Mixed-Use Property with Restaurant
For Sale
$749,000
442 Elizabeth Ave, Elizabeth, NJ 07206
Mixed-use property featuring a restaurant and residential units.
Property Size3,483 SF
Price / SF$215.04
Days on Market108
Property Features for 442 Elizabeth Ave
General Information
Standard status
Active
Size
3,483 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,032
Amenities
Central air
Asphalt Shingle Roof
3 Units Heating
Baseboard - Hotwater Heating
Off-Street Parking
Wall A/C Unit(s) Cooling
Building Details
Year Built
1910
Listing Agency:
KELLER WILLIAMS MID-TOWN DIRECT
(973) 762-5400
Listed By:
MENACHEM SILBERMAN
Source:
Corcoran
Added: May 13
Changed: Aug 23
Last Checked: Aug 28 at 11:48AM
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 MID-TOWN DIRECT
Investment Insights
Based on property information with market context.
This mixed-use property is suitable for investors and homeowners seeking income generation. Located in a busy retail area, the property includes a restaurant on the first floor that provides a substantial income stream. The second floor features a vacant, spacious two-bedroom apartment. The third floor contains a comfortable one-bedroom unit. Recent upgrades to the property include newly installed boilers. The property size is 3483 square feet.
Key Highlights
- Income‑generating restaurant on the first floor.
- Mixed‑use property in a busy retail area.
- Vacant, spacious two‑bedroom apartment on the second floor.
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
$55,688
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%
$1,113,760
$1.1M
Cap Rate 7%
$795,543
$795.5K
Cap Rate 9%
$618,756
$618.8K
Market Conditions
NOI Build-Up for 3,483 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
$79.4K $22.80/SF
− Vacancy
−$5.2K −$1.48/SF
EGI
$74.3K $21.32/SF
− OpEx
−$18.6K −$5.33/SF
NOI
$55.7K $15.99/SF
Area
Elizabeth, NJ
Vacancy
6.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,113,760
Cap Rate 7%
$795,543
Cap Rate 9%
$618,756
Alternative Uses
Best Use
Specialty Retail
$795.5K
$696.1K – $928.1K
NOI $55,688 @ 7.0% cap · market cap 7.43%
Second Best
Mixed Use
$686.6K
$600.8K – $801.1K
NOI $48,065 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,306 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,725
Businesses Nearby
65k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 26%
Electronics 6%
Dunkin' Donuts
Dining
16,200 visits/mo
0.1 miles
7-Eleven
Shops & Services
10,955 visits/mo
0.3 miles
Santander Bank
Shops & Services
9,071 visits/mo
0.4 miles
Family Dollar
Shops & Services
9,015 visits/mo
0.4 miles
Santander Bank
Shops & Services
6,236 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a restaurant and residential units.
Where is this mixed-use property located?
The property is located at 442 Elizabeth Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Income‑generating restaurant on the first floor.; Mixed‑use property in a busy retail area.; Vacant, spacious two‑bedroom apartment on the second floor.
