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 Market11
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
Listing Agency:
(908) 337-4284
Listed By:
ALEXANDRA CORTICADA
(908) 337-4284
Source:
Evrealestate
Added: Aug 1
Changed: Aug 10
Last Checked: Aug 10 at 4:13AM
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 = 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
$33,895
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
5.68%
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%
$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
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
$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 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%
$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
Property Profile
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
Questions? Ask Rey
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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
