60 Westervelt Ave · Tenafly, NJ 07670

$1,025,000

None bd · None ba · — sqft · MultiFamily · 34 Days on market

Good condition

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +6.4/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Opportunity Knocks! This well-maintained property is zoned R-MF (Residential Multi-Family) and currently features three tenants occupying grandfathered office space—creating a unique investment and redevelopment opportunity. Consider converting the second floor into residential living while continuing to generate income from the two first-floor tenants. Alternatively, explore the potential to convert the entire building to its Zoned, and intended (R-MF)multi-family residential use, subject to approvals, permits, and any required variances. The property includes gas heat & central air. Roof is only 1 year old. Ideally located in highly desirable Tenafly, just moments

Key facts

• Second floor
• Gas heat
• Zoned r-mf

Tags

• ZONED R-MF
• THREE TENANTS
• GRANDFATHERED OFFICE SPACE
• SECOND FLOOR
• SIX DESIGNATED PARKING SPACES
• GAS HEAT

Property features AI

Exterior

• Home design: Residential income property; Mixed-use
• Exterior features: Asphalt roof

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.02M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.02M).
• Recommended offer: $994k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#270 in NJ) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Tenafly Public School District (suburban): math 62% / reading 72% proficiency, ranked #21 of 472 in NJ (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 1% free/reduced lunch — higher-income household profile.
• Zoned schools: Tenafly Middle School (math 60% / reading 76%, grade A-, #14 of 431 statewide, top 3%, 901 students, 3% FRL); Tenafly High School (math 54% / reading 79%, grade B, #36 of 399 statewide, top 9%, 1,200 students, 3% FRL) — zoned schools at 3% FRL track the district average.
• Market conditions: 24 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,488 units permitted in Bergen County in 2024 (1,610 in 5+ unit buildings).
• At $12,171/mo this rent would consume 70% of the median local household income ($208k/yr) (locally 334% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Bergen County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($994k) is reasonable based on typical stale-listing flexibility.

Recommended offer $994,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.19% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.58%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

No comps found within radius.

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 Demott St	0.21mi	6/3.0	—	11mo	$1,200,000	—	69
286 Tenafly Rd	0.19mi	5/4.5	—	19mo	$1,500,000	—	63
127 Tenafly Rd	0.30mi	3/3.0	—	15mo	$860,800	—	61
7 Lindley Ave	0.27mi	4/3.5	—	23mo	$851,000	—	56
460 Orchard St	0.72mi	4/2.0	—	16mo	$750,000	—	40

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: -0.4%
• Equity multiple: 0.98×
• Total profit: $-4,675
• Equity at exit: $152,831

10-year hold

• IRR: 9.3%
• Equity multiple: 1.71×
• Total profit: $204,292
• Equity at exit: $88,623

Cash invested: $287,000 (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 07670

• Active inventory: 24
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $12,171 high
• Mortgage (P&I): −$5,375
• Tax est. 1.5%: −$1,281 /mo · $15,375/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,556
• Net cashflow: $2,532

Break-even live

Break-even rent $8,967

Max offer price $1,025,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,240	-5% $2,886	+0% $2,532	+5% $2,177	+10% $1,823
Rent	-10% $1,570	-5% $2,051	+0% $2,532	+5% $3,012	+10% $3,493
Rate	-1.0pp $3,048	-0.5pp $2,792	base $2,532	+0.5pp $2,266	+1.0pp $1,996

