Elmora Multifamily Investment
651 Westfield Avenue Elizabeth, NJ 07208
651 Westfield Avenue, Elizabeth, NJ, 07208
$1,500,000
For Sale
$1,500,000
Seven-unit apartment building in Elmora, fully occupied with parking.
Property Size6,042 SF
Price / SF$248.26
Days on Market103
Property Features for 651 Westfield Avenue
General Information
- Standard status
- Active
- Size
- 6,042 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1915
Listing Agency
CONNOISSEUR PROPERTIES
(732) 381-5500
Listed by
KAREN ANN SIMONSON
Source
Corcoran
Added: Apr 6 Checked: Jul 17 at 3:06 am
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.
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 | $195.8k | $32.40 |
| − Vacancy | −$9.4k | −$1.56 |
| EGI | $186.4k | $30.84 |
| − OpEx | −$83.9k | −$13.88 |
| NOI | $102.5k | $16.96 |
6,042 SF · lease $32.40/SF/yr · vacancy 4.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
