Corner-Lot Two-Unit Residential
71 Erie Street Elizabeth, NJ 07206
71 Erie Street, Elizabeth, NJ, 07206
$650,000
For Sale
Under Contract
$650,000
MULTI_FAMILY - Elizabeth, NJ
Property Size2,314 SF
Lot Size0.04 Acres
Price / SF$280.90
Days on Market358
Property Features for 71 Erie Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- C-1
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 5, Basement, Bedroom 2, Bathroom 1, Bedroom 3, Dining Room, Bathroom 2
- Parking features
- Carport
- Interior features
- Unit 1(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room), Unit 2(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room)
- Exterior features
- Sidewalk
- Appliances
- Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
- Standard status
- Active Under Contract
- APN
- 0400738000000022
- Size
- 2,314 SF
- Lot size
- 0.04 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 8571
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Building materials
- Vinyl Siding
- Roof type
- Asphalt
Listing agency
KELLER WILLIAMS ELITE REALTORS
(732) 549-1998
Listed by
Cynthia Kilker · License #1542275
(732) 549-1998
Added: Jul 31, 2025 Updated: Jul 23 at 12:17AM Checked: Jul 23 at 1:06AM
MLS# 2561636M
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.
Investment Insights
Based on property information with market context.
This turnkey two-unit residential income property features two attached units with identical floor plans. Each unit offers three bedrooms and one bathroom, along with modern kitchens that include stainless steel appliances. Renovated bathrooms and updated flooring are in place throughout, creating a consistent, move-in-ready layout across both units. The property also includes a detached one-car garage, adding convenient on-site parking/storage for tenants or an owner-occupant.
The building is situated on a corner lot in Elizabeth, New Jersey, in Union County. The C-1 zoning designation supports continued residential income use for the property as presented. The public remarks note the home is close to shopping centers, schools, places of worship, and major highways, supporting daily convenience for residents.
With matching unit configurations, the property may be well-suited for an owner-occupant seeking rental income from an adjacent unit while maintaining a consistent layout. Both units are described as having been updated, and interior photographs were taken a few years ago per the seller. If needed, the seller will deliver the property vacant, which can help simplify timing for a new owner and future tenant readiness.
The building is situated on a corner lot in Elizabeth, New Jersey, in Union County. The C-1 zoning designation supports continued residential income use for the property as presented. The public remarks note the home is close to shopping centers, schools, places of worship, and major highways, supporting daily convenience for residents.
With matching unit configurations, the property may be well-suited for an owner-occupant seeking rental income from an adjacent unit while maintaining a consistent layout. Both units are described as having been updated, and interior photographs were taken a few years ago per the seller. If needed, the seller will deliver the property vacant, which can help simplify timing for a new owner and future tenant readiness.
Key Highlights
- Turnkey 2‑unit property with each unit featuring 3 bedrooms and 1 bathroom
- Both units include dining room, kitchen, and living room with identical floor plans
- Detached 1‑car garage and carport parking, located on a corner lot with sidewalk
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.6k | $28.80 |
| − Vacancy | −$3.7k | −$1.58 |
| EGI | $63.0k | $27.22 |
| − OpEx | −$18.9k | −$8.16 |
| NOI | $44.1k | $19.05 |
2,314 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$629.8K
$551.1K – $734.7K
NOI $44,084 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$560.8K
$490.7K – $654.3K
NOI $39,256 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$857.1K
$750.0K – $1,000.0K
NOI $59,997 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Turnkey two-unit property with matching 3-bedroom layouts and renovated interiors, plus a detached 1-car garage on a corner lot.
Where is this duplex located?
The property is located at 71 Erie Street Elizabeth, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Turnkey 2‑unit property with each unit featuring 3 bedrooms and 1 bathroom; Both units include dining room, kitchen, and living room with identical floor plans; Detached 1‑car garage and carport parking, located on a corner lot with sidewalk
