Building Details

Year Built 1924

Listed By: Jazmine CLAUSEN-SOIR Show Phone

Added: May 12 Changed: Jun 23

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,019

Cap Rate

4.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$780,380 $780.4K

Cap Rate 7%

$557,414 $557.4K

Cap Rate 9%

$433,544 $433.5K

Market Conditions

NOI Build-Up for 2,300 SF

Gross rent

$74.5K $32.40/SF

− Vacancy

−$3.6K −$1.56/SF

EGI

$70.9K $30.84/SF

− OpEx

−$31.9K −$13.88/SF

NOI

$39.0K $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 Rate 5%

$780,380

Cap Rate 7%

$557,414

Cap Rate 9%

$433,544

Alternative Uses

Best Use

Apartment 5plus

$557.4K

$487.7K – $650.3K (±1% cap)

NOI $39,019 @ 7.0% cap · market cap 4.46%

Second Best

Retail

$454.6K

$397.8K – $530.3K (±1% cap)

NOI $31,820 @ 7.0% cap · market cap 3.64%

Theoretical Best

Office A

$851.9K

$745.4K – $993.9K (±1% cap)

NOI $59,634 @ 7.0% cap · market cap 6.82%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Law Firm Garden Center Dental Office Daycare Center Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,286

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Renovated mixed-use property with commercial space and residential units.

Where is this mixed-use property located?

The property is located at 173 3Rd St Elizabeth, NJ.

What is the asking price?

The asking price for this property is $875,000.