Two-Family Duplex with Finished
For Sale
$559,999
221 Centre Street, Elizabeth, NJ 07202
Two residential units include a finished attic, basement recreation rooms, laundry hookups, and a sizable backyard.
Property Size1,142 SF
Price / SF$490.37
Days on Market140
Property Features for 221 Centre Street
General Information
Standard status
Active
Size
1,142 SF
Property subtype
Multi Family / 2-Two Story
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,598
Amenities
finished basement rec rooms with full bathroom
laundry hookup
large backyard
Yes
Composition Shingle
Finished
Vinyl Siding
Building Details
Year Built
1900
Listing Agency:
REALTY OF AMERICA
(833) 256-4244
Listed By:
JOYCE PROSPER · License #306525
(833) 256-4244
Source:
Compass
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 6:02AM
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 REALTY OF AMERICA
Investment Insights
Based on property information with market context.
This two-family duplex offers a first-floor apartment with two bedrooms and one bathroom, plus an upper-level unit with three bedrooms and one bathroom. The second-floor residence also includes a finished attic area. A finished basement adds recreation rooms and a full bathroom, with laundry hookups already in place.
The property includes vinyl siding, composition shingle roofing, and a large backyard. City certificates have been obtained, and the building may be delivered fully vacant. The sale is offered in as-is condition. Built in 1900, the property measures 1142 square feet and is located in the Peterstown section of Elizabeth, New Jersey.
The property includes vinyl siding, composition shingle roofing, and a large backyard. City certificates have been obtained, and the building may be delivered fully vacant. The sale is offered in as-is condition. Built in 1900, the property measures 1142 square feet and is located in the Peterstown section of Elizabeth, New Jersey.
Key Highlights
- Two‑family duplex with a 2‑bedroom first‑floor unit and 3‑bedroom second‑floor unit
- Second‑floor apartment includes a large finished attic space
- Finished basement has recreation rooms and a full bathroom
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
$21,756
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
3.89%
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%
$435,120
$435.1K
Cap Rate 7%
$310,800
$310.8K
Cap Rate 9%
$241,733
$241.7K
Market Conditions
NOI Build-Up for 1,142 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
$32.9K $28.80/SF
− Vacancy
−$1.8K −$1.58/SF
EGI
$31.1K $27.22/SF
− OpEx
−$9.3K −$8.16/SF
NOI
$21.8K $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%
$435,120
Cap Rate 7%
$310,800
Cap Rate 9%
$241,733
Alternative Uses
Best Use
Multifamily LT 5
$310.8K
$272.0K – $362.6K
NOI $21,756 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$276.8K
$242.2K – $322.9K
NOI $19,374 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$423.0K
$370.1K – $493.5K
NOI $29,609 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 07202, NJ
43,389
Population
15,866
Households
2.7
Avg Household Size
36
Median Age
13%
College-Educated
76%
High-School Grad
2.3 sq mi
ZIP Area
18,865
Density / Sq Mi
$68,071
Median Household Income
$40,505
Median Earnings
$1,508
Median Rent
$358,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include a finished attic, basement recreation rooms, laundry hookups, and a sizable backyard.
Where is this duplex located?
The property is located at 221 Centre Street Elizabeth, NJ.
What is the asking price?
The asking price for this property is $559,999.
What are key features of this property?
This property features: Two‑family duplex with a 2‑bedroom first‑floor unit and 3‑bedroom second‑floor unit; Second‑floor apartment includes a large finished attic space; Finished basement has recreation rooms and a full bathroom
