Three-Story Income
For Sale
$1,250,000
29-31 S 2nd St, Elizabeth, NJ 07206
Central air, forced-air heating, and off-street parking support the existing configuration.
Property Size5,110 SF
Price / SF$244.62
Days on Market59
Property Features for 29-31 S 2nd St
General Information
Standard status
Active
Size
5,110 SF
Property subtype
Multi-Family
Building Details
Year Built
1906
Listing Agency:
BHHS FOX & ROACH
Listed By:
ELIZABETH DIAS · License #233574
(201) 988-1006
Source:
Luminancerealty
Added: Aug 9
Changed: Sep 17
Last Checked: Oct 4 at 11:56AM
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 BHHS FOX & ROACH
Investment Insights
Based on property information with market context.
Located at 29-31 S 2nd St in Elizabeth City, New Jersey, this three-story residential income property was built in 1906. The building includes central air, forced-air heating with natural gas, a gas water heater, and finished walk-out access. Off-street parking is included among the exterior features.
Key Highlights
- Three‑story building constructed in 1906
- Central air conditioning
- Forced‑air heating with natural gas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,689
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,733,780
$1.7M
Cap Rate 7%
$1,238,414
$1.2M
Cap Rate 9%
$963,211
$963.2K
Market Conditions
NOI Build-Up for 5,110 SF
Gross rent
$165.6K $32.40/SF
− Vacancy
−$7.9K −$1.56/SF
EGI
$157.6K $30.84/SF
− OpEx
−$70.9K −$13.88/SF
NOI
$86.7K $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%
$1,733,780
Cap Rate 7%
$1,238,414
Cap Rate 9%
$963,211
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,689 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,490 @ 7.0% cap · market cap 10.60%
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
1,150
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 - Central air, forced-air heating, and off-street parking support the existing configuration.
Where is this residential income property located?
The property is located at 29-31 S 2nd St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Three‑story building constructed in 1906; Central air conditioning; Forced‑air heating with natural gas
