Duplex With Detached One-Car
For Sale
Under Contract
$650,000
71 Erie Street, Elizabeth, NJ 07206
Residential Income, Elizabeth, NJ
Property Size2,314 SF
Lot Size0.04 Acres
Price / SF$280.90
Days on Market389
Property Features for 71 Erie Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Zoning description
Conform to Zoning
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Dining Room, Basement
Parking features
Carport
Interior features
Unit 1(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room), Unit 2(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room)
Exterior features
Sidewalk
Appliances
Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
Subdivision
Elizabeth
Lot features
Corner Lot
Elementary school district
Elizabeth Ps
Middle school district
Elizabeth Ps
High school district
Elizabeth Ps
Directions
Trenton A. To Atlantic St. Rt. On 3rd. Lt. On Delaware St. Rt. On Merritt A. Rt. On Erie St.
Standard status
Active Under Contract
APN
0400738000000022
Size
2,314 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8571
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
(732) 549-1998
Listed By:
Cynthia Kilker · License #1542275
(732) 549-1998
Added: Jul 31, 2025
Changed: Aug 19
Last Checked: Aug 23 at 12:06PM
MLS# 2561636M
Copyright © 2026 All Jersey MLS. 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.
Turnkey two-unit duplex on a corner lot featuring identical floor plans for consistent layout and flow. Each unit offers three bedrooms and one bathroom, with dining room and kitchen, and includes modern kitchens with stainless steel appliances, renovated bathrooms, and updated flooring. The property also includes a detached one-car garage plus a carport for off-street parking convenience.
The home is built with vinyl siding, asphalt roofing, and forced-air heating. Utilities include public water and public sewer. Zoned C-1, the location is close to shopping centers, schools, places of worship, and major highways, supporting a practical live-and-occupy or rental-ready setup. The seller indicates the property can be delivered vacant if needed.
The home is built with vinyl siding, asphalt roofing, and forced-air heating. Utilities include public water and public sewer. Zoned C-1, the location is close to shopping centers, schools, places of worship, and major highways, supporting a practical live-and-occupy or rental-ready setup. The seller indicates the property can be delivered vacant if needed.
Key Highlights
- Two‑unit duplex with identical floor plans and consistent interior layout
- Each unit offers three bedrooms and one bathroom with renovated bathrooms
- Modern kitchens with stainless steel appliances and updated flooring
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
6.78%
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 6.78%
Second Best
Apartment 5plus
$560.8K
$490.7K – $654.3K
NOI $39,256 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$857.1K
$750.0K – $1,000.0K
NOI $59,997 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 07206, NJ
30,982
Population
9,712
Households
3.2
Avg Household Size
31
Median Age
8%
College-Educated
64%
High-School Grad
1.8 sq mi
ZIP Area
17,212
Density / Sq Mi
$60,992
Median Household Income
$38,541
Median Earnings
$1,543
Median Rent
$339,200
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?
Duplex - Turnkey duplex on a corner lot in C-1 zoning with two 3-bedroom units and a detached one-car garage.
Where is this duplex located?
The property is located at 71 Erie Street Elizabeth, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex with identical floor plans and consistent interior layout; Each unit offers three bedrooms and one bathroom with renovated bathrooms; Modern kitchens with stainless steel appliances and updated flooring
