Duplex With Full
For Sale
$845,500
421 421-423 Magie Ave, Elizabeth, NJ 07208
Two residential units are complemented by a full attic, basement, paved backyard, and private driveway.
Property Size2,745 SF
Price / SF$308.01
Days on Market46
Property Features for 421 421-423 Magie Ave
General Information
Standard status
Active
Size
2,745 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
backyard
private driveway
Building Details
Year Built
1921
Listing Agency:
Keller Williams Realty West Monmouth
(732) 887-6110
Listed By:
Michael Lamie, NON MEMBER · License #393672
Source:
Soldbypattie
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 29 at 12:00PM
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 Realty West Monmouth
Investment Insights
Based on property information with market context.
This duplex at 421 Magie Ave in Elizabeth provides 2,745 square feet of residential space and was built in 1921. One unit contains 3 bedrooms and 1 bathroom, while the second offers 3 bedrooms, 2 full bathrooms, and a generously sized kitchen. The full attic includes its own full bathroom, adding another defined area within the property.
The lower level includes a full basement with multiple rooms, a utility area, a full bathroom, and separate front-facing outdoor access. Exterior features include a paved backyard and private driveway. The property is near NYC transit, local schools, and Elmora’s shopping and dining district.
The lower level includes a full basement with multiple rooms, a utility area, a full bathroom, and separate front-facing outdoor access. Exterior features include a paved backyard and private driveway. The property is near NYC transit, local schools, and Elmora’s shopping and dining district.
Key Highlights
- 2,745 SF duplex built in 1921
- Two units: 3 bedrooms/1 bathroom and 3 bedrooms/2 full bathrooms
- Full attic with its own full bathroom
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
$52,296
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
6.19%
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%
$1,045,920
$1.0M
Cap Rate 7%
$747,086
$747.1K
Cap Rate 9%
$581,067
$581.1K
Market Conditions
NOI Build-Up for 2,745 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
$79.1K $28.80/SF
− Vacancy
−$4.3K −$1.58/SF
EGI
$74.7K $27.22/SF
− OpEx
−$22.4K −$8.16/SF
NOI
$52.3K $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%
$1,045,920
Cap Rate 7%
$747,086
Cap Rate 9%
$581,067
Alternative Uses
Best Use
Multifamily LT 5
$747.1K
$653.7K – $871.6K
NOI $52,296 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$665.3K
$582.1K – $776.1K
NOI $46,568 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.02M
$889.6K – $1.19M
NOI $71,171 @ 7.0% cap · market cap 8.42%
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
1,654
Businesses Nearby
Explore this area
Business Placement
Demographics for 07208, NJ
33,561
Population
12,958
Households
2.6
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
18,645
Density / Sq Mi
$61,873
Median Household Income
$36,373
Median Earnings
$1,364
Median Rent
$425,600
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 - Two residential units are complemented by a full attic, basement, paved backyard, and private driveway.
Where is this duplex located?
The property is located at 421 421-423 Magie Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $845,500.
What are key features of this property?
This property features: 2,745 SF duplex built in 1921; Two units: 3 bedrooms/1 bathroom and 3 bedrooms/2 full bathrooms; Full attic with its own full bathroom
