Updated Three-Unit
For Sale
$829,900
31 Bank St, Elizabeth, NJ 07201
Multi-Family, 3-Three Story, Elizabeth City, NJ
Property Size3,716 SF
Lot Size0.09 Acres
Price / SF$223.33
Days on Market56
Property Features for 31 Bank St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 9, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 8, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 7
Parking
2
Patio and Porch features
Patio
Interior features
Carbon Monoxide Detector, Smoke Detector, Wood Floors
Exterior features
Curbs, Metal Fence, Patio, Sidewalk
Fencing
Fenced
Subdivision
Trinitas Hospital
Lot features
Level Lot
Elementary school
Peterstown
Middle school
Peterstown
High school
Elizabeth
Directions
Division to Bank
Standard status
Active
Size
3,716 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13453
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1966
Floors in Building
3
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHGRE ELITE
Listed By:
MARIA SCHMIDT
(908) 316-8530
Added: Aug 1
Changed: Sep 22
Last Checked: Sep 25 at 5:06AM
MLS# 4044616
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This updated triplex Colonial, built in 1966, provides 3,716 square feet across three residential units. The property includes 9 bedrooms, 3 full bathrooms, separate utilities, wood floors, and a built-in 2-car garage. A patio, fenced grounds, metal fencing, curbs, and sidewalk frontage add to the physical improvements. Public water and public sewer serve the property, with cable available.
Set on 0.09 acres in Elizabeth City’s Trinitas Hospital section, the property is positioned near schools, shopping, parks, major highways, and public transportation. Residential zoning supports its multifamily configuration, while the three-unit layout offers separate living areas within a single income-producing asset.
Set on 0.09 acres in Elizabeth City’s Trinitas Hospital section, the property is positioned near schools, shopping, parks, major highways, and public transportation. Residential zoning supports its multifamily configuration, while the three-unit layout offers separate living areas within a single income-producing asset.
Key Highlights
- Three‑unit Colonial built in 1966
- 3,716 square feet with 9 bedrooms and 3 full bathrooms
- Separate utilities for each unit
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
8.53%
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 8.53%
Second Best
Apartment 5plus
$900.6K
$788.0K – $1.05M
NOI $63,041 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,347 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Income-producing residential property with separate utilities, a two-car garage, and individual living spaces.
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 $829,900.
What are key features of this property?
This property features: Three‑unit Colonial built in 1966; 3,716 square feet with 9 bedrooms and 3 full bathrooms; Separate utilities for each unit
