Sept. 25, 2012
-- Boasting a coveted Union County location and a high concentration of existing multi-family properties, the city of Elizabeth continues to be a steady source of investment trading activity, according to Stephen Tragash, sales associate, of Livingston, N.J.-based Gebroe-Hammer Associates. The area market specialist recently arranged two separate transactions, netting a combined $3.58 million for 42 total units, including three ground-floor retail units.
As one of the largest metropolitan areas in the nation, Elizabeth is making a comeback. In the past 12 months, Tragash has recorded nine transactions in the city involving a total of 247 units. Combined, the trades total almost $13 million and include four note sales arranged on behalf of one of the largest and most prominent New York-based banks.
"In recent years, Elizabeth has experienced significant revitalization and development efforts. The city offers a quality tenant base as well as a large stock of existing housing inventory. With interest rates still hovering at record lows, deal velocity in the city has substantially increased over the last six months, a trend that should continue in light of current economic conditions,"
Tragash's most recent sales activity includes the $1.78 million sale of 19 apartment-rental units at 547-555 South Broad St. The three-story all-brick building, which has a courtyard, is within walking distance of mass transit and shopping. All units have two bedrooms and there are 17 on-site parking spaces. Average rents in the area for two-bedroom units range from $900-$1,050, according to Tragash, who also noted, "On-site parking really adds to this building's appeal, as does its excellent access to Routes 1 & 9."
The five-year Gebroe-Hammer sales associate also represented the seller and identified the buyer in the $1.8 million trade of 20 one-bedroom apartments and three ground-floor retail units at 150-152 Elmora Ave. The fully rented three-story brick building is situated on a main thoroughfare in one of the city's in-demand locations, according to Tragash. "Elmora is one of Elizabeth's most coveted neighborhoods, offering some of the finest restaurants and retail establishments, along with the convenience of a nearby NJ Transit train station," he said. According to Tragash, average rents for the building's one-bedroom units are around $875.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is an eight-time CoStar Power Broker.