Mixed-Use Building with
For Sale
$3,225,000
620-622 Elizabeth Avenue, Elizabeth, NJ 07206
Combined retail and apartment property with divided utilities, central air conditioning, and basement service space.
Property Size11,608 SF
Price / SF$277.83
Days on Market809
Property Features for 620-622 Elizabeth Avenue
General Information
Standard status
Active
Size
11,608 SF
Property subtype
Commercial Sale / Multi Family
Zoning
comm
Units
Unit Mix
3 x 1BR, 4 x 2BR
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$31,749
Amenities
central air conditioning
balconies
full basement
utility room
Natural Gas
Central Air
See Remarks
07206
1105
9.0
Asphalt
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
BORAIE REALTY, LLC
(732) 841-4496
Listed By:
IVAN GUTIERREZ
(732) 841-4496
Source:
Compass
Added: Jun 14, 2024
Changed: Aug 30
Last Checked: Aug 30 at 6:46PM
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 BORAIE REALTY, LLC
Investment Insights
Based on property information with market context.
Located at 620-622 Elizabeth Avenue, this mixed-use property includes two retail spaces presently configured as one unit along with seven apartments. The residential component comprises three one-bedroom apartments and four two-bedroom apartments. Six apartments have balconies, while the first-floor units do not. Central air conditioning is provided throughout the units, and utilities are divided with individual water and sewer service.
The building also includes a full basement with a utility room. Built in 1900, the property carries commercial zoning and combines retail and residential occupancy within one asset.
The building also includes a full basement with a utility room. Built in 1900, the property carries commercial zoning and combines retail and residential occupancy within one asset.
Key Highlights
- Seven apartments: 3 one‑bedroom and 4 two‑bedroom units
- Two retail spaces presently configured and rented as one unit
- Six apartments include balconies; first‑floor units do not
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
$196,926
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
6.11%
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%
$3,938,520
$3.9M
Cap Rate 7%
$2,813,229
$2.8M
Cap Rate 9%
$2,188,067
$2.2M
Market Conditions
NOI Build-Up for 11,608 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
$376.1K $32.40/SF
− Vacancy
−$18.1K −$1.56/SF
EGI
$358.0K $30.84/SF
− OpEx
−$161.1K −$13.88/SF
NOI
$196.9K $16.96/SF
Area
Elizabeth, NJ
Vacancy
4.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$3,938,520
Cap Rate 7%
$2,813,229
Cap Rate 9%
$2,188,067
Alternative Uses
Best Use
Apartment 5plus
$2.81M
$2.46M – $3.28M
NOI $196,926 @ 7.0% cap · market cap 6.11%
Second Best
Retail
$2.29M
$2.01M – $2.68M
NOI $160,594 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$4.30M
$3.76M – $5.02M
NOI $300,969 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
Explore this area
Business Placement
Demographics for 07206, NJ
30,982
Population
9,712
Households
3.2
Avg Household Size
31
Median Age
8%
College-Educated
64%
High-School Grad
1.8 sq mi
ZIP Area
17,212
Density / Sq Mi
$60,992
Median Household Income
$38,541
Median Earnings
$1,543
Median Rent
$339,200
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?
Mixed-use property - Combined retail and apartment property with divided utilities, central air conditioning, and basement service space.
Where is this mixed-use property located?
The property is located at 620-622 Elizabeth Avenue Elizabeth, NJ.
What is the asking price?
The asking price for this property is $3,225,000.
What are key features of this property?
This property features: Seven apartments: 3 one‑bedroom and 4 two‑bedroom units; Two retail spaces presently configured and rented as one unit; Six apartments include balconies; first‑floor units do not
