Elmora Gardens
Multifamily | 60 Units | $154,167/unit
Marketing description
SAGE Real Estate Advisors is pleased to present Elmora Gardens, a stabilized multifamily
apartment property located at 149–159 Grove Street in Elizabeth, New Jersey. The
offering consists of a 60-unit residential community featuring a balanced mix of studio,
one-bedroom, and two-bedroom apartment homes, providing broad appeal across a
diverse renter base.
Located within the City of Elizabeth, the property benefits from proximity to regional
employment centers and major transportation infrastructure that supports long-term
renter demand. With stable in-place income, Elmora Gardens presents investors with the
opportunity to acquire a well-established multifamily asset in a dense Northern New Jersey
market.
Investment highlights
• Ideal Unit Mix: Oversized floor plans with more than 1/3 of the units being 2-bedroom.
• Heavy NOI Increase Potential: Clear path to NOI increase by raising vastly below
market rents to market. While rent control in the city can slow down the process, there
is significant turnover and the current rent roll is ~ 40% below existing rents in the
building.
• Dynamic Economic City: Elizabeth, NJ is a dynamic, transit-oriented urban center
anchored by strong economic and demographic fundamentals. The city is served by
two NJ Transit rail stations with direct access to New York Penn Station, making it
a prime commuter market within the NYC metro. It also benefits from proximity to
Newark Liberty International Airport, the Port Newark–Elizabeth Marine Terminal,
and major regional highways, supporting a diverse employment base. With a large,
growing population and established demand for multifamily housing, the city offers
durable long-term investment appeal.
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