Five-Story Multifamily Apartment
For Sale
Contact for pricing
1 Dewitt Road, Elizabeth, NJ 07208
Five-story building with 53 rental units ranging from studios to three-bedroom layouts.
Property Size60,000 SF
Price / SF$195.83
Days on Market58
Property Features for 1 Dewitt Road
General Information
Standard status
Active
Size
60,000 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$657,690
Building Details
Year Built
1937
Stories
5
Units
53
Tenancy
Multi
Listing Agency:
ICON Real Estate Advisors
Listed By:
David Oropeza · License #8633793
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 11 at 6:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ICON Real Estate Advisors
Investment Insights
Based on property information with market context.
1 Dewitt Road is a five-story multifamily apartment building totaling 53 units, with unit mix including studio, one-bedroom, two-bedroom, and three-bedroom layouts. The property is set on a 10.74-acre parcel and is offered for sale as a residential income asset. With a range of apartment sizes within the same building, the overall setup supports multiple household needs under one roof.
The property is located in the Westminster neighborhood of Elizabeth, New Jersey. It is minutes from NJ Transit rail service, the NJ Turnpike, and Routes 1 and 9, providing residents convenient access to the New York metropolitan employment base. The listing notes that there is virtually no remaining land for new multifamily development in Elizabeth and points to ongoing interest in renovated, well-located rental housing.
For buyers, this configuration offers a straightforward multifamily platform supported by a diversified unit mix that can appeal to a variety of renters, from individuals seeking studio living to households needing larger two- and three-bedroom options. From an operational standpoint, the centralized building layout simplifies management of a single 53-unit asset while maintaining product variety through distinct apartment types.
The property is located in the Westminster neighborhood of Elizabeth, New Jersey. It is minutes from NJ Transit rail service, the NJ Turnpike, and Routes 1 and 9, providing residents convenient access to the New York metropolitan employment base. The listing notes that there is virtually no remaining land for new multifamily development in Elizabeth and points to ongoing interest in renovated, well-located rental housing.
For buyers, this configuration offers a straightforward multifamily platform supported by a diversified unit mix that can appeal to a variety of renters, from individuals seeking studio living to households needing larger two- and three-bedroom options. From an operational standpoint, the centralized building layout simplifies management of a single 53-unit asset while maintaining product variety through distinct apartment types.
Key Highlights
- Five‑story multifamily building built in 1937 with 53 rental units
- Unit mix includes studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom layouts
- Located on a 0.74‑acre parcel in the Westminster neighborhood of Elizabeth
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,017,878
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$20,357,560
$20.4M
Cap Rate 7%
$14,541,114
$14.5M
Cap Rate 9%
$11,309,756
$11.3M
Market Conditions
NOI Build-Up for 60,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.94M $32.40/SF
− Vacancy
−$93.3K −$1.56/SF
EGI
$1.85M $30.84/SF
− OpEx
−$832.8K −$13.88/SF
NOI
$1.02M $16.96/SF
Area
Elizabeth, NJ
Vacancy
4.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$20,357,560
Cap Rate 7%
$14,541,114
Cap Rate 9%
$11,309,756
Alternative Uses
Best Use
Apartment 5plus
$14.54M
$12.72M – $16.96M
NOI $1,017,878 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.22M
$19.45M – $25.93M
NOI $1,555,661 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 07208, NJ
33,561
Population
12,958
Households
2.6
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
18,645
Density / Sq Mi
$61,873
Median Household Income
$36,373
Median Earnings
$1,364
Median Rent
$425,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-story building with 53 rental units ranging from studios to three-bedroom layouts.
Where is this apartment building located?
The property is located at 1 Dewitt Road Elizabeth, NJ.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: Five‑story multifamily building built in 1937 with 53 rental units; Unit mix includes studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom layouts; Located on a 0.74‑acre parcel in the Westminster neighborhood of Elizabeth
