Grocery and Convenience
For Sale
Under Contract
$899,000
503 Elizabeth Avenue, Elizabeth, NJ 07206
Commercial Sale, Elizabeth, NJ
Property Size2,400 SF
Price / SF$374.58
Days on Market2866
Property Features for 503 Elizabeth Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MIXED
Interior features
Refrigeration
Appliances
Refrigeration
Lot features
Business District
Directions
Broad St To Elizabeth Ave
Standard status
Active Under Contract
Size
2,400 SF
Taxes and HOA fees
Tax Year
2018
Tax Annual Amount
9454
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Flooring type
Tile
Building materials
Stucco, Wood Siding
Roof type
Flat
Listing Agency:
SUPREME REALTY C-21 · Century 21 Real Estate
(908) 272-8337 x37
Listed By:
Luis Pupo
(908) 272-8337
Added: Nov 7, 2018
Changed: Sep 2
Last Checked: Sep 12 at 8:06AM
MLS# 1910770
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This grocery and convenience store occupies a 2,400-square-foot building constructed in 1920. The sale includes 27 refrigerator door fronts, computer systems, a security monitoring system, a lottery machine, and ATM access. An additional 1,800-square-foot finished basement expands the available interior area. The building has tile flooring, forced-air heating, central air conditioning, a flat roof, and stucco and wood siding.
The property is located at 503 Elizabeth Avenue in Elizabeth, New Jersey, within Union County. Public water and public sewer serve the site, and the property carries MIXED zoning. Approved building plans for second-floor apartments are included with the sale.
The property is located at 503 Elizabeth Avenue in Elizabeth, New Jersey, within Union County. Public water and public sewer serve the site, and the property carries MIXED zoning. Approved building plans for second-floor apartments are included with the sale.
Key Highlights
- 2,400‑square‑foot grocery and convenience store building
- 27 refrigerator door fronts included
- 1,800‑square‑foot finished basement
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
$38,372
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
4.27%
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%
$767,440
$767.4K
Cap Rate 7%
$548,171
$548.2K
Cap Rate 9%
$426,356
$426.4K
Market Conditions
NOI Build-Up for 2,400 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
$54.7K $22.80/SF
− Vacancy
−$3.6K −$1.48/SF
EGI
$51.2K $21.32/SF
− OpEx
−$12.8K −$5.33/SF
NOI
$38.4K $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%
$767,440
Cap Rate 7%
$548,171
Cap Rate 9%
$426,356
Alternative Uses
Best Use
Specialty Retail
$548.2K
$479.7K – $639.5K
NOI $38,372 @ 7.0% cap · market cap 4.27%
Second Best
Retail
$474.3K
$415.1K – $553.4K
NOI $33,204 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$888.9K
$777.8K – $1.04M
NOI $62,226 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,725
Businesses Nearby
65k
Monthly Visits Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Superfood Marketplace - Elizabeth, NJ — 50 1st St, Elizabeth, NJ 07206
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- Super El Rey Supermarket — 80 3rd St, Elizabethport, NJ 07206
- Mecho Supermarket — 233 Second St, Elizabeth, NJ 07206
- First Avenue Deli & Supermarket Inc. — 454 1st Ave, Elizabeth, NJ 07206
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Established retail operation with refrigeration, technology systems, and additional finished basement space.
Where is this grocery and convenience store located?
The property is located at 503 Elizabeth Avenue Elizabeth, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,400‑square‑foot grocery and convenience store building; 27 refrigerator door fronts included; 1,800‑square‑foot finished basement
