3-Unit Residential Income
For Sale
$749,000
640 Elizabeth Street, Perth Amboy, NJ 08861
Residential Income, Perth Amboy, NJ
Property Size2,141 SF
Lot Size0.07 Acres
Price / SF$349.84
Days on Market53
Property Features for 640 Elizabeth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-25
Zoning description
Buyer Should Verify
Rooms
Basement
Parking features
On Street
Patio and Porch features
Porch, Patio
Interior features
Unit 1(2 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 2(2 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 3(2 Bedrooms, Kitchen, 1 Bath)
Exterior features
Barbecue, Patio, Porch(es) - Open, Storage Shed, Porch
Accessibility
Accessible Approach with Ramp
Appliances
Water Heater(See Remarks, Gas), Water Heater, Unit 1(Range/Oven), Unit 2(Range/Oven), Unit 3(Range/Oven)
Lot features
Level
Elementary school district
Perth Amboy City School Distri
Middle school district
Perth Amboy City School Distri
High school district
Perth Amboy City School Distri
Standard status
Active
APN
16003500000000031
Size
2,141 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7983
Utilities
Sewer type
Public Sewer
Heating system
Central, Baseboard, Hot Water(Heating), Radiant
Cooling system
Window Unit(s), Wall Unit(s)
Water source
Public
Building Details
Year built
1909
Floors in Building
3
Building materials
Stucco, Vinyl Siding
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
PETRA BEST REALTY LLC
(732) 442-1400
Listed By:
Elvis Collado
(732) 442-1400
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 30 at 6:06PM
MLS# 2700689R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,141-square-foot triplex contains three residential apartments, each identified with two bedrooms, a kitchen, and one full bathroom. Units 1 and 2 also include living rooms. The third-floor apartment is scheduled to be vacant at closing and includes two additional attic rooms with a separate entrance, creating added storage or flexible-use space. The property is being sold as-is.
Built in 1909, the building has stucco and vinyl siding, an asphalt roof, public water, and public sewer. Exterior features include an open porch, patio, barbecue area, and storage shed. Heating systems include central, baseboard, hot water, and radiant components, while cooling is provided by window and wall units. Parking is available on the street, and the property includes an accessible approach with ramp.
Built in 1909, the building has stucco and vinyl siding, an asphalt roof, public water, and public sewer. Exterior features include an open porch, patio, barbecue area, and storage shed. Heating systems include central, baseboard, hot water, and radiant components, while cooling is provided by window and wall units. Parking is available on the street, and the property includes an accessible approach with ramp.
Key Highlights
- Three‑unit triplex with 2,141 square feet of property size
- Each apartment is identified with 2 bedrooms, a kitchen, and 1 full bathroom
- Third‑floor apartment to be vacant at closing
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
$35,832
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
4.78%
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%
$716,640
$716.6K
Cap Rate 7%
$511,886
$511.9K
Cap Rate 9%
$398,133
$398.1K
Market Conditions
NOI Build-Up for 2,141 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
$54.7K $25.56/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$51.2K $23.91/SF
− OpEx
−$15.4K −$7.17/SF
NOI
$35.8K $16.74/SF
Area
Middlesex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$716,640
Cap Rate 7%
$511,886
Cap Rate 9%
$398,133
Alternative Uses
Best Use
Multifamily LT 5
$511.9K
$447.9K – $597.2K
NOI $35,832 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$470.3K
$411.6K – $548.7K
NOI $32,924 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$559.1K
$489.2K – $652.2K
NOI $39,134 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 08861, NJ
58,039
Population
21,032
Households
2.8
Avg Household Size
35
Median Age
16%
College-Educated
70%
High-School Grad
5.1 sq mi
ZIP Area
11,380
Density / Sq Mi
$60,464
Median Household Income
$34,093
Median Earnings
$1,623
Median Rent
$340,900
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?
Triplex - Three apartments offer a two-bedroom configuration with kitchens and full bathrooms, supporting an owner-occupant or rental arrangement.
Where is this triplex located?
The property is located at 640 Elizabeth Street Perth Amboy, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,141 square feet of property size; Each apartment is identified with 2 bedrooms, a kitchen, and 1 full bathroom; Third‑floor apartment to be vacant at closing
