Mixed-Use Commercial and Residential
For Sale
$1,199,000
459 Fulton St, Elizabeth, NJ 07206
Ground-floor commercial/warehouse space with high ceilings and loading access pairs with three income residential units.
Property Size7,500 SF
Price / SF$159.87
Days on Market61
Property Features for 459 Fulton St
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Additional Details
Clear Height
14 ft
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$24,698
Amenities
Central air
Central Air Cooling
Building Details
Stories
3
Listing Agency:
SERHANT NEW JERSEY LLC
(973) 315-5959
Listed By:
MASSIMO CHIRICHIELLO
Source:
Corcoran
Added: Jun 10
Changed: Aug 8
Last Checked: Jun 13 at 3:57AM
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 SERHANT NEW JERSEY LLC
Investment Insights
Based on property information with market context.
This mixed-use property offers a ground-floor commercial/warehouse component and three residential units on the second and third floors. The ground level includes approximately 2,500 square feet of flexible space with 14-foot ceilings, rolling garage doors, a half bath, and a private office. The residential portion consists of two spacious 1-bedroom apartments and one oversized two-story 6-bedroom, 2-bath unit, with an eat-in kitchen and two living rooms. All residential units feature central air and in-unit laundry.
The building is described as having strong street visibility at 459 Fulton St in Elizabeth City, NJ, supporting commercial access and everyday visibility.
For tenants and buyers, the configuration supports a range of uses for the ground-floor space, including retail, light industrial, showroom, or storage, while the upper-floor units provide residential income potential. The property is listed for sale with no leases in place, and the existing month-to-month arrangements noted in the remarks can simplify transition planning for an owner-occupier or investor seeking operational control.
The building is described as having strong street visibility at 459 Fulton St in Elizabeth City, NJ, supporting commercial access and everyday visibility.
For tenants and buyers, the configuration supports a range of uses for the ground-floor space, including retail, light industrial, showroom, or storage, while the upper-floor units provide residential income potential. The property is listed for sale with no leases in place, and the existing month-to-month arrangements noted in the remarks can simplify transition planning for an owner-occupier or investor seeking operational control.
Key Highlights
- 2,500 SF ground‑floor commercial/warehouse space with 14' ceilings, rolling garage doors, half bath, and private office
- Includes three residential units: two 1‑bedroom apartments and one oversized 6‑bedroom, 2‑bath two‑story unit with eat‑in kitchen and two living rooms
- All units have central air and in‑unit laundry
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
$102,329
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
8.53%
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%
$2,046,580
$2.0M
Cap Rate 7%
$1,461,843
$1.5M
Cap Rate 9%
$1,136,989
$1.1M
Market Conditions
NOI Build-Up for 7,500 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
$127.8K $17.04/SF
− Vacancy
−$7.4K −$0.99/SF
EGI
$120.4K $16.05/SF
− OpEx
−$18.1K −$2.41/SF
NOI
$102.3K $13.64/SF
Area
Elizabeth, NJ
Vacancy
5.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
15.00%
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%
$2,046,580
Cap Rate 7%
$1,461,843
Cap Rate 9%
$1,136,989
Alternative Uses
Best Use
Multifamily LT 5
$2.04M
$1.79M – $2.38M
NOI $142,884 @ 7.0% cap · market cap 11.92%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,235 @ 7.0% cap · market cap 10.61%
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,458 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,540
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Ground-floor commercial/warehouse space with high ceilings and loading access pairs with three income residential units.
Where is this flex space located?
The property is located at 459 Fulton St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 2,500 SF ground‑floor commercial/warehouse space with 14' ceilings, rolling garage doors, half bath, and private office; Includes three residential units: two 1‑bedroom apartments and one oversized 6‑bedroom, 2‑bath two‑story unit with eat‑in kitchen and two living rooms; All units have central air and in‑unit laundry
