A 16-unit apartment complex on Elm Avenue, two blocks from downtown, sold for $2.5 million.
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The sale of the two-building complex at 132-136 Elm Ave., between Campbell Street and Esterbrook Avenue, closed on June 29, 2021 and acquired by Elm Apt, LLC, in Lakewood from Clark-based Dante Associates, LLC, according to property records. Built in 1925, both buildings are three stories, with eight, two-bedroom units in each.
The $2.5-million sales price works out to an average $156,260 per unit. That compares with an average of $225,786 per unit in the nearly $36-million sale of the newer and larger Park Square downtown in 2018. The two-building complex of 159 one- and two-bedroom units was among the first downtown redevelopments. The Irving Street building was completed in 2009 and the Main Street building was completed in 2011.
The Elm Avenue property was marketed by The Kislak Company as “two-bedroom apartments with large layouts,” and “below market rents and no rent control with some on-site parking.” The Woodbridge-based firm also recently sold similar-sized properties in East Orange and South Orange. A 17-unit, five-story East Orange property that was recently renovated sold for $2.6 million. An 11-unit South Orange property of eight two-bedroom units and three, three-bedrooms recently sold for $3.075 million.
The property last changed hands in 2008, sold by Bernardsville-based Elm Avenue Associates, LLC to Dante Associates LLC in Clark, for $1,712,5000, according to property records. The annual property tax bill was $24,674 for 2021, based on an overall assessment of $348,500 (land, $128,000/improvements, $220,500).
The building is located around the corner from Metro Rahway and across the street from the former Rahway High School building that was renovated into condos years ago.
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