Elizabeth Ave Elizabeth, NJ 07206

Property Details for Elizabeth Ave

Year built

1900

Lot size

0.11 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity in Elizabeth, New Jersey, presents a unique blend of commercial and residential income streams. The property, situated on a 0.11-acre lot on Elizabeth Avenue, comprises two retail spaces currently leased as a single unit, and seven residential apartments. The apartment mix includes three one-bedroom units and four two-bedroom units, providing a diverse tenant base. Six of the seven apartments boast private balconies, offering tenants desirable outdoor space. The first-floor apartment does not have a balcony. All units are equipped with central air conditioning (CAC), and utilities are individually metered for efficient cost allocation. A full basement provides ample storage space, including a dedicated utility room. The current leases for the residential units expire in June 2025, presenting future opportunities for rent adjustments and lease renegotiations. Owner financing is available, making this an attractive proposition for investors seeking flexible payment options. This property offers a compelling combination of stable rental income and significant long-term growth potential in a vibrant New Jersey location. Don't miss this chance to acquire a well-maintained, income-producing asset with a strong track record. The property's strategic location and diverse income streams make it an ideal addition to any investment portfolio.

Location Insight

City

Elizabeth

County

Union

State

New Jersey

Longitude

-74.1897

Latitude

40.6452