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Elizabeth Goldsmith 691 Elizabeth Ave 92 Unit Apartment Building $16,081,000 ($174,793/Unit) 7% Cap Rate Newark, NJ 07112
Investment Highlights
- 3.5% assumable loan at 70% LTV with maturity date of 01/01/2032
- 92 units across 2 brick multifamily buildings with mostly renovated units
- 16% rent upside across all unit types versus pro forma market rents
- 7% actual cap rate and 9.6% cash on cash return on $16,081,000 price
- ~1-minute walk to bus stop; 16-min to Penn Station, 20-min to Midtown Manhattan
- Recent capital improvements: new boiler 2025, elevator mechanicals 2024, water heater 2022
Executive Summary
Broker Of Record
Patrick Forde
Matthews Real Estate Investment Services, Inc
122887, 2330333 (NJ)
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666 (866) 889-0550
Patrick Forde
Matthews Real Estate Investment Services, Inc
122887, 2330333 (NJ)
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666 (866) 889-0550
Property Facts
| Price | $16,081,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $174,793 | Building Class | C |
| Sale Type | Investment | Building Size | 70,850 SF |
| Cap Rate | 7% | Average Occupancy | 95% |
| No. Units | 92 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | ||
| Zoning | R4, Newark City | ||
| Price | $16,081,000 |
| Price Per Unit | $174,793 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 92 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Building Size | 70,850 SF |
| Average Occupancy | 95% |
| No. Stories | 6 |
| Year Built | 1930 |
| Zoning | R4, Newark City |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 450 |
| 2+1 | 10 | - | 600 |
| 3+1 | 26 | - | 800 |
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Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 14-03679-0000-00005 | Improvements Assessment | $1,730,000 |
| Land Assessment | $920,000 | Total Assessment | $2,650,000 |
Property Taxes
Parcel Number
14-03679-0000-00005
Land Assessment
$920,000
Improvements Assessment
$1,730,000
Total Assessment
$2,650,000
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Elizabeth Goldsmith | 691 Elizabeth Ave
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