Legal Two-Family Duplex with Finished
For Sale
$625,000
Pending
312 S Spring St, Elizabeth, NJ 07201
MULTI_FAMILY - Elizabeth City, NJ
Property Size2,439 SF
Lot Size0.06 Acres
Days on Market56
Property Features for 312 S Spring St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 4
Directions
312 S Spring St, Elizabeth
Standard status
Pending
Size
2,439 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9941
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX SELECT · RE/MAX International
(973) 539-6300
Listed By:
NICHOLAS WALSH
(973) 539-6300
Added: Jun 15
Changed: Aug 1
Last Checked: Aug 9 at 9:06PM
MLS# 4034509
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 well-maintained legal two-family duplex offers two separate units with substantial flexible space. Unit 1 features 3 bedrooms and 2 full bathrooms with spacious living areas and well-sized rooms. Unit 2 offers 3 bedrooms and 1 full bathroom. Additional interior space includes a finished basement and a finished attic, providing extra room for a variety of uses.
Built in 1900, the home is heated with electric baseboard systems and has a shingle roof. Public water and public sewer are provided. The property is approximately 0.8 miles from the Elizabeth Train Station and is positioned close to shopping, dining, parks, and major roadways.
There is a CO-related note for buyers: the basement bathroom, kitchen stove, and the two bedroom walls will need to be removed to pass the Certificate of Occupancy with the town.
Built in 1900, the home is heated with electric baseboard systems and has a shingle roof. Public water and public sewer are provided. The property is approximately 0.8 miles from the Elizabeth Train Station and is positioned close to shopping, dining, parks, and major roadways.
There is a CO-related note for buyers: the basement bathroom, kitchen stove, and the two bedroom walls will need to be removed to pass the Certificate of Occupancy with the town.
Key Highlights
- Legal 2‑family duplex with finished basement and finished attic
- Unit 1: 3 bedrooms and 2 full baths
- Unit 2: 3 bedrooms and 1 full bath
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
$46,466
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
7.43%
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%
$929,320
$929.3K
Cap Rate 7%
$663,800
$663.8K
Cap Rate 9%
$516,289
$516.3K
Market Conditions
NOI Build-Up for 2,439 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
$70.2K $28.80/SF
− Vacancy
−$3.9K −$1.58/SF
EGI
$66.4K $27.22/SF
− OpEx
−$19.9K −$8.16/SF
NOI
$46.5K $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%
$929,320
Cap Rate 7%
$663,800
Cap Rate 9%
$516,289
Alternative Uses
Best Use
Multifamily LT 5
$663.8K
$580.8K – $774.4K
NOI $46,466 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$591.1K
$517.2K – $689.6K
NOI $41,377 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$903.4K
$790.5K – $1.05M
NOI $63,238 @ 7.0% cap · market cap 10.12%
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
3,175
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?
Duplex - Legal two-family duplex with finished basement and attic, electric baseboard heat, and public water and sewer services.
Where is this duplex located?
The property is located at 312 S Spring St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Legal 2‑family duplex with finished basement and finished attic; Unit 1: 3 bedrooms and 2 full baths; Unit 2: 3 bedrooms and 1 full bath
