Custom-Built Duplex with Finished Ground
For Sale
$1,150,000
Pending
117 Stiles Street, Elizabeth, NJ 07208
Two residential units include private laundry, hardwood flooring, central heating and air conditioning, and separate living spaces.
Property Size1,952 SF
Days on Market159
Property Features for 117 Stiles Street
General Information
Standard status
Pending
Size
1,952 SF
Property subtype
Multi Family / 3-Three Story
Taxes and HOA fees
Annual Taxes
$18,153
Amenities
No
Asphalt Shingle
Carbon Monoxide Detector, Smoke Detector, Tile Floors, Wood Floors
Slab
Patio, Privacy Fence, SeeRem, Vinyl Fence
Brick/Block, Vinyl Siding
Building Details
Year Built
2013
Listing Agency:
RE/MAX HERITAGE PROPERTIES
(908) 879-4700
Listed By:
DULCE RUIVO · License #268072
(908) 879-4700
Source:
Compass
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 5:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX HERITAGE PROPERTIES
Investment Insights
Based on property information with market context.
Constructed in 2013, this duplex includes two distinct residential units with complementary layouts. The first-floor residence extends into a finished ground level and provides 5 bedrooms, 3 full bathrooms, a living room, kitchen, dining area, primary suite, recreation room, office, and bonus room. The upper unit contains 4 bedrooms, 2 full bathrooms, living and dining areas, and a kitchen. Both kitchens feature granite countertops, while each unit has its own laundry room, hardwood flooring, and central heating and air conditioning.
The property occupies a double lot at 117 Stiles Street in Elizabeth, enclosed with privacy fencing and improved with a paved backyard and patio. Its setting is near Kean University, NYC train and bus transportation, major highways, and shopping.
The property occupies a double lot at 117 Stiles Street in Elizabeth, enclosed with privacy fencing and improved with a paved backyard and patio. Its setting is near Kean University, NYC train and bus transportation, major highways, and shopping.
Key Highlights
- First‑floor duplex layout includes 5 bedrooms and 3 full bathrooms
- Second‑floor unit offers 4 bedrooms and 2 full bathrooms
- Finished ground level adds a recreation room, full bathroom, office, and bonus room
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
$37,188
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
3.23%
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%
$743,760
$743.8K
Cap Rate 7%
$531,257
$531.3K
Cap Rate 9%
$413,200
$413.2K
Market Conditions
NOI Build-Up for 1,952 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
$56.2K $28.80/SF
− Vacancy
−$3.1K −$1.58/SF
EGI
$53.1K $27.22/SF
− OpEx
−$15.9K −$8.16/SF
NOI
$37.2K $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%
$743,760
Cap Rate 7%
$531,257
Cap Rate 9%
$413,200
Alternative Uses
Best Use
Multifamily LT 5
$531.3K
$464.9K – $619.8K
NOI $37,188 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$473.1K
$413.9K – $551.9K
NOI $33,115 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$723.0K
$632.6K – $843.5K
NOI $50,611 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 07208, NJ
33,561
Population
12,958
Households
2.6
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
18,645
Density / Sq Mi
$61,873
Median Household Income
$36,373
Median Earnings
$1,364
Median Rent
$425,600
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 - Two residential units include private laundry, hardwood flooring, central heating and air conditioning, and separate living spaces.
Where is this duplex located?
The property is located at 117 Stiles Street Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: First‑floor duplex layout includes 5 bedrooms and 3 full bathrooms; Second‑floor unit offers 4 bedrooms and 2 full bathrooms; Finished ground level adds a recreation room, full bathroom, office, and bonus room
