Corner Two-Family Income
461 1st Avenue Elizabethport, NJ 07206
461 1st Avenue, Elizabethport, NJ, 07206
$1,185,000
For Sale
$1,185,000
Two well-appointed units on a corner double lot with separate utilities, an attached garage, and a finished ground-level basement.
Property Size2,041 SF
Price / SF$580.60
Days on Market39
Property Features for 461 1st Avenue
General Information
- Standard status
- Active
- Size
- 2,041 SF
- Property subtype
- Multi Family / 2-Two Story
Building Details
- Year Built
- 2023
Listing agency
TNT REALTY NJ
(908) 603-6399
Listed by
JESSENIA VELEZ · License #399709
(908) 603-6399
Source
Compass
Added: Jun 14 Updated: Jul 21 at 1:11PM Checked: Jul 21 at 1:11PM
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 TNT REALTY NJ
Investment Insights
Based on property information with market context.
This exceptional two-family property is set on a corner double lot and offers spacious, open-concept layouts. Interiors include hardwood floors, quartz countertops, stainless steel appliances, custom cabinetry, and electric fireplaces. The first-floor unit features 5 bedrooms and 3 full baths, including a primary suite. The second-floor unit is designed for strong rental income. A finished ground-level basement adds additional usable space, and the property includes an attached garage.
Separate utilities support independent operations between the units, and remaining tax abatement is noted. The home is conveniently located near schools, shopping, major highways, and public transportation.
The combination of two distinct residential units, separate utility setups, and additional finished space makes this property well suited for an owner-occupant or investor who wants income alongside personal use.
Separate utilities support independent operations between the units, and remaining tax abatement is noted. The home is conveniently located near schools, shopping, major highways, and public transportation.
The combination of two distinct residential units, separate utility setups, and additional finished space makes this property well suited for an owner-occupant or investor who wants income alongside personal use.
Key Highlights
- Two‑family home on a corner double lot with 2023 construction
- 5‑bedroom, 3 full‑bath first‑floor unit with a primary suite
- Second‑floor unit designed for rental income, with separate utilities
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $58.8k | $28.80 |
| − Vacancy | −$3.2k | −$1.58 |
| EGI | $55.5k | $27.22 |
| − OpEx | −$16.7k | −$8.16 |
| NOI | $38.9k | $19.05 |
2,041 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$555.5K
$486.0K – $648.1K
NOI $38,883 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$494.6K
$432.8K – $577.1K
NOI $34,625 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$756.0K
$661.5K – $882.0K
NOI $52,918 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two well-appointed units on a corner double lot with separate utilities, an attached garage, and a finished ground-level basement.
Where is this duplex located?
The property is located at 461 1st Avenue Elizabethport, NJ.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: Two‑family home on a corner double lot with 2023 construction; 5‑bedroom, 3 full‑bath first‑floor unit with a primary suite; Second‑floor unit designed for rental income, with separate utilities
