offers four total units: two 2-bedroom units and two 3-bedroom units, each with functional layouts, great natural light, and some recent updates. Making it move-in/rent-ready with upside to increase value and income. Potential rental income of $10,000/month! Transit-friendly location with a NYC bound bus stop right outside your door, and just minutes from the Morris & Essex line, offering Midtown Direct train service to NYC. West Orange also offers free jitney service to nearby train stations. Conveniently located near shopping, dining,

Key facts

• Nyc bound bus stop
• Near shopping
• Free jitney service

Tags

• TRANSIT FRIENDLY LOCATION
• NYC BOUND BUS STOP
• MORRIS AND ESSEX LINE
• MIDTOWN DIRECT TRAIN SERVICE
• FREE JITNEY SERVICE
• NEAR SHOPPING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $799k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $799k).
• Recommended offer: $787k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 2.7% in Llewellyn Park — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• West Orange Public Schools (suburban): math 23% / reading 50% proficiency, ranked #230 of 472 in NJ (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 3,364 units permitted in Essex County in 2024 (2,551 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($6k loan paydown + $24k appreciation (3.0% local appreciation)).
• Essex County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $224k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($787k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $787,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.62%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

No comps found within radius.

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
67 Harrison Ave	0.02mi	9/4.0 (+1)	—	8mo	$865,000	—	75
67 Cedar Ave	0.52mi	8/4.0	—	12mo	$999,999	—	53
23 Watson Ave	0.32mi	7/3.0 (-1)	—	16mo	$645,000	—	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 2.21×
• Total profit: $269,972
• Equity at exit: $359,265

10-year hold

• IRR: 22.3%
• Equity multiple: 4.21×
• Total profit: $718,173
• Equity at exit: $553,670

Cash invested: $223,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 07052-5913

• Active inventory: 1
• Price-to-rent: 25.5×

Monthly cashflow live

• Estimated rent: $10,439 high
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,192
• Net cashflow: $2,725

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 69%

Sensitivity live

Price	-10% $3,277	-5% $3,001	+0% $2,725	+5% $2,449	+10% $2,173
Rent	-10% $1,900	-5% $2,313	+0% $2,725	+5% $3,137	+10% $3,550
Rate	-1.0pp $3,127	-0.5pp $2,928	base $2,725	+0.5pp $2,518	+1.0pp $2,307

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,440
Total (4 units)			$10,439

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-09
   status Under Contract
2. 2026-03-25
   listed $799,000 Active
3. 2025-11-17
   historical Active Under Contract
4. 2025-11-03
   status Pending
5. 2025-10-28
   listed $789,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,268
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$10,021
• − Management: −$10,021
• − Depreciation: −$23,244
• Taxable income: $21,245
• Est. tax owed @ 24.0%: −$5,099
• After-tax cash flow: $27,602/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

This fourplex in West Orange requires moderate repairs and updates to its exterior, interior, and kitchen and bathroom fixtures. Upgrading the exterior and interior will significantly increase its resale and rental value.

Repairs flagged

• Major exterior siding — The exterior siding is weathered and stained, indicating significant damage that needs to be addressed.
• Major flooring — The flooring in the living room and kitchen is old and worn, requiring replacement.
• Moderate kitchen cabinets — The kitchen cabinets are in fair condition but could benefit from updates or replacement.
• Moderate bathroom fixtures — The bathroom fixtures appear outdated and may need replacement or updating.

Value-add opportunities

• Both exterior siding and paint — Updating the exterior siding and paint will improve the home's curb appeal and increase its resale and rental value.
• Both kitchen and bathroom updates — Updating the kitchen and bathroom fixtures will improve the home's functionality and increase its resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · The exterior siding is weathered and stained, indicating significant damage that needs to be addressed.	Major	$15,000–50,000
flooring · The flooring in the living room and kitchen is old and worn, requiring replacement.	Major	$15,000–50,000
kitchen cabinets · The kitchen cabinets are in fair condition but could benefit from updates or replacement.	Moderate	$3,000–15,000
bathroom fixtures · The bathroom fixtures appear outdated and may need replacement or updating.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$36,000–130,000

Value-add ROI direction

• Both exterior siding and paint — Updating the exterior siding and paint will improve the home's curb appeal and increase its resale and rental value. ↑
• Both kitchen and bathroom updates — Updating the kitchen and bathroom fixtures will improve the home's functionality and increase its resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: West Orange Public Schools
• NCES district ID: 3417610
• Math proficiency: 23% ▼ -20.00%
• Reading proficiency: 50% ▼ -9.00%
• Median HH income: $89,678
• Composite: 35.28/100
• National rank: #4971
• State rank: #230 of 472 in NJ

Livability — Llewellyn Park

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+1.3% since first listed

5 events — show timeline

• 2026-04-09 Pending — GSMLS
• 2026-03-25 Listed $799,000 GSMLS
• 2025-11-17 Contingent — NJMLS
• 2025-11-03 Pending — NJMLS
• 2025-10-28 Listed $789,000 NJMLS