Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    87 1St St 2 Elizabeth, NJ 7206

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,600 /Mo

    Large 4-bedroom apartment with convenient access to transportation and shopping.

    Type:Rental
    Lot size:
    0.06 Acres
    Added:
    Mar 24, 2026
    Days on Market:
    12
    Last Refresh:
    Mar 10 at 3:34 pm

    Property Features for 87 1St St 2

    General Information

    Standard status
    Active
    Lot size
    0.06 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    ALESSANDRO FALCAO

    Listing agent ALESSANDRO FALCAO

    Listing office Real Broker, LLC

    Listing date Mar 24, 2026

    Source Elliman

    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 Real Broker, LLC

    Overview

    Spacious Four-Bedroom Apartment for Rent

    This third-floor apartment features four bedrooms and one bathroom. The bedrooms are generously sized, providing flexibility for sleeping areas, a home office, or extra living space. The apartment includes forced hot air heating and a practical layout. Bus stops are located nearby, and local shopping is just around the corner.
    Location Intelligence

    Current Use by Public Records

    Open Gates Resource ... Community Center

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.1881059
    Latitude
    40.6477736

    Nearby Similar for Lease

    • Contact for pricing

      Renovated Office Space in Elizabeth

      Move-in ready office space in Elmora section of Elizabeth.
      980 DEHART PL, ELIZABETH, NJ 07202
      View Details
    • Contact for pricing

      Prime Corner Retail Storefront

      Remodeled retail storefront with high visibility and foot traffic.
      261-263 Elizabeth Ave, Elizabeth City, NJ 07206-1634
      View Details
    • Contact for pricing

      Updated Office Space Near Station

      Spacious, updated office suite near Elizabeth Train Station.
      70 west Grand, Elizabeth City, NJ 07202-1988
      View Details
    • Contact for pricing

      Elizabeth Avenue Storefront For Rent

      High-visibility retail or office space in Elizabeth's business district.
      905 Elizabeth Ave, Elizabeth City, NJ 07201-2710
      View Details
    • Contact for pricing

      Renovated Office Space in Elizabeth

      Move-in ready office space suitable for various business operations.
      980 Dehart Pl, Elizabeth City, NJ 07202
      View Details
    • Contact for pricing

      Versatile Commercial Building in Elizabeth

      2,724 SF commercial building with parking in high-visibility location.
      313 17 Rahway Ave, Elizabeth City, NJ 07202
      View Details
    • Contact for pricing

      Versatile Elizabeth Commercial Building

      Three-level professional space with parking in a high-visibility location.
      313 17 RAHWAY AVE, ELIZABETH, NJ 07202-3704
      View Details
    • Contact for pricing

      Commercial Storefront in Midtown Elizabeth

      Versatile commercial space with high visibility and convenient location.
      944 Elizabeth Ave, Elizabeth City, NJ 07201
      View Details
    • Contact for pricing

      Warehouse Space in Elizabeth City

      Prime warehouse space in a sought-after industrial corridor.
      453 Spring St, Elizabeth City, NJ 07201-1944
      View Details
    • $25/mo

      Medical/Office Building For Lease

      Four-story medical/office building in established neighborhood near Trinitas Regional Medical Center.
      228-230 West Jersey Street, Elizabeth, NJ 07202
      View Details
    • Contact for pricing

      Elizabeth Retail Space For Rent

      Retail space in prime Elizabeth location, suitable for various businesses.
      701 Elizabeth Ave, Elizabeth City, NJ 07201
      View Details
    • Contact for pricing

      Renovated Retail Space Available

      Recently renovated retail space in Elizabeth's 'The Point' section.
      162 5Th St, Elizabeth City, NJ 07206
      View Details

    FAQs

    What type of property is this?
    Residential income property - Large 4-bedroom apartment with convenient access to transportation and shopping.
    Where is this residential income property located?
    The property is located at 87 1St St 2 Elizabeth, NJ.
    What is the lease rate?
    The lease rate is $2,600 /Mo.
    What are key features of this property?
    This property features: Spacious apartment with room hard to find in most rentals.; Four generously sized bedrooms offer flexibility for sleeping, office, or living space.; Convenient location with nearby bus stops and local shopping.
    (855) 450-0442
    We can help!
    Listing Contact
    ALESSANDRO FALCAO
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!