Elizabethport Mixed-Use Investment
261 2nd St, Elizabeth, NJ 07206
High-visibility corner property with three income-generating units in revitalizing area.
Property size:
6,425 SFPrice / SF:
$202/SF- Added:
- May 28, 2025
- Days on Market:
- 371
- Last Refresh:
- Mar 16 at 9:09 am
Property Features for 261 2nd St
General Information
- Standard status
- Active
- Size
- 6,425 SF
Building Details
- Year Built
- 9999
Listing agent JOAO A PEREIRA License #457804
Listing office RE/MAX NEW MILLENNIUM GROUP (908) 451-9230
Listing date May 28, 2025
Source Corcoran
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 RE/MAX NEW MILLENNIUM GROUP
HighLights
- Three income‑generating units: two commercial storefronts (restaurant and liquor store) and a 2‑bedroom apartment.
- Prime corner location with high visibility and steady foot traffic.
- Turnkey asset in a revitalizing area of Elizabethport.
- Two commercial units are currently leased and operating.
- 2‑bedroom apartment with private entrance suitable for owner‑occupant or rental income.
- Proximity to waterfront, major transportation, and redevelopment projects.
Overview
This mixed-use property is located in Elizabethport, a growing area near the waterfront and major transportation. The corner property features three income-generating units. There are two commercial storefronts and a 2-bedroom residential apartment. The commercial units are currently leased and operating as a restaurant and a liquor store. The upstairs 2-bedroom apartment has a private entrance. The property is located in a prime corner location with high visibility and foot traffic. The property is 6425 square feet.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.5k | $22.80 |
| − Vacancy | −$9.5k | −$1.48 |
| EGI | $137.0k | $21.32 |
| − OpEx | −$34.2k | −$5.33 |
| NOI | $102.7k | $15.99 |
6,425 SF · lease $22.80/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.47M
$1.28M – $1.71M
NOI $102,726 @ 7.0% cap · market cap 7.90%
Second Best
Retail
$1.27M
$1.11M – $1.48M
NOI $88,889 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,585 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Western Union
Bank
Second Street Liquors
(Bike/Boat/Book/etc) Store
LibertyX Bitcoin ATM
Atm
Location Insight
- Map
- Local Demand
- City
- Elizabeth
- County
- Union
- State
- New Jersey
- Longitude
- -74.1825
- Latitude
- 40.6537
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - High-visibility corner property with three income-generating units in revitalizing area.
Where is this mixed-use property located?
The property is located at 261 2nd St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three income‑generating units: two commercial storefronts (restaurant and liquor store) and a 2‑bedroom apartment.; **Prime corner location with high visibility and steady foot traffic.**; Turnkey asset in a revitalizing area of Elizabethport.
