Overview
Matthews™ is pleased to exclusively present for sale 15 Goldsmith Avenue & 691 Elizabeth Avenue, Newark, NJ, a two-building, 92-unit multifamily investment opportunity featuring an attractive assumable 3.5% loan. The offering presents a compelling opportunity at a 7% cap rate and 9.6% cash on cash return. The properties consist of two brick multifamily buildings with a strong unit mix of one-, two-, and three-bedroom layouts, with mostly renovated units and laundry in both buildings. Recent capital improvements include a hot water heater replacement in 2022, elevator mechanical replacements at Goldsmith Avenue in 2024, and a new boiler at Elizabeth Avenue in 2025. All units are separately metered, with tenants responsible for cooking gas and electric, while ownership covers heat, hot water, water/sewer, and common area electric.
Investment Highlights
ATTRACTIVE ASSUMABLE DEBT OPPORTUNITY
- 92 Units
- 2 Buildings
- 3.5% Assumable Loan
- 7% Cap Rate
- 9.6% Cash on Cash Return
BUILDING HIGHLIGHTS
- 2 Brick Multifamily Buildings
- Strong Unit Mix of one-, two-, and three-bedrooms
- Mostly Renovated Units
- Laundry In Both Buildings
- Hot Water Heater Replaced in 2022
- Elevator Mechanicals Replaced in 2024 (Goldsmith Ave)
- New Boiler - 2025 (Elizabeth Ave)
- Separately Metered
- Tenant Pays for Cooking Gas and Electric
- Landlord Pays for Heat, Hot Water, Water/Sewer, and Common Area Electric
- Prime Location in Newark
CONVENIENT TRANSPORTATION
- The building is approximately a one-minute walk to Elizabeth Ave at Goldsmith ave bus stop which provides a 16-minute trip to Penn Station. Which provides approximately a 20-minute train ride into Midtown Manhattan. Additionally, the property is located ± 2.5 miles from Newark International Airport, which is approximately a 10-minute ride.
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Listing Team
License #: 01469842 (NJ)
(201) 218-9156david.ferber@matthews.com