19-Unit Apartment
500-504 Cherry St, Elizabeth, NJ 07208
For Sale
Contact for pricing
Rooming house configuration includes 18 rooms and one apartment.
Property Size9,353 SF
Days on Market99
Property Features for 500-504 Cherry St
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Multifamily Units
Amenities
Rooming house with 18 rooms and 1 super's apartment 1Bed/1Bath & two car garage and additional parking
0.38 Acre corner lot with 65 ft of frontage on Cherry St and 200 frontage on Stiles Street
Highly desirable R-3A Zoning, which permits multi-family development
Strong market fundamentals , 4.5% vacancy rate and 60% renter occupied households within 5 mile radius
Grandfathered legal nonconforming rooming house. No new rooming house licenses will be granted. This creates high demand environment for the limit inventory of rentable rooms.
Huge upside potential to take the NOI from $24,220 to $82,411 increasing the Cap Rate from 3.38% to 11.51%
Value add achieved through leasing units. Additional value add can be realized through converting unused space into two income producing rooms, generating $800 per month per room.
Seller Financing is Available.
Building Details
Building Size
Units
Listing Agency:
Marcus & Millichap - New Jersey
Listed By:
Kevin Taub
(201) 742-6132
Source:
Marcusmillichap
Added: Aug 8
Changed: Nov 13
Last Checked: Nov 12 at 4:14AM
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
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Investment Insights
Based on property information with market context.
This 19-unit apartment building is configured as a rooming house with 18 rooms and one apartment. The property comprises the two addresses at 500-504 Cherry Street in Elizabeth, New Jersey, and is identified as Block 158, Lot 26.
Key Highlights
- 19‑unit rooming house
- 18 rooms and 1 apartment
- 500‑504 Cherry Street location
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
2,591
Businesses Nearby
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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
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Market
Properties on Market for Apartment buildings in Elizabeth
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Rooming house configuration includes 18 rooms and one apartment.
Where is this apartment building located?
The property is located at 500-504 Cherry St Elizabeth, NJ.
What are key features of this property?
This property features: 19‑unit rooming house; 18 rooms and 1 apartment; 500‑504 Cherry Street location
