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691 Elizabeth Ave & 15 Goldsmith Ave, Newark, NJ, 07112

691 Elizabeth Ave & 15 Goldsmith Ave
$16,081,000

Key Information

Cap Rate
7%
Tot. SF
70,850
Units
92
Type
Apartments
NOI
$1,125,682

Highlights

ATTRACTIVE ASSUMABLE DEBT OPPORTUNITY

  • 92 Units
  • 2 Buildings
  • 3.5% Assumable Loan
  • 7% Cap Rate
  • 9.6% Cash-on-Cash Return

BUILDING HIGHLIGHTS

  • Two brick multifamily buildings
  • Strong unit mix of one-, two-, and three-bedroom apartments
  • Majority of units renovated
  • Laundry facilities in both buildings
  • Hot water heater replaced in 2022
  • Elevator mechanical systems replaced in 2024 (Goldsmith Ave)
  • New boiler installed in 2025 (Elizabeth Ave)
  • Separately metered utilities
  • Tenants pay for cooking gas and electricity
  • Landlord pays for heat, hot water, water/sewer, and common area electricity
  • Prime location in Newark

CONVENIENT TRANSPORTATION

  • Approximately a 1-minute walk to the Elizabeth Ave & Goldsmith Ave bus stop
  • 16-minute bus ride to Penn Station
  • Approximately 20-minute train ride from Penn Station to Midtown Manhattan
  • Located 2.5 miles from Newark Liberty International Airport
  • Approximately 10-minute drive to the airport

Photos

Location

Agents

Broker of Record

Patrick Forde

License # 122887, 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666