Two-Family Income
638 Franklin Street Elizabethport, NJ 07206
638 Franklin Street, Elizabethport, NJ, 07206
$599,000
For Sale
$599,000
Two-family residence with one month-to-month tenant and a second unit currently being remodeled.
Property Size1,000 SF
Price / SF$599
Days on Market98
Property Features for 638 Franklin Street
General Information
- Standard status
- Active
- Size
- 1,000 SF
- Property subtype
- Multi Family / 2-Two Story
Building Details
- Year Built
- 2021
Listing agency
KELLER WILLIAMS CITY VIEWS REALTY
(201) 592-8900
Listed by
FARHAN YOUSUFI · License #281797
(201) 592-8900
Source
Compass
Added: Apr 15 Updated: Jul 20 at 9:20PM Checked: Jul 21 at 6:50AM
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 KELLER WILLIAMS CITY VIEWS REALTY
Investment Insights
Based on property information with market context.
This two-family income property includes two residential units with functional layouts. The first-floor unit is tenant occupied on a month-to-month arrangement. The second-floor unit is currently being remodeled, with the prior long-term tenant recently moving out. The property is being sold as-is, and the buyer is responsible for all due diligence.
The asset is located at 638 Franklin Street in Elizabeth, NJ, 07206. Showings are available by appointment only, and tenants should not be disturbed.
As offered, the property presents an existing rental stream on the first floor while the second floor is in the process of renovation.
The asset is located at 638 Franklin Street in Elizabeth, NJ, 07206. Showings are available by appointment only, and tenants should not be disturbed.
As offered, the property presents an existing rental stream on the first floor while the second floor is in the process of renovation.
Key Highlights
- 2021‑built 2‑family residence sold as‑is; buyer responsible for all due diligence
- First floor: long‑term tenant on a month‑to‑month lease
- Second floor: currently being remodeled; long‑term tenant recently moved out
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $28.8k | $28.80 |
| − Vacancy | −$1.6k | −$1.58 |
| EGI | $27.2k | $27.22 |
| − OpEx | −$8.2k | −$8.16 |
| NOI | $19.1k | $19.05 |
1,000 SF · lease $28.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.8K
NOI $16,965 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$370.4K
$324.1K – $432.1K
NOI $25,928 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-family residence with one month-to-month tenant and a second unit currently being remodeled.
Where is this duplex located?
The property is located at 638 Franklin Street Elizabethport, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2021‑built 2‑family residence sold as‑is; buyer responsible for all due diligence; First floor: long‑term tenant on a month‑to‑month lease; Second floor: currently being remodeled; long‑term tenant recently moved out
