Multifamily Residential Income
For Sale
Contact for pricing
Pending
423 Jersey Avenue, Elizabeth, NJ 07202
For sale multifamily asset in Elizabeth, NJ, offered for investors evaluating residential income opportunities.
Property Size5,519 SF
Days on Market67
Property Features for 423 Jersey Avenue
General Information
Standard status
Pending
Size
5,519 SF
Total Parking Spaces
16
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Additional Details
Multifamily Units
9
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Marcus & Millichap - New Jersey
(201) 742-6118
Listed By:
Devin Perez · License #NJ 1004553
Source:
Crexi
Added: Jun 18
Changed: Aug 21
Last Checked: Aug 20 at 3:28PM
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 Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This for-sale multifamily residential income property is listed as an “other multifamily” asset type and is offered for buyers seeking a multifamily holding in New Jersey. The property is identified with a total listed size of 5,519 (per the available listing information).
Located at 423 Jersey Avenue in Elizabeth, New Jersey (07202), the offering is presented as a straightforward acquisition opportunity centered on a residential income-oriented asset. No additional site or building details are provided in the current information set, so potential buyers should review the full offering materials to confirm the specific building layout, unit configuration, and condition.
As a multifamily asset classified for residential income use, this property may be of interest to investors, owner-operators, and brokers looking to expand or diversify a multifamily portfolio in the Elizabeth market. Because the provided information does not include unit count, amenities, or operating details, buyers should perform their due diligence on rent roll, expenses, and any building-specific considerations before making an investment decision.
Located at 423 Jersey Avenue in Elizabeth, New Jersey (07202), the offering is presented as a straightforward acquisition opportunity centered on a residential income-oriented asset. No additional site or building details are provided in the current information set, so potential buyers should review the full offering materials to confirm the specific building layout, unit configuration, and condition.
As a multifamily asset classified for residential income use, this property may be of interest to investors, owner-operators, and brokers looking to expand or diversify a multifamily portfolio in the Elizabeth market. Because the provided information does not include unit count, amenities, or operating details, buyers should perform their due diligence on rent roll, expenses, and any building-specific considerations before making an investment decision.
Key Highlights
- Multifamily property listed for sale in Elizabeth, NJ
- Built in 1910
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
$93,628
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
5.85%
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%
$1,872,560
$1.9M
Cap Rate 7%
$1,337,543
$1.3M
Cap Rate 9%
$1,040,311
$1.0M
Market Conditions
NOI Build-Up for 5,519 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
$178.8K $32.40/SF
− Vacancy
−$8.6K −$1.56/SF
EGI
$170.2K $30.84/SF
− OpEx
−$76.6K −$13.88/SF
NOI
$93.6K $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%
$1,872,560
Cap Rate 7%
$1,337,543
Cap Rate 9%
$1,040,311
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,628 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $143,095 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 07202, NJ
43,389
Population
15,866
Households
2.7
Avg Household Size
36
Median Age
13%
College-Educated
76%
High-School Grad
2.3 sq mi
ZIP Area
18,865
Density / Sq Mi
$68,071
Median Household Income
$40,505
Median Earnings
$1,508
Median Rent
$358,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - For sale multifamily asset in Elizabeth, NJ, offered for investors evaluating residential income opportunities.
Where is this multifamily property located?
The property is located at 423 Jersey Avenue Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Multifamily property listed for sale in Elizabeth, NJ; Built in 1910
