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    Four-Unit Residential Quadplex Title is generated by Realmo AI

    620 Pennsylvania Ave, Elizabeth, NJ 07201

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    For Sale
    $1,200,000

    Multi-Family, See Remarks - Elizabeth City, NJ

    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 3:06 pm

    Property Features for 620 Pennsylvania Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    4
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen, Living Room
    Parking
    6
    Basement Y/N
    1
    Appliances
    Microwave, Oven - Gas, Range, Refrigerator
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    14112

    Utilities

    Heating system
    Other (Heating), Steam
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1927
    Number of units
    4
    Building materials
    Aluminum Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

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    Listing Contact
    CURTIS COUNTS

    Listing agent CURTIS COUNTS

    Listing office EXP REALTY, LLC 28 VALLEY ROAD, Montclair, NJ

    Listing date Jun 5, 2026

    MLS# 4032660 Listing URL

    Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 4‑family property built in 1927 with 2 bedrooms and 1 bathroom per unit
    • Two separate attic spaces with high ceilings and two separate basements accessible via communal hallways
    • Laundry hookup(s) in basement and basement access through communal hallways for each unit
    • Private driveway with ample parking plus a 3‑car detached garage and huge yard behind the garage
    • Steam heating; cooling: none (per heating/cooling info provided)
    • Appliances listed include microwave, gas oven, range, and refrigerator

    Overview

    This four-unit quadplex features fully renovated apartments, each with two bedrooms and one bathroom. Interiors include fresh flooring and contemporary finishes, with modern kitchen and bath updates throughout the units. The building also offers two separate attic spaces with high ceilings and two separate basements accessible through communal hallways, which can support storage, independent utility use, or potential future improvement space. Laundry hookups are available in the basements.

    The property is located at 620 Pennsylvania Ave in Elizabeth, NJ 07201. It is described as minutes from the Elizabeth Train Station, with NJ Transit bus service available nearby. Access is provided to major regional highways including Route 1 and 9, I-95 (NJ Turnpike), I-78, and the GSP, with nearby everyday conveniences such as grocery options, dining, and shopping districts.

    With a private driveway and ample parking, plus a 3-car detached garage, the site supports day-to-day usability for residents and operators. The oversized lot includes a large yard behind the garage, which may be useful for storage or future site plans, alongside the additional basement and attic spaces already built into the structure.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.20946
    Latitude
    40.67714

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    FAQs

    What type of property is this?
    Quadplex - Renovated four-family with two-bedroom units, separate basements and attics, and a detached 3-car garage.
    Where is this quadplex located?
    The property is located at 620 Pennsylvania Ave Elizabeth, NJ.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: 4‑family property built in 1927 with 2 bedrooms and 1 bathroom per unit; Two separate attic spaces with high ceilings and two separate basements accessible via communal hallways; Laundry hookup(s) in basement and basement access through communal hallways for each unit
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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