8-Unit Apartment Building with
For Sale
$899,999
334 1st Ave, Elizabeth, NJ 07206
Updated owner-occupied residence with central air, forced hot-air heat, parking, and convenient transportation access.
Property Size3,148 SF
Price / SF$285.90
Days on Market12
Property Features for 334 1st Ave
General Information
Standard status
Active
Size
3,148 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
8
Amenities
central A/C
forced hot-air heating
parking
finished basement
Building Details
Year Built
1905
Listing Agency:
KELLER WILLIAMS CITY VIEWS REALTY
Listed By:
LILIAM NUNEZ-PAZ, OSCAR NUNEZ-PAZ
Source:
Luminancerealty
Added: Aug 26
Changed: Sep 3
Last Checked: Sep 5 at 12:05PM
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 KELLER WILLIAMS CITY VIEWS REALTY
Investment Insights
Based on property information with market context.
Built in 1905, this apartment property contains 8 rooming units and 6 bathrooms, along with a large finished basement. Building systems include central A/C and forced hot-air heating, while on-site parking adds practical functionality.
The first-floor principal unit is owner occupied and includes 2 bedrooms, a modern kitchen, and a renovated bathroom. The property is located near major highways, Newark Airport, shopping centers, and public transportation at 334 1st Ave Unit 2 in Elizabeth, New Jersey.
The first-floor principal unit is owner occupied and includes 2 bedrooms, a modern kitchen, and a renovated bathroom. The property is located near major highways, Newark Airport, shopping centers, and public transportation at 334 1st Ave Unit 2 in Elizabeth, New Jersey.
Key Highlights
- 8 rooming units and 6 bathrooms
- Large finished basement
- First‑floor principal unit includes 2 bedrooms
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
$53,405
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
5.93%
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%
$1,068,100
$1.1M
Cap Rate 7%
$762,929
$762.9K
Cap Rate 9%
$593,389
$593.4K
Market Conditions
NOI Build-Up for 3,148 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
$102.0K $32.40/SF
− Vacancy
−$4.9K −$1.56/SF
EGI
$97.1K $30.84/SF
− OpEx
−$43.7K −$13.88/SF
NOI
$53.4K $16.96/SF
Area
Elizabeth, NJ
Vacancy
4.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,068,100
Cap Rate 7%
$762,929
Cap Rate 9%
$593,389
Alternative Uses
Best Use
Apartment 5plus
$762.9K
$667.6K – $890.1K
NOI $53,405 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,620 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,553
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?
Apartment building - Updated owner-occupied residence with central air, forced hot-air heat, parking, and convenient transportation access.
Where is this apartment building located?
The property is located at 334 1st Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 8 rooming units and 6 bathrooms; Large finished basement; First‑floor principal unit includes 2 bedrooms
