Updated Triplex with Two-Car
For Sale
$849,900
31 Bank St, Elizabeth, NJ 07201
Three-family Colonial with separate utilities and access to public transportation.
Property Size3,716 SF
Price / SF$228.71
Days on Market11
Property Features for 31 Bank St
General Information
Standard status
Active
Size
3,716 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1966
Construction
Colonial
Listing Agency:
BHGRE ELITE
(908) 316-8530
Listed By:
MARIA SCHMIDT
Source:
Goldstandardrealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 11:32AM
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 BHGRE ELITE
Investment Insights
Based on property information with market context.
Located at 31 Bank St in Elizabeth, this three-family Colonial was built in 1966 and offers 3,716 square feet of residential space. The property includes 9 bedrooms, 3 full bathrooms, separate utilities, and a built-in 2-car garage. Each residence has spacious living areas, and the building has been updated.
The property is situated in the Trinitas Hospital section of Elizabeth, with schools, shopping, parks, major highways, and public transportation nearby. Its three-unit layout, separate utility arrangement, and established residential configuration support a range of ownership strategies within the multifamily category.
The property is situated in the Trinitas Hospital section of Elizabeth, with schools, shopping, parks, major highways, and public transportation nearby. Its three-unit layout, separate utility arrangement, and established residential configuration support a range of ownership strategies within the multifamily category.
Key Highlights
- 3,716‑square‑foot triplex with 9 total bedrooms and 3 full bathrooms
- Built in 1966; updated three‑family Colonial
- Separate utilities for the three residences
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
$70,794
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
8.33%
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%
$1,415,880
$1.4M
Cap Rate 7%
$1,011,343
$1.0M
Cap Rate 9%
$786,600
$786.6K
Market Conditions
NOI Build-Up for 3,716 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
$107.0K $28.80/SF
− Vacancy
−$5.9K −$1.58/SF
EGI
$101.1K $27.22/SF
− OpEx
−$30.3K −$8.16/SF
NOI
$70.8K $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%
$1,415,880
Cap Rate 7%
$1,011,343
Cap Rate 9%
$786,600
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$884.9K – $1.18M
NOI $70,794 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$900.6K
$788.0K – $1.05M
NOI $63,041 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,347 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,953
Businesses Nearby
Explore this area
Business Placement
Demographics for 07201, NJ
29,390
Population
10,404
Households
2.8
Avg Household Size
35
Median Age
15%
College-Educated
75%
High-School Grad
6.4 sq mi
ZIP Area
4,592
Density / Sq Mi
$62,026
Median Household Income
$33,092
Median Earnings
$1,476
Median Rent
$413,000
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?
Triplex - Three-family Colonial with separate utilities and access to public transportation.
Where is this triplex located?
The property is located at 31 Bank St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 3,716‑square‑foot triplex with 9 total bedrooms and 3 full bathrooms; Built in 1966; updated three‑family Colonial; Separate utilities for the three residences
