Two-Unit
For Sale
$629,000
153 S Park St, Elizabeth, NJ 07206
Separate three-bedroom and two-bedroom residences support flexible owner-occupant or rental use.
Property Size1,826 SF
Price / SF$344.47
Days on Market10
Property Features for 153 S Park St
General Information
Standard status
Active
Size
1,826 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Realty 9
Listed By:
William Hagan Group
(732) 847-2901
Source:
Williamhagangroup
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 24 at 9:59AM
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 RE/MAX Realty 9
Investment Insights
Based on property information with market context.
This two-family property contains approximately 1,826 square feet arranged as two separate residences. One unit offers three bedrooms and one full bath, while the second includes two bedrooms and one full bath. Built in 1900, the home provides a distinct unit layout for an owner seeking separate living space or for leasing both residences.
Located at 153 S Park St in Elizabeth, New Jersey, the property combines a five-bedroom total configuration with two independent units in a residential income format.
Located at 153 S Park St in Elizabeth, New Jersey, the property combines a five-bedroom total configuration with two independent units in a residential income format.
Key Highlights
- Two separate residential units within one duplex property
- Approximately 1,826 square feet of living space
- Unit mix includes three bedrooms and one full bath
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
$34,787
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
5.53%
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%
$695,740
$695.7K
Cap Rate 7%
$496,957
$497.0K
Cap Rate 9%
$386,522
$386.5K
Market Conditions
NOI Build-Up for 1,826 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
$52.6K $28.80/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$49.7K $27.22/SF
− OpEx
−$14.9K −$8.16/SF
NOI
$34.8K $19.05/SF
Area
Elizabeth, NJ
Vacancy
5.50%
Lease Rate
$28.80 /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%
$695,740
Cap Rate 7%
$496,957
Cap Rate 9%
$386,522
Alternative Uses
Best Use
Multifamily LT 5
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 5.53%
Second Best
Apartment 5plus
$442.5K
$387.2K – $516.3K
NOI $30,977 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$676.3K
$591.8K – $789.1K
NOI $47,344 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate three-bedroom and two-bedroom residences support flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 153 S Park St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Two separate residential units within one duplex property; Approximately 1,826 square feet of living space; Unit mix includes three bedrooms and one full bath
