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691 Elizabeth Ave
Newark, NJ 07112 Weequahic

$16,081,000 USD

Apartments For Sale  •  36,475 SF

Property Details

• Property Type Apartments
• Total Building Size 70,850 SF
• Building Class C
• Year Built 1930
• Cap Rate 7.00 %
• Zoning R4, Newark City

70 Transit Score

80 Walk Score

Highlights

3.5% assumable loan at 70% LTV with maturity date of 01/01/2032

7% actual cap rate and 9.6% cash on cash return on $16,081,000 price

92 units across 2 brick multifamily buildings with mostly renovated units

~1-minute walk to bus stop; 16-min to Penn Station, 20-min to Midtown Manhattan

16% rent upside across all unit types versus pro forma market rents

Recent capital improvements: new boiler 2025, elevator mechanicals 2024, water heater 2022

Cap Rate:

7.00 %

Major Tenants

Tenant	SF Occupied	Lease End Date
First New Jersey Security Services
Haim Klein
Sobel Han, LLP

Amenities

• Heating
• Kitchen
• Oven

Public Transportation

Commuter Rail	Drive	Walk	Distance
Newark Airport (North Jersey Coast Line - NJ Transit Commuter Rail (NJ Transit), Northeast Corridor Line - NJ Transit Commuter Rail (NJ Transit))	5 min	-	1.4 mi
Newark International Airport (AirTrain Newark - Port Authority of New York and New Jersey Airtrain (Airtrain))	6 min	-	2.0 mi
Airport	Drive	Walk	Distance
Newark Liberty International	10 min	-	5.2 mi
LaGuardia	47 min	-	22.8 mi
John F Kennedy International	57 min	-	30.8 mi