Five-Story Multifamily Apartment
1 Dewitt Road Elizabeth, NJ 07208
1 Dewitt Road, Elizabeth, NJ, 07208
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For Sale
Contact for pricing
Five-story building with 53 rental units ranging from studios to three-bedroom layouts.
Property Size60,000 SF
Price / SF$195.83
Days on Market32
Property Features for 1 Dewitt Road
General Information
- Standard status
- Active
- Size
- 60,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1937
Listing Agency
ICON Real Estate Advisors
Listed by
David Oropeza · License #8633793
Source
Crexi
Added: Jun 16 Checked: Jul 14 at 6:09 pm
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.94M | $32.40 |
| − Vacancy | −$93.3k | −$1.56 |
| EGI | $1.85M | $30.84 |
| − OpEx | −$832.8k | −$13.88 |
| NOI | $1.02M | $16.96 |
60,000 SF · lease $32.40/SF/yr · vacancy 4.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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
