Investment Overview

Marcus & Millichap is pleased to present for sale the commercial property located at 122 Elmwood Avenue, a brick garden-style apartment building in Irvington, New Jersey. A highly attractive value-add asset, this eight-unit multifamily property offers significant rental upside through recently completed renovations, underutilized parking and storage income potential, and the benefits of vacancy decontrol. The property features six out of eight recently renovated units, with 100 percent upside potential for the remaining two units. Additional income can be unlocked through seven parking spaces, outdoor storage, and a large basement that presents an opportunity to develop additional storage units for tenants. Strategically located just one block from Springfield Avenue at Sanford Avenue Bus Station, 122 Elmwood Avenue offers seamless access to public transportation. With its proximity to New York City, Irvington continues to attract renters seeking affordability and convenience while remaining connected to major employment hubs. With strong value-add potential, stable occupancy, and proximity to New York City, 122 Elmwood Avenue presents an excellent opportunity for investors looking to capitalize on rental growth and additional revenue streams in a dynamic Northern New Jersey market.