Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    240-244 3Rd St Elizabeth, NJ 07206

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    Contact for pricing

    Church building with sanctuary, study, play area, and parking.

    Property Features for 240-244 3Rd St

    General Information

    Standard status
    Contract

    We can help!

    Listing Contact
    Alexander Baron
    Source: Corcoran

    Listing Agency: HOWARD HANNA RAND REALTY, MORRISTOWN Listing Agent: Alexander Baron

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Church in Mixed Use Neighborhood

    Located in a mixed-use neighborhood, this property features a sanctuary with seating for approximately 100 people. The building also includes a pastor's study, a children's play area, and two public bathrooms. Parking is available in a parking lot, with additional parking available on the street. The property is being sold strictly "AS IS".
    Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Food Market Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.1855375
    Latitude
    40.6552562

    Nearby Similar for Sale

    • $899,900
      9,999 SF

      Lounge, Tavern & Banquet Hall

      Multi-level entertainment and dining venue in Elizabeth City, NJ.
      264 N Broad St, Elizabeth, NJ 07208
      View Details
    • $59,999
      9,999 SF

      Turnkey Nail Salon Opportunity

      Fully equipped nail salon in prime Elizabeth location for sale.
      1120 Elizabeth Ave, Elizabeth, NJ 07201
      View Details
    • $1,369,900
      0.13 Acres

      Mixed-Use Property on Elmora Avenue

      Mixed-use property in Elizabeth, NJ with commercial space and apartment.
      376 Elmora Ave, Elizabeth, NJ 07208
      View Details
    • New
      $799,000
      3,917 SF

      Spacious Multi-Family Home Near Amenities

      Large two-family home with bonus attic, near transportation and shopping.
      27 Jacques St, Elizabeth, NJ 07201
      View Details
    • New
      $799,999
      5,250 SF

      Mixed-Use Property in Elizabeth City

      Mixed-use property with restaurant and apartments in a retail area.
      442 Elizabeth Ave, Elizabeth, NJ 07206
      View Details
    • New
      $799,999
      5,250 SF

      Mixed-Use Property in Busy Area

      Mixed-use property with restaurant and apartments in a retail area.
      442 Elizabeth Ave, Elizabeth, NJ 07206
      View Details
    • New
      $829,000
      5,000 SF

      Fully Occupied Commercial Property

      Five income-producing units with stable tenants and on-site parking.
      425-427 3Rd Ave, Elizabeth, NJ 07206
      View Details
    • New
      $710,000
      0.06 Acres

      Remodeled Multi-Family Property

      Completely remodeled multi-family property in Elizabeth City, NJ.
      51 Geneva St, Elizabeth, NJ 07206
      View Details
    • $685,000
      2,340 SF

      Income Producing Multi-Family Home

      Two-family home in Elizabeth with renovated kitchens and updated features.
      907 Flora St, Elizabeth, NJ 07201
      View Details
    • $925,000
      3,672 SF

      Renovated Four-Family Property in Elizabeth

      Newly renovated, fully rented 4-family property with updated amenities.
      350 Williamson St, Elizabeth, NJ 07202
      View Details
    • $849,900
      0.06 Acres

      Income Property Near Transit

      Three-unit property near transit, shopping, and dining in Elizabeth City.
      1124 Hampton Pl, Elizabeth, NJ 07201
      View Details
    • $690,000
      2,314 SF

      Turnkey Two-Unit Property on Corner Lot

      Two-unit property with garage, ideal for investors or owner-occupants.
      71 Erie St, Elizabeth, NJ 07206
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Church building with sanctuary, study, play area, and parking.
    Where is this church & religious facility located?
    The property is located at 240-244 3Rd St Elizabeth, NJ.
    What are key features of this property?
    This property features: - Sanctuary with seating for approximately 100.; - Parking lot included.; - Located in a quiet mixed-use neighborhood.
    (973) 532-5727
    Request Owner's contact information
    240-244 3Rd St Elizabeth, NJ 07206
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240-244 3Rd St
    Elizabeth, NJ 07206
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    240-244 3Rd St Elizabeth, NJ 07206
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Alexander Baron
    (973) 532-5727
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!