1 Dewitt Road
Multifamily | 53 Units | $1,655/unit
Marketing description
1 Dewitt Road is a five-story multifamily asset comprising 53 units across studio, one-bedroom, two-bedroom, and three-bedroom layouts. Situated on a ±0.74-acre parcel in the Westminster neighborhood of Elizabeth. The Property provides investors with a stabilized multifamily opportunity offering durable income and operational efficiency in one of Northern New Jersey's most connected and renter-dense submarkets.
The Property is strategically positioned in a high barrier to entry submarket with sustained renter demand driven by strong population density, walkable amenities, and direct connectivity to the New York metropolitan employment base. Located minutes from NJ Transit rail service, the NJ Turnpike, and Routes 1 and 9, 1 Dewitt Road provides residents with one of the most accessible living environments in Union County.
With virtually no remaining land for new multifamily development in Elizabeth and a demonstrated demand for renovated, well-located rental housing, the Property offers investors a stabilized income stream today with clear upside through a clear path to revenue growth through mark-to-market rent increases.
Investment highlights
- 1 Dewitt Road is a 53-unit multifamily property built in 1937 and positioned to deliver durable cash flow in one of Union County's most densely populated and renter driven submarkets. The scale of the asset provides operational efficiencies not typically found in smaller walk-up properties.
- The Property's modernized condition, combined with heat and hot water included in rent, positions it competitively within the local rental market and reduces the operational burden. Its five-story elevator building design and fully renovated unit interiors support stable long-term performance and tenant retention.
- Current average rents of $1,655 remain below market rents of $2,200, providing a clear path to revenue growth through matching in-place rent to market levels. At stabilization, projected NOI of $983K+ reflects improved cash flow and meaningful appreciation potential against prevailing Union County cap rates.
- The Property benefits from immediate access to the NJ Turnpike and Routes 1 & 9, connecting residents directly to Newark Penn Station and Midtown Manhattan. Newark Liberty International Airport and downtown Newark are both reachable within a few minutes, ensuring strong appeal to the region's professional commuter base.
- 1 Dewitt Road is surrounded by daily retail, parks, and educational institutions including Kean University and Union County College. The Westminster neighborhood's suburban character and access to the Elizabeth River greenway reinforce consistent tenant demand and long-term occupancy stability.
- Elizabeth is a fully built-out urban city with virtually no remaining land for new multifamily development. Restrictive zoning and high replacement costs create a durable competitive advantage for existing assets, reinforcing the Property's position as an irreplaceable income producing investment.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
