Six-Story 77-Unit Apartment
For Sale
Contact for pricing
610 Salem Avenue, Elizabeth, NJ 07208
Fully occupied multifamily property with regional transportation access and proximity to major employment centers.
Property Size61,754 SF
Lot Size0.80 Acres
Price / SF$215.37
Days on Market58
Property Features for 610 Salem Avenue
General Information
Standard status
Active
Size
61,754 SF
Class
C
Total Parking Spaces
29
Lot size
0.80 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$741,633
Additional Details
Multifamily Units
77
Building Details
Year Built
1920
Buildings
1
Stories
6
Units
77
Tenancy
Multi
Listing Agency:
ICON Real Estate Advisors
Listed By:
David Jarvis · License #2322507
Source:
Crexi
Added: Jul 6
Changed: Aug 30
Last Checked: Sep 1 at 1:43AM
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 ICON Real Estate Advisors
Investment Insights
Based on property information with market context.
This six-story apartment property contains 77 residential units averaging approximately 802 square feet, with 61,754 square feet of total property size. Constructed in 1920, the building occupies an approximately 0.80-acre parcel and is described as fully occupied. The asset is positioned within an urban rental setting supported by a substantial renter population and high population density.
Regional transportation access connects the property with Newark and New York City. The location is also near Newark Liberty International Airport and RWJBarnabas Health, two identified employment anchors. The combination of unit scale, established construction, full occupancy, and access to regional transportation defines the property's primary operating profile.
Regional transportation access connects the property with Newark and New York City. The location is also near Newark Liberty International Airport and RWJBarnabas Health, two identified employment anchors. The combination of unit scale, established construction, full occupancy, and access to regional transportation defines the property's primary operating profile.
Key Highlights
- 77 residential units averaging approximately 802 square feet
- 61,754 square feet of total property size
- Six‑story apartment building constructed in 1920
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
$1,047,634
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
7.88%
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%
$20,952,680
$21.0M
Cap Rate 7%
$14,966,200
$15.0M
Cap Rate 9%
$11,640,378
$11.6M
Market Conditions
NOI Build-Up for 61,754 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
$2.00M $32.40/SF
− Vacancy
−$96.0K −$1.56/SF
EGI
$1.90M $30.84/SF
− OpEx
−$857.2K −$13.88/SF
NOI
$1.05M $16.96/SF
Area
Elizabeth, NJ
Vacancy
4.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$20,952,680
Cap Rate 7%
$14,966,200
Cap Rate 9%
$11,640,378
Alternative Uses
Best Use
Apartment 5plus
$14.97M
$13.10M – $17.46M
NOI $1,047,634 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.87M
$20.01M – $26.69M
NOI $1,601,138 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
77
Residential units
Location Intelligence
Trade Area within ½ mile
1,829
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with regional transportation access and proximity to major employment centers.
Where is this apartment building located?
The property is located at 610 Salem Avenue Elizabeth, NJ.
What is the asking price?
The asking price for this property is $13,300,000.
What are key features of this property?
This property features: 77 residential units averaging approximately 802 square feet; 61,754 square feet of total property size; Six‑story apartment building constructed in 1920
