Two-Story Residential Income
For Sale
$597,000
242 Magnolia Ave, Elizabeth, NJ 07206
Two-story residential asset with natural gas baseboard heat, an unfinished full basement, and an electric water heater.
Property Size1,998 SF
Price / SF$298.80
Days on Market66
Property Features for 242 Magnolia Ave
General Information
Standard status
Active
Size
1,998 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$8,049
Amenities
Baseboard, Natural Gas
Full, Unfinished
Electric Water Heater
2-Two Story
Building Details
Year Built
1900
Stories
2
Listed By:
ALEXANDRA CORTICADA
(908) 337-4284
Source:
Evrealestate
Added: Aug 1
Changed: Oct 1
Last Checked: Oct 4 at 9:05AM
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 ALEXANDRA CORTICADA
Investment Insights
Based on property information with market context.
This residential income property at 242 Magnolia Ave includes two-story construction, baseboard heating supplied by natural gas, and an electric water heater. The property also features a full unfinished basement, providing additional interior space within the existing configuration. Built in 1900, the asset has a recorded property size of 1998.
The property is located in Elizabeth City, NJ 07206, in Union County. Access directions reference 3rd St to Magnolia Ave.
The property is located in Elizabeth City, NJ 07206, in Union County. Access directions reference 3rd St to Magnolia Ave.
Key Highlights
- Two‑story residential income property
- Full unfinished basement
- Baseboard heating with natural gas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,895
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$677,900
$677.9K
Cap Rate 7%
$484,214
$484.2K
Cap Rate 9%
$376,611
$376.6K
Market Conditions
NOI Build-Up for 1,998 SF
Gross rent
$64.7K $32.40/SF
− Vacancy
−$3.1K −$1.56/SF
EGI
$61.6K $30.84/SF
− OpEx
−$27.7K −$13.88/SF
NOI
$33.9K $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%
$677,900
Cap Rate 7%
$484,214
Cap Rate 9%
$376,611
Alternative Uses
Best Use
Apartment 5plus
$484.2K
$423.7K – $564.9K
NOI $33,895 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$740.1K
$647.6K – $863.4K
NOI $51,804 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story residential asset with natural gas baseboard heat, an unfinished full basement, and an electric water heater.
Where is this residential income property located?
The property is located at 242 Magnolia Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $597,000.
What are key features of this property?
This property features: Two‑story residential income property; Full unfinished basement; Baseboard heating with natural gas
