307 Bond St Elizabeth, NJ 07206

Property Details for 307 Bond St

Year built

1900

Lot size

0.05 lot acres

Property size

3,730 SF

Property type

Commercial real estate

Description

This fee-simple multifamily investment opportunity presents a three-story, six-unit apartment building located at 307 Bond Street in Elizabeth, New Jersey. The property, built in 1900, sits on a 0.05-acre lot and boasts a total of 3,730 square feet. The building comprises five two-bedroom/one-bathroom units and one one-bedroom/one-bathroom unit, currently operating at 100% occupancy. The asking price is $1,275,000, representing a price per unit of $212,500 and a 7.42% cap rate with a Net Operating Income (NOI) of $94,656. Situated in a densely populated residential neighborhood, the property enjoys convenient access to major transportation arteries, including Interstates 95, 278, and 78, the Garden State Parkway, US Route 9, NJ Route 81 and 27, as well as public transportation and is only 2.5 miles from Elizabeth Train Station with direct service to Manhattan's Penn Station. Its proximity to The Mills at Jersey Gardens, one of New Jersey's largest outlet malls, further enhances its appeal. The property also benefits from its close proximity to Newark Liberty International Airport (4 miles) and a strong demographic profile, with over 33,000 people residing within a one-mile radius and an average household income exceeding $78,602. Significant upside potential exists due to below-market rental rates, presenting an opportunity to increase revenue through unit upgrades. This property offers a compelling investment opportunity in a thriving urban location.