Commercial Garage on Corner
For Sale
$550,000
Pending
231 Jefferson Ave, Elizabeth, NJ 07201
Commercial garage with high visibility, expansive parking, and updated exterior.
Property Size1,250 SF
Days on Market257
Property Features for 231 Jefferson Ave
General Information
Standard status
Pending
Size
1,250 SF
Property subtype
Commercial
Building Details
Year Built
9999
Listing Agency:
KYM REALTY GROUP LLC
(908) 991-3912
Listed By:
MILAGROS ALVAREZ · License #298659
Source:
Corcoran
Added: Dec 16, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:20AM
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 KYM REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This commercial garage is situated on a high-visibility corner lot in Elizabeth. The property, currently operating as an auto repair shop, features 16-foot ceilings and one overhead door. An expansive parking lot provides space for over 20 vehicles. The exterior of the building has been recently updated. The property is conveniently located near major highways, shopping, public transportation, and Newark Liberty International Airport. The property size is 1250 square feet.
Key Highlights
- High‑visibility corner lot location
- Expansive parking lot with space for 20+ vehicles
- Features 16‑ft ceilings
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
$17,294
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
3.14%
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%
$345,880
$345.9K
Cap Rate 7%
$247,057
$247.1K
Cap Rate 9%
$192,156
$192.2K
Market Conditions
NOI Build-Up for 1,250 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
$27.0K $21.60/SF
− Vacancy
−$2.3K −$1.84/SF
EGI
$24.7K $19.76/SF
− OpEx
−$7.4K −$5.93/SF
NOI
$17.3K $13.83/SF
Area
Elizabeth, NJ
Vacancy
8.50%
Lease Rate
$21.60 /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%
$345,880
Cap Rate 7%
$247,057
Cap Rate 9%
$192,156
Alternative Uses
Best Use
Retail
$247.1K
$216.2K – $288.2K
NOI $17,294 @ 7.0% cap · market cap 3.14%
Second Best
Industrial
$200.6K
$175.6K – $234.1K
NOI $14,045 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$463.0K
$405.1K – $540.2K
NOI $32,410 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,076
Businesses Nearby
192k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 37%
Apparel 14%
Electronics 5%
Wendy's
Dining
22,174 visits/mo
0.3 miles
McDonald's
Dining
17,774 visits/mo
0.4 miles
Shoppers World
Apparel
15,617 visits/mo
0.3 miles
BP
Shops & Services
15,037 visits/mo
0.3 miles
Wells Fargo
Shops & Services
14,988 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Commercial garage with high visibility, expansive parking, and updated exterior.
Where is this auto shop located?
The property is located at 231 Jefferson Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: High‑visibility corner lot location; Expansive parking lot with space for 20+ vehicles; Features 16‑ft ceilings
