Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    216-220 2nd St, Unit 220 Elizabeth, NJ 07206-1921

    • Commercial real estate
    • 8,460 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2022
    $1,420,000
    Value Estimations
    $1,530,000
    Show details
    Cap Rate Potential
    6.8%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1751822
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Bin Ling NJ LLC / Construction Company / General Contractor

    Property Details for 216-220 2nd St

    Year built
    1900
    Lot size
    0.13 lot acres
    Property size
    8,460 SF
    Property type
    Commercial real estate
    APN
    04 00811-0000-00027
    APU
    400811000000027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,715,000
      ML approach
      $1,715,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,945,000
      6.5%
      $1,795,000
      7%
      $1,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,120,000
      Market price range: $1.12M - $2.23M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,545,000
      Current use
      OFFICE BUILDING
      $1,615,000
      Change: +5% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,465,000
      Change: -5% Conversion: Moderate
      RESTAURANT
      $1,410,000
      Change: -9% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.1848
    Latitude
    40.6528
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $18,347
    $14,400
    $45,600
    $60,000
    -
    $14,400
    $45,600
    $60,000

    Comparable in this City

    • Value Estimation
      $640,000
      3,844 SF

      500-502 Jersey St, Unit 502

      COMMERCIAL (GENERAL) • 3,844 SF
      500-502 Jersey St, Elizabeth, NJ 07206-1226
      View Details
    • Value Estimation
      $1,000,000
      6,811 SF

      561-563 Jersey St, Unit 563

      COMMERCIAL (GENERAL) • 6,811 SF
      561-563 Jersey St, Elizabeth, NJ 07206-1225
      View Details
    • Value Estimation
      $970,000
      4,856 SF

      600 Jersey St, Unit 606

      COMMERCIAL (GENERAL) • 4,856 SF
      600 Jersey St, Elizabeth, NJ 07206-1227
      View Details
    • Value Estimation by Request
      3,528 SF

      402 Elizabeth Ave

      COMMERCIAL (GENERAL) • 3,528 SF
      402 Elizabeth Ave, Elizabeth, NJ 07206-2757
      View Details
    • Value Estimation by Request
      1,468 SF

      415 Elizabeth Ave

      COMMERCIAL (GENERAL) • 1,468 SF
      415 Elizabeth Ave, Elizabeth, NJ 07206-1129
      View Details
    • Value Estimation
      $705,000
      4,766 SF

      161-163 Elizabeth Ave, Unit 163

      COMMERCIAL (GENERAL) • 4,766 SF
      161-163 Elizabeth Ave, Elizabeth, NJ 07206-2616
      View Details

    Similar Nearby for Sale

    • $1,200,000
      0.12 Acres

      Elizabethport Commercial Investment Opportunity

      High-Yield Multi-Unit Property with Garage
      9-15 1St St, Elizabethport, NJ 07206
      View Details
    • $888,000

      Elizabeth, NJ Mixed-Use Corner Property

      High-Income Potential, Prime Location
      60-62 4Th St, Elizabeth, NJ 07206
      View Details
    • $600,000
      5,600 SF

      Elizabeth City Commercial Property

      Restaurant & Apartments, Prime Location
      645 Magnolia Ave, Elizabeth, NJ 07206-1407
      View Details
    • $3,225,000
      0.11 Acres

      Elizabeth Avenue Mixed-Use Investment

      Prime Elizabeth, NJ multifamily & retail. High ROI potential.
      Elizabeth Ave, Elizabeth, NJ 07206
      View Details
    • $2,000,000
      0.27 Acres

      Elizabeth Ave Commercial Land

      Prime 0.27-acre commercial lot in Elizabeth, NJ.
      320-326 Elizabeth Ave, Elizabeth, NJ 07206
      View Details
    • $990,000
      4,828 SF

      Elizabeth Avenue Commercial Land Investment

      High-yield mixed-use property in Elizabeth, NJ
      433 Elizabeth Ave, Elizabeth, NJ 07206
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo

      Spacious Apartment Near Transportation Hub

      Apartment near NYC train, bus, turnpike, and Newark Airport.
      644 Trumbull St, Elizabeth, NJ 07206
      View Details
    • $1,900 /Mo

      Renovated Office Space in Elizabeth

      Renovated office space with reception, waiting room, and private rooms.
      546 Elizabeth Ave, Elizabeth, NJ 07206
      View Details
    • $3,100 /Mo

      Fulton Street Multifamily Rental

      Multifamily property for rent, priced at $3100.
      452 Fulton St, Elizabeth, NJ 07206
      View Details
    • $2,400 /Mo

      Updated Three Bedroom Apartment

      First floor, move-in ready 3-bedroom apartment for rent.
      316 Pine St, Elizabeth, NJ 07206
      View Details
    • $2,400 /Mo

      Elizabeth City Multifamily Rental

      Multifamily property available for rent in Elizabeth City.
      152 Court St, Elizabeth, NJ 07206
      View Details
    • Contact for pricing
      3,013 SF

      Elizabeth Retail Space - Bond Street

      Prime Elizabeth location, 3,013 sq ft retail space.
      600 Bond St, Elizabeth, NJ 07206
      View Details
    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.
    216-220 2nd St, Unit 220
    Elizabeth, NJ 07206-1921
    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.