Renovated
New
For Sale
$899,900
33-35 Delaware St, Elizabeth, NJ 07206
MULTI_FAMILY - Elizabeth City, NJ
Property Size3,488 SF
Lot Size0.09 Acres
Price / SF$257
Days on Market2
Property Features for 33-35 Delaware St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 6, Bedroom 5, Bathroom 3, Bedroom 7, Basement, Bathroom 1, Bedroom 1, Bedroom 8, Bedroom 2, Bedroom 4
Directions
Continue on Bayway. Take 3rd Ave to Delaware St
Standard status
Active
Size
3,488 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7684
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS VILLAGE SQUARE · Keller Williams Realty
(201) 445-4300
Listed By:
HIPOLITO TOURON
(201) 445-4300
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 4045887
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 legal four-family property contains four renovated apartments, each configured with two bedrooms and one bathroom. The building provides 3,488 square feet on a 0.09-acre parcel, with a basement, shingle roof, public water, and public sewer. Electric baseboard heating serves the property, which was built in 1900 and subsequently renovated.
Located at 33-35 Delaware St in Elizabeth City, New Jersey, the property has three of its four units vacant. That configuration provides immediate access to multiple apartments for leasing or personal occupancy, while one unit remains occupied. The four-unit layout offers a straightforward multifamily configuration within Union County.
Located at 33-35 Delaware St in Elizabeth City, New Jersey, the property has three of its four units vacant. That configuration provides immediate access to multiple apartments for leasing or personal occupancy, while one unit remains occupied. The four-unit layout offers a straightforward multifamily configuration within Union County.
Key Highlights
- Four legal residential units, each with 2 bedrooms and 1 bathroom
- 3 of 4 units are currently vacant
- Renovated multifamily property with 3,488 square feet
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
$66,451
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
7.38%
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%
$1,329,020
$1.3M
Cap Rate 7%
$949,300
$949.3K
Cap Rate 9%
$738,344
$738.3K
Market Conditions
NOI Build-Up for 3,488 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
$100.5K $28.80/SF
− Vacancy
−$5.5K −$1.58/SF
EGI
$94.9K $27.22/SF
− OpEx
−$28.5K −$8.16/SF
NOI
$66.5K $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%
$1,329,020
Cap Rate 7%
$949,300
Cap Rate 9%
$738,344
Alternative Uses
Best Use
Multifamily LT 5
$949.3K
$830.6K – $1.11M
NOI $66,451 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$845.3K
$739.7K – $986.2K
NOI $59,173 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,436 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,086
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?
Quadplex - Three apartments are vacant, supporting immediate leasing or owner-occupancy options.
Where is this quadplex located?
The property is located at 33-35 Delaware St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Four legal residential units, each with 2 bedrooms and 1 bathroom; 3 of 4 units are currently vacant; Renovated multifamily property with 3,488 square feet
