Renovated Two-Unit
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 Market401
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
Bathroom 2, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 4, Basement, Bedroom 2, Dining Room
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
Listed By:
Cynthia Kilker · License #1542275
(732) 549-1998
Added: Jul 31, 2025
Changed: Sep 2
Last Checked: Sep 4 at 10:06AM
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.
This two-unit duplex contains 2,314 square feet and was built in 1900. Each residence includes three bedrooms, one bathroom, a living room, dining room, and kitchen. Interior updates include renovated bathrooms, refreshed flooring, and kitchens equipped with stainless-steel appliances. The units feature matching floor plans, creating a consistent configuration across the property.
The property occupies a 0.043-acre corner lot in Elizabeth, NJ, with sidewalks and public water and sewer service. Forced-air heating, vinyl siding, an asphalt roof, and gas water heating are also in place. The property is zoned C-1 and is located near shopping centers, schools, places of worship, and major highways.
The property occupies a 0.043-acre corner lot in Elizabeth, NJ, with sidewalks and public water and sewer service. Forced-air heating, vinyl siding, an asphalt roof, and gas water heating are also in place. The property is zoned C-1 and is located near shopping centers, schools, places of worship, and major highways.
Key Highlights
- Two‑unit duplex totaling 2,314 square feet
- Each unit offers 3 bedrooms and 1 bathroom
- Matching floor plans with living, dining, and kitchen areas
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
Yes
Highway access
Yes
Paved road 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 - Corner-lot duplex with matching three-bedroom layouts, updated interiors, and stainless-steel kitchen appliances.
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 totaling 2,314 square feet; Each unit offers 3 bedrooms and 1 bathroom; Matching floor plans with living, dining, and kitchen areas
