For Sale
$1,250,000

917 Grove StIrvington, NJ 07111

Six-unit apartment building, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional value-add opportunity presents a three-story, six-unit apartment building situated on a 0.11-acre lot in Irvington, New Jersey. The property boasts 6,195 square feet and features a mix of two four-bedroom/one-bathroom units and four three-bedroom/one-bathroom units. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $96,186, resulting in a 7.69% cap rate. Each unit is individually metered for electricity, heat, and hot water. The asking price is $1,250,000, translating to $208,333 per unit. This prime location offers convenient access to major transportation arteries, including the Garden State Parkway, Interstates 280 and 78, and NJ Route 21, as well as proximity to East Orange, Newark Broad Street, and Newark Penn Stations, providing easy commutes to Manhattan. The property is also strategically positioned near Clinton and Springfield Avenues, two key commercial corridors, and benefits from its proximity to various amenities, including schools, shopping centers (Home Depot, Save A Lot, Walgreens), restaurants (Applebee's, McDonald's, Wendy's, Popeye's), and municipal parks (West Side Park and Vailsburg Park). Furthermore, its location near Seton Hall University and a strong demographic profile, with over 62,700 people within a one-mile radius and an average household income exceeding $73,280, contributes to its significant investment potential. The below-market rents present a clear opportunity to increase income through market rate adjustments. This property offers a compelling combination of strong cash flow, convenient location, and significant upside potential. Fee simple ownership is included.

Highlights

  • Value-add opportunity: Six-unit apartment building in Irvington, NJ, offering below-market rents and significant upside potential. $1,250,000 asking price, 7.69% cap rate, $96,186 NOI.
  • Desirable units: Three- and four-bedroom layouts, individually metered for utilities. Convenient access to shopping, schools, and parks.
  • Prime location: Situated near major commercial corridors (Clinton & Springfield Avenues), offering easy access to major highways (Garden State Parkway, I-280, I-78, NJ Route 21) and public transportation (proximity to NJ Transit train stations and bus routes).
  • Transit-oriented: Within 3 miles of multiple NJ Transit train stations providing direct access to Manhattan.
  • Strong demographics: Over 62,700 residents within a one-mile radius, average household income exceeding $73,280. Proximity to Seton Hall University.

Property Details for 917 Grove St

Property type
Apartment buildings
Square Feet
6,195 SF
Buildings
1
Stories
3
Lot Size (sq. ft)
4,792 SF
Units
6

Location Insight

City
Irvington
County
Essex
State
New Jersey
Latitude
40.7273858
Longitude
-74.2213218
917 Grove St, Irvington, New Jersey

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917 Grove St
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