Two-Family Residential Income
For Sale
$650,000
514 Marshall Street, Elizabeth, NJ 07206
Large two-family property with 3-bedroom, 1-bath units, plus a full basement and a third-floor bonus apartment.
Property Size2,832 SF
Price / SF$229.52
Days on Market255
Property Features for 514 Marshall Street
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Multi Family / 2-Two Story
Zoning
Multi-Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,054
Amenities
Vinyl
3
Full
5
Yes
No
Shingle
Vinyl Siding
Building Details
Year Built
1890
Listing Agency:
RE/MAX Central
(732) 972-1000
Listed By:
Michael Sclafani · License #0901283
(732) 972-1000
Source:
Compass
Added: Dec 19, 2025
Changed: Aug 8
Last Checked: Jul 23 at 1:28PM
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 RE/MAX Central
Investment Insights
Based on property information with market context.
This large two-family residential income property features two separate units, each offering three bedrooms and one full bathroom. In addition to the main living areas, the property includes a full basement that provides extra space for living or storage, as well as a third-floor bonus apartment.
The home also offers ample off-street parking for residents and guests. It is conveniently located near major highways, public transportation, shopping, and local amenities.
Overall, the layout combines multiple living spaces within one property, including the basement and third-floor bonus apartment, creating additional flexibility for occupancy and day-to-day use.
The home also offers ample off-street parking for residents and guests. It is conveniently located near major highways, public transportation, shopping, and local amenities.
Overall, the layout combines multiple living spaces within one property, including the basement and third-floor bonus apartment, creating additional flexibility for occupancy and day-to-day use.
Key Highlights
- Large 2‑family home with 3‑bedroom, 1‑bath units
- 3 levels plus a full basement for additional living or storage space
- Includes a 3rd‑floor bonus apartment for added flexibility
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
$53,953
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
8.30%
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%
$1,079,060
$1.1M
Cap Rate 7%
$770,757
$770.8K
Cap Rate 9%
$599,478
$599.5K
Market Conditions
NOI Build-Up for 2,832 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
$81.6K $28.80/SF
− Vacancy
−$4.5K −$1.58/SF
EGI
$77.1K $27.22/SF
− OpEx
−$23.1K −$8.16/SF
NOI
$54.0K $19.05/SF
Area
Elizabeth, NJ
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,079,060
Cap Rate 7%
$770,757
Cap Rate 9%
$599,478
Alternative Uses
Best Use
Multifamily LT 5
$770.8K
$674.4K – $899.2K
NOI $53,953 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$686.3K
$600.6K – $800.7K
NOI $48,044 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$1.05M
$917.8K – $1.22M
NOI $73,427 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,725
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Large two-family property with 3-bedroom, 1-bath units, plus a full basement and a third-floor bonus apartment.
Where is this duplex located?
The property is located at 514 Marshall Street Elizabeth, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Large 2‑family home with 3‑bedroom, 1‑bath units; 3 levels plus a full basement for additional living or storage space; Includes a 3rd‑floor bonus apartment for added flexibility
