Duplex with Two
New
For Sale
$699,000
655 4Th Ave, Elizabeth, NJ 07202
Multi-Family, 2-Two Story, Elizabeth City, NJ
Property Size2,314 SF
Lot Size0.06 Acres
Price / SF$302.07
Days on Market4
Property Features for 655 4Th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Basement, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2
Parking
4
Directions
gps
Standard status
Active
Size
2,314 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9951
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Other (Heating)
Water source
Public
Amenities
laundry room
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS METROPOLITAN · Keller Williams Realty
(973) 539-1120
Listed By:
ROMINA SCANDROGLIO
(908) 486-0005
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 2 at 4:06PM
MLS# 4055681
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.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,314 square feet on a 0.06-acre lot and was built in 1900. The first-floor apartment has two bedrooms, a living room, formal dining room, kitchen, and full bathroom. Upstairs, the second apartment includes three bedrooms, a living room, an eat-in kitchen, and a full bathroom. Two garages serve the property.
An unfinished basement adds a half bathroom and a dedicated laundry room, along with space for storage. The property has public water and sewer service and a shingle roof. It is located near shopping, transportation, schools, and major highways.
An unfinished basement adds a half bathroom and a dedicated laundry room, along with space for storage. The property has public water and sewer service and a shingle roof. It is located near shopping, transportation, schools, and major highways.
Key Highlights
- 2,314‑square‑foot duplex on a 0.06‑acre lot
- Two apartments: a two‑bedroom first‑floor unit and a three‑bedroom upper unit
- Two garages
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
$44,084
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
6.31%
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%
$881,680
$881.7K
Cap Rate 7%
$629,771
$629.8K
Cap Rate 9%
$489,822
$489.8K
Market Conditions
NOI Build-Up for 2,314 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
$66.6K $28.80/SF
− Vacancy
−$3.7K −$1.58/SF
EGI
$63.0K $27.22/SF
− OpEx
−$18.9K −$8.16/SF
NOI
$44.1K $19.05/SF
Area
Elizabeth, NJ
Vacancy
5.50%
Lease Rate
$28.80 /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%
$881,680
Cap Rate 7%
$629,771
Cap Rate 9%
$489,822
Alternative Uses
Best Use
Multifamily LT 5
$629.8K
$551.1K – $734.7K
NOI $44,084 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$560.8K
$490.7K – $654.3K
NOI $39,256 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$857.1K
$750.0K – $1,000.0K
NOI $59,997 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 07202, NJ
43,389
Population
15,866
Households
2.7
Avg Household Size
36
Median Age
13%
College-Educated
76%
High-School Grad
2.3 sq mi
ZIP Area
18,865
Density / Sq Mi
$68,071
Median Household Income
$40,505
Median Earnings
$1,508
Median Rent
$358,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments provide distinct bedroom, living, dining, and kitchen layouts.
Where is this duplex located?
The property is located at 655 4Th Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,314‑square‑foot duplex on a 0.06‑acre lot; Two apartments: a two‑bedroom first‑floor unit and a three‑bedroom upper unit; Two garages
