Overview
ICON Real Estate Advisors is excited to present 1 Dewitt Road, a 53-unit, five-story multifamily asset built in 1937 and situated on a ±0.74-acre parcel in Elizabeth, NJ. 1 Dewitt comes with a very diverse unit mix of studio, one-, two-, and three-bedroom units. The asset has seen success through modern unit interior renovation, proving a reliable business plan for next ownership.
Investment Highlights
1 Dewitt Road presents an attractive value-add opportunity in one of Northern New Jersey's most densely populated submarkets. Current average in-place rents of $1,647 sit approximately $539 below market rents of $2,186, providing a clear mark-to-market rent growth story with minimal execution risk given the property's already-renovated condition. At full stabilization, projected NOI reaches $975K — a meaningful step up from the current in-place NOI of $653K. The property's location offers direct access to NJ Transit rail, the NJ Turnpike, and Routes 1 & 9, with Newark Liberty International Airport and Midtown Manhattan both within easy reach — reinforcing strong, consistent renter demand.
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