THE INVESTMENT: 132-134 Elm Avenue is a 16-unit multifamily investment property located in Rahway, NJ. IDEAL UNIT MIX: 132 Elm has a strong unit mix with 1 three-bedroom and 15 two-bedroom apartments. VALUE-ADD OPPORTUNITY: Potential to raise residential rents by 21% in a city with no adopted rent control ordinance. UTILITY BREAKDOWN: The landlord pays common electric, water and sewer, and gas to heat the building. The tenant pays electric and cooking gas charges. STRATEGIC LOCATION: Located blocks from the Rahway Train Station and downtown, which features desirable shopping and retail destinations.