262 Ellis AveIrvington, NJ 07111

Property Details for 262 Ellis Ave

Year built

1923

Lot size

0.17 AC

Property size (Sq ft)

6,426 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

09 00148-0000-00013

APU

900148000000013

Description

This exceptional three-story apartment building at 262 Ellis Avenue in Irvington, New Jersey, presents a compelling investment opportunity. The property boasts six 3-bedroom/1-bathroom units, each individually metered for electricity, heat, and hot water, generating a substantial net operating income (NOI) of $84,021 and a 7% cap rate. Situated on a 0.17-acre lot, the property also includes a detached seven-bay garage and additional on-site parking, offering further revenue potential. The building's 6,426 square feet are priced at $186.74 per square foot, with an asking price of $1,200,000 ($200,000 per unit). Built in 1923, this property benefits from its prime location in a densely populated residential neighborhood, close to major commercial corridors like Grove Street and Springfield Avenue. Convenient access to public transportation, including proximity to East Orange, Newark Broad Street, and Newark Penn Stations (with direct service to Manhattan), as well as major highways (Garden State Parkway, Interstates 280 and 78, and NJ Route 21), enhances its appeal. The property is also within easy reach of numerous schools, including Seton Hall University, and a variety of retail amenities. Strong demographics, with over 63,500 people within a 1-mile radius and an average household income exceeding $73,151, further solidify its investment potential. Below-market rents present a significant opportunity to increase income by adjusting to market rates. This property offers a blend of strong cash flow, upside potential, and a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,317,388

  6.5%

  $1,216,050

  7%

  $1,129,190

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,301,413

  Geo Method

  $1,301,413

• Alternative Use

  Use

  Valuation

  Residential

  $1,216,050

  Hospitality

  $1,113,896

  Educational

  $926,748

  Medical

  $958,620

  Retail

  $1,441,608

Location Insight

City

Irvington

County

Essex

State

New Jersey

Latitude

40.7324

Longitude

-74.2164

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].