104 1st Street
14 Unit apartment building near waterfront
Marketing description
104 First Street, Elizabeth NJ
104 First Street presents a rare opportunity to acquire a stabilized multifamily asset with significant upside potential in one of Union County’s strongest rental markets. This well-maintained brick building offers immediate in-place cash flow with the ability to substantially increase revenue through strategic rent repositioning and operational improvements.
The property features spacious apartment layouts, separately metered utilities, and strong tenant demand driven by its convenient location near major transportation routes, shopping, restaurants, and employment centers. Current rents remain below market, providing investors with a clear path toward increased NOI and long-term value creation.
Offered at a basis below current replacement cost, 104 First Street allows investors to avoid the rising costs and development risks associated with new construction while benefiting from stable occupancy and strong market fundamentals.
With convenient access to NJ Transit, major highways, Newark Liberty International Airport, and New York City commuter routes, the property is well-positioned to capitalize on continued rental demand and long-term appreciation within the Elizabeth market.
Investment highlights
104 First Street, Elizabeth NJ
Stabilized Value-Add Multifamily Asset with Significant Rental Upside
Investment Highlights
- 14-Unit Multifamily Investment Opportunity
- Stabilized Asset with Immediate Cash Flow
- Significant Rental Upside Potential
- Below Replacement Cost Basis
- Forecasted Stabilized Cap Rate of Approximately 5.91%
- Projected NOI Increase of Over $84,000 Annually
- Strong Long-Term Appreciation Potential in Growing Rental Market
Building Highlights
- Well-Maintained Brick Building
- Spacious Unit Layouts
- Renovated and Updated Units
- Separately Metered Utilities
- Tenants Responsible for Electric & Gas
- Landlord Responsible for Water/Sewer & Common Area Utilities
- Strong In-Place Tenant Base
- Attractive Unit Mix with Clear Repositioning Potential
Value-Add Opportunity
104 First Street presents investors with the opportunity to acquire a stabilized multifamily asset with substantial upside through strategic rent repositioning and operational optimization. Current rents remain significantly below market, providing a clear path toward increased revenue and long-term value creation.
Offered at a basis substantially below current replacement cost, the property allows investors to avoid the rising costs and delays associated with ground-up construction while benefiting from immediate in-place cash flow and strong rental demand fundamentals.
Location Highlights
- Convenient access to major highways and transportation corridors
- Strong commuter market with access to New York City employment centers
- Close proximity to shopping, restaurants, schools, and public transportation
- Located within a growing rental market with strong long-term housing demand
Transportation
The property offers convenient access to NJ Transit bus routes, nearby train service, Newark Liberty International Airport, and major highways including the New Jersey Turnpike and Routes 1 & 9, providing efficient connectivity throughout Union County and to New York City.
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