400 E Jersey St
Elizabeth, NJ 07206
5 Unit Mixed Use Corner Property · Multifamily Property For Sale · 5 Units

?? PRICE REDUCED | 400-404 E Jersey Street | Elizabeth, NJ 07206
5-Unit Mixed-Use | 7.36% Cap on In-Place Income | Substantial Below-Market Rent Upside
Fully tenanted five-unit mixed-use building anchored by a long-operating Chinese restaurant on Elizabeth's high-traffic East Jersey Street corridor. The asset produces $117,084 in current gross income — but the real story is what's left on the table. Every unit in the building is rented meaningfully below current market, creating one of the cleanest value-add plays available in Union County today. Walking distance to the $75M renovated Elizabeth Train Station and the new 258-unit ECCO luxury development now under construction.
The Asset
Three ground-floor commercial tenants (Chinese restaurant, social club, barbershop) plus two residential apartments (3BR + 2BR). The restaurant's lease bundles a residential unit at a blended $4,182/month, creating a stable anchor with built-in retention. 100% occupied — zero lease-up risk, income from day one.
The Upside — Where the Real Money Is
Every tenant is currently month-to-month and every rent is materially below market. The residential side alone tells the story:
3BR Apartment: Currently $1,900/mo ? Elizabeth market $2,300–$2,850
2BR Apartment: Currently $1,075/mo ? Elizabeth market $2,100–$2,300
That's roughly $20,000+ per year in residential rent lift alone — before touching the commercial side, where the social club and barbershop are also priced well below current Elizabeth retail comps. A new owner with a clear repositioning plan can realistically push gross income toward $145K–$155K, materially expanding NOI and creating substantial built-in equity at this basis.
The MTM lease structure that scares some buyers is actually the asset's biggest feature: you don't have to wait years for leases to roll. You can begin marking units to market on day one.
Financial Snapshot (per seller)
Gross Income: $117,084
Taxes: $28,000
Water: $8,200
Reported NOI: $80,884
Asking Price: $1,099,000
Cap Rate (in-place): 7.36%
Pro forma cap rate at market rents: substantially higher
Why Elizabeth, Why Now
Elizabeth is one of New Jersey's strongest urban rental markets — 89% renter population, direct NJ Transit to NYC Penn Station and Newark Liberty Airport, and active institutional repositioning of the downtown core. Surrounding rents are climbing fast as ECCO and adjacent transit-oriented developments deliver. Buying now means buying ahead of that wave at a value-add basis on an asset that's already cash-flowing.
Ideal Buyer: 1031 exchange investor, local owner-operator, or value-add group looking for in-place yield plus a clear, executable path to significant NOI growth.
Contact:
Cesar Landivar | Elite Realtors of New Jersey
908-531-0582 | CL@EliteRNJ.com