Renovated Six-Unit Multifamily
For Sale
Contact for pricing
167-169 Smith St, Elizabeth, NJ 07201
Turnkey investment property with six renovated units in Elizabeth, NJ.
Property Size4,950 SF
Price / SF$363.64
Days on Market254
Property Features for 167-169 Smith St
General Information
Standard status
Active
Size
4,950 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$114,118
Building Details
Year Built
1910
Stories
3
Units
6
Listing Agency:
Better Homes and Gardens Real Estate Elite
(908) 316-8530
Listed By:
Jazmine Clausen-Soir · License #NJ 1750907
Source:
Crexi
Added: Dec 12, 2025
Changed: Aug 7
Last Checked: Aug 22 at 5:03PM
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 Better Homes and Gardens Real Estate Elite
Investment Insights
Based on property information with market context.
This fully renovated six-unit building, completed in 2023, offers approximately 4,950 square feet of living space. The comprehensive renovation includes structural and systems upgrades, ensuring code compliance. A full gut renovation features new framing, plumbing, electrical systems, roofing, siding, structural reinforcement, a new sewer line, and a French drain system. The building's height has been increased to enhance interior space. Each of the six units features a 2-bedroom, 1-bath layout, with sizes ranging from approximately 750 to over 1,000 square feet. Ceiling heights exceed 8 feet in each unit. An intercom system is installed, and two units (1R and 2L) include private street-level entrances. Each apartment is equipped with an individual Navien combination boiler system for efficient, tenant-paid heat and hot water. The building has one water meter. Gas baseboard heat and separate gas and electric meters serve each unit. The property is located across from shopping centers such as Point Grande Plaza and is minutes from The Mills at Jersey Gardens, Elizabeth Center, Union Square, Broad St, Morris Avenue, Elmora Avenue, and a nearby cannabis dispensary. Situated approximately 2 miles from Newark Airport (EWR), the property offers commuter convenience with proximity to major highways, NJ Transit Elizabeth bus routes, and both Elizabeth NJ Transit train stations. The property is located within a high-demand rental market, Elizabeth, NJ.
Key Highlights
- Fully renovated A‑Z in 2023 with comprehensive structural and systems upgrades completed to code.
- Six individual Navien combination boiler systems providing tenant‑paid, efficient utility separation.
- Six 2‑bedroom, 1‑bath units ranging from approximately 750 to 1,000+ sqft each.
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
$83,975
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
4.67%
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%
$1,679,500
$1.7M
Cap Rate 7%
$1,199,643
$1.2M
Cap Rate 9%
$933,056
$933.1K
Market Conditions
NOI Build-Up for 4,950 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
$160.4K $32.40/SF
− Vacancy
−$7.7K −$1.56/SF
EGI
$152.7K $30.84/SF
− OpEx
−$68.7K −$13.88/SF
NOI
$84.0K $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%
$1,679,500
Cap Rate 7%
$1,199,643
Cap Rate 9%
$933,056
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,975 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,342 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Explore this area
Business Placement
Demographics for 07201, NJ
29,390
Population
10,404
Households
2.8
Avg Household Size
35
Median Age
15%
College-Educated
75%
High-School Grad
6.4 sq mi
ZIP Area
4,592
Density / Sq Mi
$62,026
Median Household Income
$33,092
Median Earnings
$1,476
Median Rent
$413,000
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 - Turnkey investment property with six renovated units in Elizabeth, NJ.
Where is this apartment building located?
The property is located at 167-169 Smith St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,800,001.
What are key features of this property?
This property features: Fully renovated A‑Z in 2023 with comprehensive structural and systems upgrades completed to code.; Six individual Navien combination boiler systems providing tenant‑paid, efficient utility separation.; Six 2‑bedroom, 1‑bath units ranging from approximately 750 to 1,000+ sqft each.
