Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Stabilized Multifamily Apartment Property Title is generated by Realmo AI

    149-159 Grove St, Elizabeth, NJ 07202

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    60-unit residential community in Elizabeth, New Jersey.

    Type:Multifamily
    Added:
    Feb 23, 2026
    Days on Market:
    88
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 149-159 Grove St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    Steve Tragash

    Listing agent Steve Tragash License #0123902

    Listing office Sage Investment Real Estate Advisors

    Listing date Feb 23, 2026

    Source Crexi

    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 Sage Investment Real Estate Advisors

    HighLights

    • Stabilized 60‑unit multifamily apartment property.
    • Balanced mix of studio, one‑bedroom, and two‑bedroom units.
    • Located in the City of Elizabeth, New Jersey.
    • Proximity to regional employment centers.
    • Access to major transportation infrastructure.
    • Stable in‑place income.

    Overview

    Elmora Gardens is a stabilized multifamily apartment property located at 149–159 Grove Street in Elizabeth, New Jersey. This residential community consists of 60 units, featuring a mix of studio, one-bedroom, and two-bedroom apartment homes. The property benefits from its location within the City of Elizabeth, offering proximity to regional employment centers and major transportation infrastructure. This supports long-term renter demand. With stable in-place income, Elmora Gardens presents investors with the opportunity to acquire a well-established multifamily asset in a dense Northern New Jersey market.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.2291321
    Latitude
    40.6643349

    Nearby Similar for Sale

    • $450,000
      3,500 SF

      Turnkey Bar and Restaurant Opportunity

      Established bar and restaurant with liquor license and parking.
      1109 Elizabeth Ave, Elizabeth City, NJ 07201-2497
      View Details
    • $680,000
      7,666 SF

      Established Restaurant and Lounge Business

      Turn-key restaurant and lounge in prime location with high visibility.
      1165 Dickinson St, Elizabeth City, NJ 07201-2211
      View Details
    • $899,900
      9,999 SF

      Lounge, Tavern & Banquet Hall

      Multi-level entertainment and dining venue in Elizabeth City, NJ.
      264 N Broad St, Elizabeth City, NJ 07208-3701
      View Details
    • $679,999
      2,836 SF

      Multi-Family Home in Elizabeth City

      Two-family home with various living options in North Elizabeth.
      1039 Anna St, Elizabeth City, NJ 07201-1412
      View Details
    • $875,000
      2,300 SF

      Renovated Mixed-Use Building in Elizabeth

      Renovated mixed-use property with commercial space and residential units.
      173 3Rd St, Elizabeth City, NJ 07206-1902
      View Details
    • $699,000
      3,917 SF

      Spacious Multi-Family Home Near Amenities

      Two-family home with spacious units, bonus attic, and private backyard.
      27 Jacques St, Elizabeth City, NJ 07201-2712
      View Details
    • $699,900
      3,600 SF

      Two-Unit Commercial Building For Sale

      Two-unit commercial building with versatile space and rear parking.
      506 Elizabeth Ave, Elizabeth City, NJ 07206-1104
      View Details
    • $785,000
      3,483 SF

      Mixed-Use Property with Restaurant Income

      Mixed-use property featuring a restaurant and residential units.
      442 Elizabeth Ave, Elizabeth City, NJ 07206-1103
      View Details
    • $1,369,900

      Mixed-Use Property on Elmora Avenue

      Mixed-use property in Elizabeth, NJ with commercial space and apartment.
      376 Elmora Ave, Elizabeth City, NJ 07208-1561
      View Details
    • $899,000

      Modern Two-Family Home, Built 2022

      Newer construction multi-family in prime location with strong rental income.
      558 Broadway, Elizabeth City, NJ 07206
      View Details
    • $799,900
      3,180 SF

      Mixed-Use Property with Auto Shop

      Mixed-use property featuring an apartment, auto body shop, and dealership.
      539 S 5Th St, Elizabeth City, NJ 07206-1012
      View Details
    • $1,099,000
      5,000 SF

      Mixed-Use Corner Property For Sale

      Fully rented mixed-use corner property available in Elizabeth City.
      400 E Jersey St, Elizabeth City, NJ 07206-1306
      View Details

    FAQs

    What type of property is this?
    Apartment building - 60-unit residential community in Elizabeth, New Jersey.
    Where is this apartment building located?
    The property is located at 149-159 Grove St Elizabeth, NJ.
    What is the asking price?
    The asking price for this property is $10,000,000.
    What are key features of this property?
    This property features: Stabilized 60‑unit multifamily apartment property.; Balanced mix of studio, one‑bedroom, and two‑bedroom units.; Located in the City of Elizabeth, New Jersey.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steve Tragash
    Real Estate License ID: 0123902
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    149-159 Grove St, Elizabeth, NJ 07202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!