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.
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Contacts
Michael Lombardi
Michael Agrifolio
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917 Grove St, Irvington, New Jersey, 07111
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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917 Grove St
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