Two-Story Duplex with Fenced
For Sale
$729,000
658 Adams Ave, Elizabeth, NJ 07201
MULTI_FAMILY - Elizabeth City, NJ
Property Size1,808 SF
Lot Size0.06 Acres
Price / SF$403.21
Days on Market62
Property Features for 658 Adams Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Family
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Bedroom 7, Bedroom 5, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Basement, Bedroom 2, Bedroom 6
Interior features
Carbon Monoxide Detector, Fire Extinguisher, Smoke Detector
Exterior features
MetalFnc, OpenPrch, Sidewalk, FencVnyl
Fencing
Fenced
Subdivision
North Elizabeth
Lot features
Level Lot
Elementary school
Lafayette
Middle school
Lafayette
High school
Elizabeth
Directions
Off Newark Ave turn right on North Ave. Around the corner from Valenca restaurant.
Standard status
Active
Size
1,808 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12975
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating)
Water source
Public
Amenities
fenced backyard
basement
Building Details
Year built
1912
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX FIRST REALTY II · RE/MAX International
(908) 664-1500
Listed By:
JAMES DELLOMO
(908) 664-1500
Added: Jun 25
Changed: Aug 18
Last Checked: Aug 25 at 6:06AM
MLS# 4036909
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex at 658 Adams Ave is built for flexible living and leasing, with owner-occupancy and rental income in mind. The first-floor unit has been renovated and offers two bedrooms and one full bath, with new flooring, fresh paint, recessed lighting, an updated bathroom, and a modern kitchen. The second unit spans the second and third floors and features five bedrooms and three full baths. The property also includes separate utilities, an unfinished basement for storage or future finishing, and a fenced backyard suited for outdoor use.
Heating is provided via hot water and radiant systems, and the home is on public water and public sewer. Exterior features include an open porch, sidewalks, and metal fencing.
Built in 1912 with a shingle roof, this duplex combines a renovated first-floor unit with a larger second-unit layout, supporting a range of tenant and household needs.
Heating is provided via hot water and radiant systems, and the home is on public water and public sewer. Exterior features include an open porch, sidewalks, and metal fencing.
Built in 1912 with a shingle roof, this duplex combines a renovated first-floor unit with a larger second-unit layout, supporting a range of tenant and household needs.
Key Highlights
- Renovated first‑floor unit with 2 bedrooms and 1 full bath plus updated kitchen and bathroom
- Second unit spans the second and third floors with 5 bedrooms and 3 full baths
- Separate utilities for both units
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
$34,445
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
4.72%
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%
$688,900
$688.9K
Cap Rate 7%
$492,071
$492.1K
Cap Rate 9%
$382,722
$382.7K
Market Conditions
NOI Build-Up for 1,808 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
$52.1K $28.80/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$49.2K $27.22/SF
− OpEx
−$14.8K −$8.16/SF
NOI
$34.4K $19.05/SF
Area
Elizabeth, NJ
Vacancy
5.50%
Lease Rate
$28.80 /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%
$688,900
Cap Rate 7%
$492,071
Cap Rate 9%
$382,722
Alternative Uses
Best Use
Multifamily LT 5
$492.1K
$430.6K – $574.1K
NOI $34,445 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$438.2K
$383.4K – $511.2K
NOI $30,672 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$669.7K
$586.0K – $781.3K
NOI $46,877 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 07201, NJ
29,390
Population
10,404
Households
2.8
Avg Household Size
35
Median Age
15%
College-Educated
75%
High-School Grad
6.4 sq mi
ZIP Area
4,592
Density / Sq Mi
$62,026
Median Household Income
$33,092
Median Earnings
$1,476
Median Rent
$413,000
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?
Duplex - Zoned for multifamily use with public water and sewer, plus a fenced backyard and separate utilities for both units.
Where is this duplex located?
The property is located at 658 Adams Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Renovated first‑floor unit with 2 bedrooms and 1 full bath plus updated kitchen and bathroom; Second unit spans the second and third floors with 5 bedrooms and 3 full baths; Separate utilities for both units
