Three-Story Multifamily
For Sale
$729,000
658 Adams Ave, Elizabeth, NJ 07201
Radiant gas heat and a full walk-out basement shape the building’s residential configuration.
Property Size1,808 SF
Days on Market100
Property Features for 658 Adams Ave
General Information
Standard status
Active
Size
1,808 SF
Property subtype
Residential Income
Zoning
Multi Family
Taxes and HOA fees
Annual Taxes
$12,975
Amenities
Natural Gas, Radiant
Full, Unfinished, Walk-Out Access
Gas Water Heater
On Street
3-Three Story
Building Details
Building Size
1,808 SF
Year Built
1912
Stories
3
Listing Agency:
RE/MAX First Realty II
Listed By:
JAMES DELLOMO
(908) 323-0796
Source:
Evrealestate
Added: Jun 25
Changed: Sep 29
Last Checked: Oct 1 at 10:47AM
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 RE/MAX First Realty II
Investment Insights
Based on property information with market context.
Located at 658 Adams Ave in Elizabeth, this three-story multifamily property was built in 1912. Interior features include radiant natural-gas heating and a gas water heater. A full, unfinished basement with walk-out access adds to the building’s existing layout.
The property is zoned Multi Family, with on-street parking noted. Directions place it off Newark Ave, with access by way of North Ave; Valenca restaurant is identified around the corner.
The property is zoned Multi Family, with on-street parking noted. Directions place it off Newark Ave, with access by way of North Ave; Valenca restaurant is identified around the corner.
Key Highlights
- Three‑story multifamily property built in 1912
- Zoned Multi Family
- Radiant natural‑gas heat and gas water heater
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
$30,672
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
4.21%
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%
$613,440
$613.4K
Cap Rate 7%
$438,171
$438.2K
Cap Rate 9%
$340,800
$340.8K
Market Conditions
NOI Build-Up for 1,808 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
$58.6K $32.40/SF
− Vacancy
−$2.8K −$1.56/SF
EGI
$55.8K $30.84/SF
− OpEx
−$25.1K −$13.88/SF
NOI
$30.7K $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%
$613,440
Cap Rate 7%
$438,171
Cap Rate 9%
$340,800
Alternative Uses
Best Use
Apartment 5plus
$438.2K
$383.4K – $511.2K
NOI $30,672 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$669.7K
$586.0K – $781.3K
NOI $46,877 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 07201, NJ
29,390
Population
10,404
Households
2.8
Avg Household Size
35
Median Age
15%
College-Educated
75%
High-School Grad
6.4 sq mi
ZIP Area
4,592
Density / Sq Mi
$62,026
Median Household Income
$33,092
Median Earnings
$1,476
Median Rent
$413,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Radiant gas heat and a full walk-out basement shape the building’s residential configuration.
Where is this multifamily property located?
The property is located at 658 Adams Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Three‑story multifamily property built in 1912; Zoned Multi Family; Radiant natural‑gas heat and gas water heater
