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    Restaurant and Colonial in Elizabeth Title is generated by Realmo AI

    645 Garden St, Elizabeth, NJ 07202

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    Claim this Listing
    For Sale
    $825,900

    Commercial - Elizabeth City, NJ

    Property size:
    3,585 SF
    Lot size:
    0.78 Acres
    Price / SF:
    $230/SF
    Added:
    Feb 20, 2026
    Days on Market:
    99
    Last Refresh:
    May 30 at 1:06 pm

    Property Features for 645 Garden St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    commercial
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    3,585 SF
    Lot size
    0.78 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    13377

    Utilities

    Cooling system
    Multi Units

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Tile, Wood
    Building materials
    Concrete
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    PIETRO PICCOLO

    Listing agent PIETRO PICCOLO

    Listing office RE/MAX TOWN & VALLEY II 211 ROUTE 10, Succasunna, NJ

    Listing date Feb 20, 2026

    MLS# 4010773 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

    • Vacant restaurant space in a prime location, ready for immediate setup.
    • Includes a banquet hall on the second floor of the restaurant.
    • Additional 4‑bedroom single‑family colonial next door.
    • Colonial currently has month‑to‑month tenants.
    • Concrete construction.
    • Basement included.

    Overview

    This property presents an opportunity for investors or owner-operators. It features a vacant, spacious restaurant in a prime location, complete with a banquet hall on the second floor. Adjacent to the restaurant is a 4-bedroom single-family colonial. The tenants in the colonial are currently on a month-to-month lease. The property is zoned for commercial use and is situated on a 0.78-acre lot. The restaurant and colonial are located in Elizabeth City, New Jersey.

    Local Financial Insights For Apartment 5plus

    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 $116.2k $32.40
    − Vacancy −$5.6k −$1.56
    EGI $110.6k $30.84
    − OpEx −$49.8k −$13.88
    NOI $60.8k $16.96
    3,585 SF · lease $32.40/SF/yr · vacancy 4.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $868.8K
    $760.2K – $1.01M (±1% cap)
    NOI $60,818 @ 7.0% cap · market cap 7.36%
    Second Best
    Specialty Retail
    $818.8K
    $716.5K – $955.3K (±1% cap)
    NOI $57,319 @ 7.0% cap · market cap 6.94%
    Theoretical Best
    Office A
    $1.33M
    $1.16M – $1.55M (±1% cap)
    NOI $92,951 @ 7.0% cap · market cap 11.25%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    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.

    Similar Places Nearby

    • Flavor Bliss Catering Services — 42 Broad St, Elizabeth, NJ 07202
    • UMUTfoodsupplier.com — 899 E Jersey St, New York, NJ 07201
    • Ultimate Food Services — 2401 E Linden Ave, Linden, NJ 07036

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.21319
    Latitude
    40.6527

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    FAQs

    What type of property is this?
    Restaurant - Vacant restaurant with banquet hall and a 4-bedroom colonial.
    Where is this restaurant located?
    The property is located at 645 Garden St Elizabeth, NJ.
    What is the asking price?
    The asking price for this property is $825,900.
    What are key features of this property?
    This property features: Vacant restaurant space in a prime location, ready for immediate setup.; Includes a banquet hall on the second floor of the restaurant.; Additional 4‑bedroom single‑family colonial next door.
    (973) 598-1008
    We can help!
    Listing Contact
    PIETRO PICCOLO
    Request Owner's contact information
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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.

    More about this property
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    645 Garden St, Elizabeth City, NJ 07202-3605
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