Three-Unit Multifamily
For Sale
$1,300,000
700 700-702 Park Ave, Elizabeth, NJ 07208
Unit mix includes three-, two-, and one-bedroom layouts with a detached garage and private driveway.
Property Size5,328 SF
Price / SF$243.99
Days on Market41
Property Features for 700 700-702 Park Ave
General Information
Standard status
Active
Size
5,328 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/3BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty West Monmouth
(732) 887-6110
Listed By:
Michael Lamie · License #393672
Source:
Goldstandardrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 5:35PM
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 Keller Williams Realty West Monmouth
Investment Insights
Based on property information with market context.
This 5,328-square-foot triplex, built in 1920, contains three distinct residential units. The largest residence provides three bedrooms and three bathrooms across two levels, with a kitchen, living and dining areas, and a primary bedroom with private bath. A second unit offers two bedrooms and one bathroom, while the third is configured as a one-bedroom residence.
Exterior features include a front yard, detached garage, private driveway, and ample parking. The property is located in Elmora Hills in Elizabeth, near shopping centers, parks, public transit, major highways, and Kean University. Its three-unit configuration supports a range of occupancy and rental arrangements within an established residential setting.
Exterior features include a front yard, detached garage, private driveway, and ample parking. The property is located in Elmora Hills in Elizabeth, near shopping centers, parks, public transit, major highways, and Kean University. Its three-unit configuration supports a range of occupancy and rental arrangements within an established residential setting.
Key Highlights
- 5,328‑square‑foot multifamily property with 3 residential units
- Unit mix includes 3 bedrooms/3 bathrooms, 2 bedrooms/1 bathroom, and 1 bedroom
- Largest unit spans 2 levels and includes a primary bedroom with private bath
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
$101,505
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
7.81%
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%
$2,030,100
$2.0M
Cap Rate 7%
$1,450,071
$1.5M
Cap Rate 9%
$1,127,833
$1.1M
Market Conditions
NOI Build-Up for 5,328 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
$153.4K $28.80/SF
− Vacancy
−$8.4K −$1.58/SF
EGI
$145.0K $27.22/SF
− OpEx
−$43.5K −$8.16/SF
NOI
$101.5K $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%
$2,030,100
Cap Rate 7%
$1,450,071
Cap Rate 9%
$1,127,833
Alternative Uses
Best Use
Multifamily LT 5
$1.45M
$1.27M – $1.69M
NOI $101,505 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,388 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,143 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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?
Triplex - Unit mix includes three-, two-, and one-bedroom layouts with a detached garage and private driveway.
Where is this triplex located?
The property is located at 700 700-702 Park Ave Elizabeth, NJ.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5,328‑square‑foot multifamily property with 3 residential units; Unit mix includes 3 bedrooms/3 bathrooms, 2 bedrooms/1 bathroom, and 1 bedroom; Largest unit spans 2 levels and includes a primary bedroom with private bath
