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Dove Management Acquires Multifamily Building In Newark For $7.5 Million Represented By ICON Real Estate Advisors
SOLD
$7,500,000
New Jersey
See Similar DealsMultiFamily
Sold 04/13/2026
SOLD
Dove Management Acquires Multifamily Building In Newark For $7.5 Million Represented By ICON Real Estate Advisors
469 Elizabeth Avenue
See Similar DealsMultiFamily
Sold 04/13/2026
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
A 58-unit multifamily building was sold for $7,500,000 located at 469 Elizabeth Avenue in Newark, New Jersey. The property, built in 1920, is a six-story structure situated in the Weequahic section, conveniently near parkland and transit access.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,500,000
- Address: 469 Elizabeth Avenue
- Market: Newark
- Units: 58
- Price Per Unit: $129,310
- Buyer: Dove Management
- Seller: Newark 469 Elizabeth LLC
- Brokers: David Jarvis & David Oropeza - ICON Real Estate Advisors
ICON Real Estate Advisors facilitated the transaction, representing both Dove Management as the buyer and Newark 469 Elizabeth LLC as the seller. The managing partners of ICON noted their long-standing relationship with the seller, contributing to the successful closing of the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92
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