Nine-Unit Multifamily
136 Park Pl Elizabeth, NJ 07206
136 Park Pl, Elizabeth, NJ, 07206
$1,500,000
For Sale
$1,500,000
Well-maintained 9-unit building with separate utilities and individual boilers, plus ample on-site parking.
Property Size3,750 SF
Lot Size0.17 Acres
Price / SF$400
Days on Market34
Property Features for 136 Park Pl
General Information
- Standard status
- Active
- Size
- 3,750 SF
- Lot size
- 0.17 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1920
Listing agency
UNITED REAL ESTATE
(888) 501-6953
Listed by
ALBERTO DOMENECH · License #1434551
Source
Corcoran
Added: Jun 18 Updated: Jul 10 at 2:04PM Checked: Jul 21 at 4:58AM
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 UNITED REAL ESTATE
Investment Insights
Based on property information with market context.
This well-maintained multifamily property consists of nine units and is set on an oversized 75' x 100' lot. The building is designed for manageable operations, with separate utilities for each unit and individual boilers serving each residence. Off-street parking on-site supports day-to-day tenant convenience.
The property is located in Elizabeth, with convenience to major highways, public transportation, shopping, and schools. It is also positioned for travel to Newark Liberty International Airport and downtown Elizabeth, helping support accessibility for residents and visitors.
For buyers seeking a sizable residential income asset, this configuration offers the practical advantage of separate utility management at the unit level. The combination of individual boiler systems and on-site parking can simplify building operations compared with arrangements that share mechanical infrastructure. The larger lot size also provides room for buyers to evaluate potential future development or expansion opportunities, subject to due diligence and applicable approvals.
The property is located in Elizabeth, with convenience to major highways, public transportation, shopping, and schools. It is also positioned for travel to Newark Liberty International Airport and downtown Elizabeth, helping support accessibility for residents and visitors.
For buyers seeking a sizable residential income asset, this configuration offers the practical advantage of separate utility management at the unit level. The combination of individual boiler systems and on-site parking can simplify building operations compared with arrangements that share mechanical infrastructure. The larger lot size also provides room for buyers to evaluate potential future development or expansion opportunities, subject to due diligence and applicable approvals.
Key Highlights
- Well‑maintained 9‑unit multifamily building built in 1920
- Oversized 75' x 100' lot with ample on‑site parking
- Separate utilities for each unit
Local Financial Insights For Apartment 5plus
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 | $121.5k | $32.40 |
| − Vacancy | −$5.8k | −$1.56 |
| EGI | $115.7k | $30.84 |
| − OpEx | −$52.1k | −$13.88 |
| NOI | $63.6k | $16.96 |
3,750 SF · lease $32.40/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$908.8K
$795.2K – $1.06M
NOI $63,617 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,229 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 9-unit building with separate utilities and individual boilers, plus ample on-site parking.
Where is this apartment building located?
The property is located at 136 Park Pl Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Well‑maintained 9‑unit multifamily building built in 1920; Oversized 75' x 100' lot with ample on‑site parking; Separate utilities for each unit
