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    503 Elizabeth Avenue Elizabeth, NJ 07206

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    Claim this Listing
    For Sale
    Under Contract
    $899,000

    Commercial - Elizabeth, NJ

    Property size:
    2,400 SF
    Price / SF:
    $374/SF
    Added:
    Nov 7, 2018
    Days on Market:
    2731
    Last Refresh:
    Apr 30 at 7:06 pm

    Property Features for 503 Elizabeth Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    MIXED
    Standard status
    Active Under Contract
    Size
    2,400 SF

    Taxes and HOA fees

    Tax Year
    2018
    Tax Annual Amount
    9454

    Building Details

    Year built
    1920
    Architectural style
    Other

    We can help!

    Listing Contact
    Eugene Wisniewski

    Listing agent Eugene Wisniewski

    Listing office SUPREME REALTY C-21 115 Miln Street, Cranford, NJ

    Listing date Nov 7, 2018

    MLS# 1910770 Listing URL

    Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Elizabeth Avenue Retail Opportunity

    This commercial property is located on Elizabeth Avenue in Elizabeth, NJ. The property is suitable for retail use and includes a high-revenue business. The existing business features 27 refrigerator door fronts, computer systems, and a security monitoring system, as well as lottery machine and ATM access. The building has a finished basement with an area of 1800 square feet. Approved building plans for second-floor apartments are included in the sale. The property size is 2400 square feet and is located in an area zoned as MIXED.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    America Liquors Specialty Food Shop

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • First Avenue Deli & Supermarket Inc. — 454 1st Ave, Elizabeth, NJ 07206
    • Mecho Supermarket — 233 Second St, Elizabeth, NJ 07206
    • Super El Rey Supermarket — 80 3rd St, Elizabethport, NJ 07206
    • Elizabeth Mini Market — 430 Elizabeth Ave, Elizabeth, NJ 07206
    • Superfood Marketplace - Elizabeth, NJ — 50 1st St, Elizabeth, NJ 07206

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.1979269
    Latitude
    40.6543854

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    FAQs

    What type of property is this?
    Grocery and convenience store - Retail property with high revenue business and approved expansion plans.
    Where is this grocery and convenience store located?
    The property is located at 503 Elizabeth Avenue Elizabeth, NJ.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: High Revenue Business Included: Benefit from an established business with modern equipment, including 27 refrigerator door fronts, computer systems, security, lottery, and ATM for immediate income.; Prime Elizabeth Ave Location: Enjoy high visibility and accessibility in this choice location.; Approved Building Plans for 2nd Floor Apartments: Expand your investment with additional residential units.
    9082728337x37
    We can help!
    Listing Contact
    Eugene Wisniewski
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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