Nine-Unit Multifamily
For Sale
$1,500,000
136 Park Pl, Elizabeth, NJ 07206
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 Market54
Property Features for 136 Park Pl
General Information
Standard status
Active
Size
3,750 SF
Lot size
0.17 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$16,095
Amenities
4+ Units Heating
Additional Parking
Built-Up Roof
Parking Lot-Exclusive
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
UNITED REAL ESTATE
(888) 501-6953
Listed By:
ALBERTO DOMENECH · License #1434551
Source:
Corcoran
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 9 at 8:04AM
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
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
$63,617
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
4.24%
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%
$1,272,340
$1.3M
Cap Rate 7%
$908,814
$908.8K
Cap Rate 9%
$706,856
$706.9K
Market Conditions
NOI Build-Up for 3,750 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
$121.5K $32.40/SF
− Vacancy
−$5.8K −$1.56/SF
EGI
$115.7K $30.84/SF
− OpEx
−$52.1K −$13.88/SF
NOI
$63.6K $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%
$1,272,340
Cap Rate 7%
$908,814
Cap Rate 9%
$706,856
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,223
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?
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
