610 Salem Ave, Elizabeth NJ
Multifamily | 77 Units | Elizabeth, NJ
Marketing description
Icon Real Estate Advisors is pleased to present 610 Salem Avenue (the "Property"), a six-story multifamily asset comprising 77 residential units with an average unit size of approximately 802 square feet. Built in 1920 and situated on a ±0.80-acre parcel in Elizabeth, Union County, the Property represents a rare opportunity to acquire a fully occupied, high-density apartment building with stable in-place income in one of Northern New Jersey's most dynamic and transit-oriented rental markets.
Positioned within a high-demand urban submarket, the Property benefits from strong population density, a deep renter base, and proximity to major employment anchors including Newark Liberty International Airport and RWJBarnabas Health. Its immediate access to regional transportation infrastructure provides seamless connectivity to Newark and New York City, enhancing overall tenant appeal. Supported by a clear mark-to-market opportunity and limited competing supply, 610 Salem Avenue offers investors the ability to capture meaningful rental upside while maintaining durable cash flow in a fundamentally strong location.
Investment highlights
- 610 Salem Avenue is a 77-unit multifamily property built in 1920 and positioned to deliver durable cash flow within one of Union County's most densely populated and renter-driven submarkets. The scale of the asset provides meaningful operational efficiencies and institutional-quality exposure not typically found in smaller multifamily properties.
- The Property is currently 100% occupied, demonstrating strong tenant demand and consistent leasing velocity. Its diversified unit mix and stabilized rent roll provide investors with immediate, reliable cash flow and a secure foundation for long-term ownership.
- The Property benefits from immediate access to the New Jersey Turnpike and major regional corridors, connecting residents directly to Newark, Jersey City, and New York City. Newark Liberty International Airport and key employment hubs are just minutes away, reinforcing the Property's appeal to a broad commuter base.
- Current average rents of $1,440 remain below market levels of approximately $1,995, providing over $550 per unit in rental upside. This gap offers a clear path to revenue growth through lease roll and renewal strategy, driving increased cash flow and long-term value creation.
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