917 Grove St Irvington, NJ 07111

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.