Remodeled Three-Family
For Sale
$995,000
1219 51st Street, North Bergen, NJ 07047
Multi-level layout includes separate utilities, central air, and a building-wide commercial sprinkler system.
Property Size2,645 SF
Price / SF$376.18
Days on Market248
Property Features for 1219 51st Street
General Information
Standard status
Active
Size
2,645 SF
Property subtype
Commercial Sale / Multi Family
Zoning
R1
Taxes and HOA fees
Annual Taxes
$11,523
Amenities
Natural Gas
Central Air
Forced Air, Yes
Tile, Wood
07047
3.0
Asphalt
See Remarks
3
Building Details
Year Built
1941
Listing Agency:
LEGACY REALTY GROUP
(908) 892-5390
Listed By:
JOANNA A. ANDRADE · License #L1109785
(908) 892-5390
Source:
Compass
Added: Dec 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:19PM
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 LEGACY REALTY GROUP
Investment Insights
Based on property information with market context.
Located at 1219 51st Street in North Bergen, this remodeled three-family property is arranged across four levels, including a full basement. The building is zoned R1 and was constructed in 1941, with central air, forced air, natural gas, and tile and wood finishes.
The first and second floors each contain two bedrooms, two bathrooms, an eat-in kitchen, living room, and hallway. The third floor provides two bedrooms, one bathroom, and additional habitable attic space. Laundry is located in the basement for the first-floor unit, while the second-floor residence has an in-unit washer and dryer.
Separate utility service includes three electric meters plus a fourth owner meter and one water meter. A commercial sprinkler system extends from the basement through the top floor. The property is near shops, shopping centers, major roads, public transportation, highways, and bus lines.
The first and second floors each contain two bedrooms, two bathrooms, an eat-in kitchen, living room, and hallway. The third floor provides two bedrooms, one bathroom, and additional habitable attic space. Laundry is located in the basement for the first-floor unit, while the second-floor residence has an in-unit washer and dryer.
Separate utility service includes three electric meters plus a fourth owner meter and one water meter. A commercial sprinkler system extends from the basement through the top floor. The property is near shops, shopping centers, major roads, public transportation, highways, and bus lines.
Key Highlights
- Legal three‑family property with four levels, including a full basement
- First and second floors each offer 2 bedrooms, 2 bathrooms, eat‑in kitchen, living room, and hallway
- Third floor includes 2 bedrooms, 1 bathroom, and additional habitable attic space
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
$44,267
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
4.45%
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%
$885,340
$885.3K
Cap Rate 7%
$632,386
$632.4K
Cap Rate 9%
$491,856
$491.9K
Market Conditions
NOI Build-Up for 2,645 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
$67.6K $25.56/SF
− Vacancy
−$4.4K −$1.65/SF
EGI
$63.2K $23.91/SF
− OpEx
−$19.0K −$7.17/SF
NOI
$44.3K $16.74/SF
Area
Hudson County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$885,340
Cap Rate 7%
$632,386
Cap Rate 9%
$491,856
Alternative Uses
Best Use
Multifamily LT 5
$632.4K
$553.3K – $737.8K
NOI $44,267 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$581.1K
$508.4K – $677.9K
NOI $40,675 @ 7.0% cap · market cap 4.09%
Theoretical Best
Warehouse
$957.8K
$838.1K – $1.12M
NOI $67,045 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 07047, NJ
63,361
Population
25,024
Households
2.5
Avg Household Size
39
Median Age
32%
College-Educated
83%
High-School Grad
5.1 sq mi
ZIP Area
12,424
Density / Sq Mi
$75,505
Median Household Income
$43,150
Median Earnings
$1,702
Median Rent
$466,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Multi-level layout includes separate utilities, central air, and a building-wide commercial sprinkler system.
Where is this triplex located?
The property is located at 1219 51st Street North Bergen, NJ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Legal three‑family property with four levels, including a full basement; First and second floors each offer 2 bedrooms, 2 bathrooms, eat‑in kitchen, living room, and hallway; Third floor includes 2 bedrooms, 1 bathroom, and additional habitable attic space
