Renovated Two-Family
For Sale
$1,300,000
29 S 2ND STREET, Elizabeth, NJ 07206
Fully updated two-unit property with finished basement and attic areas for added flexibility.
Property Size5,610 SF
Price / SF$231.73
Days on Market17
Property Features for 29 S 2ND STREET
General Information
Standard status
Active
Size
5,610 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
R
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,769
Amenities
Central Air, Gas
Natural Gas, Central, Forced Air
Finished, Walk-Out Access, Daylight, Full, Interior Entry
Gas Range, Gas Oven, Cooktop, Gas Water Heater, Washer, Dishwasher, Stainless Steel Appliance(s), Water Heater, ENERGY STAR Qualified Dishwasher
Eat-in Kitchen, Kitchen Island, Recessed Lighting, Walk-In Closet(s), Other, High Ceilings, Open Floorplan, Soaking Tub
Asphalt, Off Street, Driveway, Parking Lot
Other, Balcony, Lighting
A-Frame
Building Details
Building Size
5,610 SF
Year Built
1906
Buildings
1
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Fox & Roach, Realtors
(201) 988-1006
Listed By:
Elizabeth Dias · License #233574
(201) 988-1006
Source:
Evrealestate
Added: Aug 8
Changed: Aug 23
Last Checked: Aug 23 at 10:20AM
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 Berkshire Hathaway HomeServices Fox & Roach, Realtors
Investment Insights
Based on property information with market context.
This two-family duplex has undergone a comprehensive renovation that includes a new roof, siding, electrical system, and plumbing. Both residences feature updated kitchens and bathrooms, while the primary bedrooms include private en-suite baths.
Finished lower-level space adds three bonus rooms, a full bathroom, and a separate entrance. The attic contributes another room, bedroom, and full bathroom, creating additional interior capacity for living, guest, office, or recreation use. The property also includes ample parking.
Located at 29 S 2nd St in Elizabeth, New Jersey, the property has a Walk Score of 84, a Transit Score of 58, and a Bike Score of 53. The home was built in 1906.
Finished lower-level space adds three bonus rooms, a full bathroom, and a separate entrance. The attic contributes another room, bedroom, and full bathroom, creating additional interior capacity for living, guest, office, or recreation use. The property also includes ample parking.
Located at 29 S 2nd St in Elizabeth, New Jersey, the property has a Walk Score of 84, a Transit Score of 58, and a Bike Score of 53. The home was built in 1906.
Key Highlights
- Two‑family duplex with full renovation
- New roof, siding, electrical system, and plumbing
- Three finished basement bonus rooms with full bath and separate entrance
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
$106,877
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
8.22%
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%
$2,137,540
$2.1M
Cap Rate 7%
$1,526,814
$1.5M
Cap Rate 9%
$1,187,522
$1.2M
Market Conditions
NOI Build-Up for 5,610 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
$161.6K $28.80/SF
− Vacancy
−$8.9K −$1.58/SF
EGI
$152.7K $27.22/SF
− OpEx
−$45.8K −$8.16/SF
NOI
$106.9K $19.05/SF
Area
Elizabeth, NJ
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,137,540
Cap Rate 7%
$1,526,814
Cap Rate 9%
$1,187,522
Alternative Uses
Best Use
Multifamily LT 5
$1.53M
$1.34M – $1.78M
NOI $106,877 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,172 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,454 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully updated two-unit property with finished basement and attic areas for added flexibility.
Where is this duplex located?
The property is located at 29 S 2ND STREET 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: Two‑family duplex with full renovation; New roof, siding, electrical system, and plumbing; Three finished basement bonus rooms with full bath and separate entrance
