Elmora Multifamily Investment
For Sale
$1,500,000
Pending
651 Westfield Avenue, Elizabeth, NJ 07208
Seven-unit apartment building in Elmora, fully occupied with parking.
Property Size6,042 SF
Days on Market149
Property Features for 651 Westfield Avenue
General Information
Standard status
Pending
Size
6,042 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,566
Amenities
Central air
Asphalt Shingle Roof
Auxiliary Electric Heat Heating
Irregular Lot
Parking Lot-Exclusive
Wall A/C Unit(s) Cooling
Building Details
Year Built
1915
Listing Agency:
CONNOISSEUR PROPERTIES
(732) 381-5500
Listed By:
KAREN ANN SIMONSON
Source:
Corcoran
Added: Apr 6
Changed: Aug 8
Last Checked: Jul 23 at 9:22AM
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 CONNOISSEUR PROPERTIES
Investment Insights
Based on property information with market context.
Located in the Elmora section, this property features a seven-family house. Three apartments have been gutted and renovated. The unit mix includes four one-bedroom apartments and three two-bedroom apartments, each with one full bathroom. The building is fully occupied and all-electric. There are 10 parking spaces available. The property size is 6,042 square feet.
Key Highlights
- Seven‑unit apartment building in the desirable Elmora Section.
- Three apartments recently gutted and renovated, offering modern living spaces.
- Enjoy the convenience of ten parking spaces available.
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
$102,500
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
6.83%
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%
$2,050,000
$2.1M
Cap Rate 7%
$1,464,286
$1.5M
Cap Rate 9%
$1,138,889
$1.1M
Market Conditions
NOI Build-Up for 6,042 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
$195.8K $32.40/SF
− Vacancy
−$9.4K −$1.56/SF
EGI
$186.4K $30.84/SF
− OpEx
−$83.9K −$13.88/SF
NOI
$102.5K $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%
$2,050,000
Cap Rate 7%
$1,464,286
Cap Rate 9%
$1,138,889
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.71M
NOI $102,500 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,655 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,338
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 - Seven-unit apartment building in Elmora, fully occupied with parking.
Where is this apartment building located?
The property is located at 651 Westfield Avenue Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Seven‑unit apartment building in the desirable Elmora Section.; Three apartments recently gutted and renovated, offering modern living spaces.; Enjoy the convenience of ten parking spaces available.
