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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    620-622 Elizabeth Ave Elizabeth, NJ 07206

    • Commercial real estate
    • 11,608 SF
    • 0.11 lot acres
    For Sale
    View listing
    $3,225,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1279240
    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

    • Commercial real estate

    Property Details for 620-622 Elizabeth Ave

    Year built
    1900
    Lot size
    0.11 lot acres
    Property size
    11,608 SF
    Property type
    Commercial real estate
    APN
    04 00642-0000-00023
    APU
    400642000000023

    Description

    This exceptional mixed-use property at 620-622 Elizabeth Avenue in Elizabethport, NJ, presents a lucrative investment opportunity. Spanning 11,608 square feet on a 0.12-acre lot, the building 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, with six units boasting private balconies. Note that the first-floor apartments do not have balconies. All units are equipped with central air conditioning (CAC), and utilities are individually metered for efficient cost allocation. A full basement includes a dedicated utility room. The current leases on the residential units expire in June 2025, providing future flexibility for the new owner. The property offers significant potential for rental income and appreciation. Owner financing is available, making this an even more attractive proposition for qualified buyers. Don't miss the chance to acquire this well-maintained, high-yield investment property in a desirable location. The combination of retail and residential units provides a diversified income stream and strong potential for long-term growth. This is a rare opportunity to secure a substantial property in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,733,000
      Market price range: $1.54M - $3.06M
      AI Estimate
      $1,077,000
      Market price range: $884k - $1.91M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,120,000
      Current use
      OFFICE BUILDING
      $2,215,000
      Change: +5% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $2,010,000
      Change: -5% Conversion: Moderate
      RESTAURANT
      $1,935,000
      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
    -74.2008
    Latitude
    40.6565
    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
    $30,944
    $9,600
    $85,400
    $95,000
    -
    $9,600
    $85,400
    $95,000

    Comparable in this City

    • Value Estimation by Request
      5,600 SF

      645 Magnolia Ave

      Land • 5,600 SF
      645 Magnolia Ave, Elizabeth, NJ 07206-1407
      View Details
    • Value Estimation by Request
      0.24 Acres

      65 Jersey St Rear, Unit 1057

      COMMERCIAL (GENERAL) • 0.24 Acres
      65 Jersey St Rear, Elizabeth, NJ 07206-1704
      View Details
    • Value Estimation by Request
      0.08 Acres

      81-87 2nd St, Unit 87

      COMMERCIAL (GENERAL) • 0.08 Acres
      81-87 2nd St, Elizabeth, NJ 07206-1714
      View Details
    • Value Estimation
      $540,000
      4,309 SF

      409 Elizabeth Ave

      COMMERCIAL (GENERAL) • 4,309 SF
      409 Elizabeth Ave, Elizabeth, NJ 07206-1129
      View Details
    • Value Estimation by Request
      3,168 SF

      545 Elizabeth Ave

      COMMERCIAL (GENERAL) • 3,168 SF
      545 Elizabeth Ave, Elizabeth, NJ 07206-2688
      View Details
    • Value Estimation
      $555,000
      3,338 SF

      541 Elizabeth Ave

      COMMERCIAL (GENERAL) • 3,338 SF
      541 Elizabeth Ave, Elizabeth, NJ 07206-2686
      View Details

    Similar Nearby for Sale

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      Elizabeth Avenue Commercial Land Investment

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    Similar Nearby for Lease

    • $2,600 /Mo

      Modern Apartment with Stainless Appliances

      Upper floor 3-bedroom apartment with modern features and convenient location.
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      View Details
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    • $2,250 /Mo

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      Office space with offices, kitchen, and close to transportation.
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      Spacious Apartment with Loft Area

      Three-bedroom apartment with loft, eat-in kitchen, and private backyard.
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      Spacious Top Floor Apartment

      Bright 3-bedroom, 2-bathroom unit with balcony and in-unit laundry.
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    • $3,000 /Mo

      Spacious Elizabeth Apartment with Utilities

      Four-bedroom apartment in Elizabeth with utilities included and backyard access.
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      View Details
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    Elizabeth, NJ 07206
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    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
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