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

Units	Beds	Baths	Est. rent
▸ 3× units	0	0	$12,171
Total (3 units)			$12,171

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
39 Franklin St Unit 2 Tenafly, NJ	2.0	1.0	—	$2,900	—	26d	1	0.08mi
47 George St Tenafly, NJ	3.0	2.0	—	$5,800	—	6d	1	0.08mi
295 Tenafly Rd Unit E Tenafly, NJ	2.0	1.0	—	$2,850	—	26d	1	0.24mi
3 George St #2 Tenafly, NJ	2.0	2.0	—	$3,700	—	22d	1	0.26mi
50 Hillside Ave Unit 3rd Floor Tenafly, NJ	1.0	1.0	—	$1,650	—	0d	1	0.35mi
20 Chestnut St Apt 2 Tenafly, NJ	2.0	1.0	—	$3,200	—	26d	1	0.52mi
21 Central Ave Tenafly, NJ	3.0	1.5	—	$4,000	—	26d	1	0.64mi
30 Engle St Tenafly, NJ	1.0	1.0	814	$3,045	$3.74	8d	3	0.67mi
6 Hemlock Ln #6 Tenafly, NJ	2.0	2.0	—	$3,500	—	26d	1	0.71mi
6 Hemlock Ln Tenafly, NJ	2.0	2.0	—	$3,495	—	19d	1	0.71mi
22 Hemlock Ln Unit 22 Tenafly, NJ	2.0	2.0	—	$3,650	—	8d	1	0.71mi
460 Orchard St Unit 1 Englewood, NJ	2.0	1.0	—	$2,900	—	26d	1	0.72mi
460 Orchard St Unit 2 Englewood, NJ	3.0	1.0	—	$2,900	—	26d	1	0.72mi
18 Engle St Unit 03D Tenafly, NJ	1.0	1.0	720	$2,750	$3.82	0d	1	0.73mi
10 Engle St Unit 1 Tenafly, NJ	2.0	1.0	—	$2,325	—	26d	1	0.73mi
3 Hemlock Ln Tenafly, NJ	3.0	3.5	—	$5,200	—	26d	1	0.74mi
14 Bliss Ave Tenafly, NJ	1.0	1.0	612	$2,750	$4.49	26d	2	0.74mi
126 W Hudson Ave Unit 2A Englewood, NJ	3.0	1.0	—	$3,200	—	26d	1	0.74mi
113 Grove St Tenafly, NJ	3.0	2.0	—	$4,500	—	8d	1	0.78mi
29 Columbus Dr Unit A Tenafly, NJ	3.0	3.0	—	$5,000	—	8d	1	0.82mi
6 Clark Pl Tenafly, NJ	3.0	3.0	—	$5,490	—	18d	1	0.82mi
91 Columbus Dr Tenafly, NJ	3.0	2.0	—	$7,000	—	0d	1	0.82mi
153 Sunset Ln Tenafly, NJ	3.0	2.0	—	$5,000	—	8d	1	0.87mi
83 W Mahan St Tenafly, NJ	3.0	2.5	—	$4,800	—	0d	1	0.88mi
20 Buff Rd Tenafly, NJ	3.0	2.5	—	$6,000	—	0d	1	0.88mi
3116 The Plz #3116 Tenafly, NJ	1.0	1.0	—	$3,200	—	26d	1	0.89mi
195 Pleasant Ave Bergenfield, NJ	1.0	1.0	—	$1,650	—	8d	1	0.89mi
82 Hickory Ct Tenafly, NJ	3.0	2.5	—	$4,800	—	0d	1	0.90mi
121 Newcomb Rd Tenafly, NJ	3.0	2.0	—	$6,800	—	3d	1	0.91mi
2307 The Plz Unit none Tenafly, NJ	3.0	3.0	—	$5,200	—	13d	1	0.93mi
123 Hickory Ave Unit B Tenafly, NJ	3.0	3.5	—	$6,150	—	16d	1	0.94mi
24 Cambridge Rd Tenafly, NJ	3.0	2.5	—	$6,000	—	6d	1	0.98mi
34 Davenport Ave Unit A Tenafly, NJ	2.0	1.0	—	$3,150	—	0d	1	1.00mi
575 Knickerbocker Rd Tenafly, NJ	3.0	3.5	—	$7,900	—	25d	1	1.03mi
128 Pleasant Ave Bergenfield, NJ	2.0	1.0	—	$2,200	—	5d	1	1.04mi
26 7th St Unit B Cresskill, NJ	3.0	1.5	—	$4,200	—	26d	1	1.06mi
26 7th St Cresskill, NJ	3.0	1.5	—	$4,100	—	6d	1	1.06mi
248 Central Ave Englewood, NJ	3.0	2.0	—	$3,250	—	26d	1	1.14mi
44 Knickerbocker Rd Cresskill, NJ	3.0	2.0	—	$4,900	—	26d	1	1.19mi
100 Stonegate Trl #1 Cresskill, NJ	3.0	2.0	—	$3,800	—	3d	1	1.25mi

