2-Unit Residential
For Sale
$846,000
589 Cherry St, Elizabeth, NJ 07208
Both homes include central air conditioning and in-unit laundry.
Property Size2,526 SF
Price / SF$334.92
Days on Market13
Property Features for 589 Cherry St
General Information
Standard status
Active
Size
2,526 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
in-unit laundry
storage shed
central air
forced hot-air heat
2-car attached garage
off-street parking
Fire Extinguisher
Smoke Detector
Tile Floors
Vinyl-Linoleum Floors
Walk-In Closet
Metal Fence
Storage Shed
Building Details
Building Size
2,526 SF
Year Built
1999
Buildings
1
Units
2
Listing Agency:
Re/Max Instyle
Listed By:
Alejandra Coscarelli
(609) 303-3456
Source:
Culturaunitedrealty
Added: Oct 11
Changed: Oct 23
Last Checked: Oct 23 at 5:59PM
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 Instyle
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Investment Insights
Based on property information with market context.
This 2,526-square-foot duplex, built in 1999, contains two three-bedroom homes. The first-floor residence has one full bathroom, living and dining rooms, laundry, and a storage shed. Upstairs, the second residence has two full bathrooms, including a private bath off the primary bedroom, along with a kitchen, dining area, living room, and in-unit laundry. Interior access connects this unit to a two-car attached garage. The property also has central air conditioning, forced hot-air heat, and additional off-street parking.
The building occupies a corner lot at 589 Cherry St in Elizabeth, two blocks from Kean University. Major highways, public transportation, Newark Liberty International Airport, and New York City are identified as accessible from the property. The two residences have distinct floor plans and bathroom counts.
The building occupies a corner lot at 589 Cherry St in Elizabeth, two blocks from Kean University. Major highways, public transportation, Newark Liberty International Airport, and New York City are identified as accessible from the property. The two residences have distinct floor plans and bathroom counts.
Key Highlights
- Two 3‑bedroom units in a 2,526‑square‑foot duplex
- First‑floor unit has 1 full bath; second‑floor unit has 2 full baths, including an en‑suite
- Built in 1999
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,123
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$962,460
$962.5K
Cap Rate 7%
$687,471
$687.5K
Cap Rate 9%
$534,700
$534.7K
Market Conditions
NOI Build-Up for 2,526 SF
Gross rent
$72.7K $28.80/SF
− Vacancy
−$4.0K −$1.58/SF
EGI
$68.7K $27.22/SF
− OpEx
−$20.6K −$8.16/SF
NOI
$48.1K $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 Rate 5%
$962,460
Cap Rate 7%
$687,471
Cap Rate 9%
$534,700
Alternative Uses
Best Use
Multifamily LT 5
$687.5K
$601.5K – $802.1K
NOI $48,123 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$612.2K
$535.7K – $714.2K
NOI $42,853 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$935.6K
$818.7K – $1.09M
NOI $65,493 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,633
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both homes include central air conditioning and in-unit laundry.
Where is this duplex located?
The property is located at 589 Cherry St Elizabeth, NJ.
What is the asking price?
The asking price for this property is $846,000.
What are key features of this property?
This property features: Two 3‑bedroom units in a 2,526‑square‑foot duplex; First‑floor unit has 1 full bath; second‑floor unit has 2 full baths, including an en‑suite; Built in 1999