Listing history 16 events

1. 2026-06-21
   days on market $1,025,000 Active 34 DOM
2. 2026-06-18
   days on market $1,025,000 Active 31 DOM
3. 2026-06-17
   price $1,025,000 Active 30 DOM
4. 2026-06-17
   days on market $1,150,000 Active 30 DOM
5. 2026-06-16
   days on market $1,150,000 Active 29 DOM
6. 2026-06-15
   days on market $1,150,000 Active 28 DOM
7. 2026-06-13
   days on market $1,150,000 Active 26 DOM
8. 2026-06-09
   days on market $1,150,000 Active 22 DOM
9. 2026-06-08
   days on market $1,150,000 Active 21 DOM
10. 2026-06-07
    days on market $1,150,000 Active 20 DOM
11. 2026-06-04
    days on market $1,150,000 Active 17 DOM
12. 2026-06-03
    days on market $1,150,000 Active 16 DOM
13. 2026-06-02
    days on market $1,150,000 Active 15 DOM
14. 2026-06-01
    days on market $1,150,000 Active 14 DOM
15. 2026-05-31
    days on market $1,150,000 Active 13 DOM
16. 2026-05-18
    listed $1,150,000 Active

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

Taxation est. · year 1

• Rental income: $146,052
• − Mortgage interest: −$57,416
• − Property taxes: −$15,375
• − Insurance: −$5,125
• − Repairs & maintenance: −$11,684
• − Management: −$11,684
• − Depreciation: −$29,818
• Taxable income: $14,950
• Est. tax owed @ 24.0%: −$3,588
• After-tax cash flow: $26,791/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 · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained multi-family property offers a good investment opportunity with minimal repairs and a good condition score.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Deep clean carpets — Improves living space and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Deep clean carpets — Improves living space and rental appeal ↑

ⓘ 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: Tenafly Public School District
• NCES district ID: 3416110
• Math proficiency: 62% ▼ -17.00%
• Reading proficiency: 72% ▼ -12.00%
• Median HH income: $127,421
• Composite: 64.25/100
• National rank: #561
• State rank: #21 of 472 in NJ

Livability — Tenafly

• Score: 70/100
• State rank: #270
• US rank: #7946

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tenafly, NJ
• County: Bergen County · 586,961 people
• City population: 15,319
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 15,319
• Household income: $208,200
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 334.0

Population outlook (Bergen County) Hauer SSP2

• Today (2025): 1,021,896 people
• By 2030: 1,063,119 · +4.0%
• By 2040: 1,146,566 · +12.2%
• By 2050: 1,229,132 · +20.3%
• By 2075: 1,429,694 · +39.9%
• By 2100: 1,547,614 · +51.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 58% Asian 31% Hispanic / Latino 8% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 3%
• Common ancestry: Romanian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 38% · South Korea, China, Canada
• Languages at home: 52% English-only · Korean 16% Spanish 7% Chinese 5%

Political lean MEDSL · Bergen

• 2024 margin: Toss-up / Even · D 50.7% · R 47.3% · Other 2.0%
• 2008→2024 swing: -6.1pp toward R · 2008: 9.5pp · 2024: 3.4pp
• All cycles: 2024: D+3.4 2020: D+16.4 2016: D+12.0 2012: D+10.8 2008: D+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -488.01%
• Current HPI: 300.2568
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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 event — show timeline

• 2026-05-18 Listed $1,150,000 NJMLS