Investment Overview

Marcus & Millichap is pleased to offer for sale the eight-unit multi-family property located at 282 Nesbit Terrace in Irvington, New Jersey. Fully occupied, the property provides investors with the opportunity to acquire a cash-flowing asset in one of New Jersey’s most dynamic and evolving markets, with strong potential for both stable operations and long-term appreciation. Stabilized occupancy ensures a predictable revenue stream. The property is located just across the municipal line in Irvington, near the Springfield Avenue corridor and Garden State Parkway Exit 143, offering excellent regional accessibility and direct NJ Transit bus service to Newark and Manhattan. Proximity to I-280 and I-78 enables reverse commutes to suburban employment centers as well as quick connections to Downtown Newark and the airport/port complex. Greater Newark remains the most affordable submarket in North Jersey, with approximately 90 percent of its housing stock built before 1980. Many renters prioritize functional space near transit over luxury amenities. This socioeconomic context favors well-priced, renovated legacy assets. A significant share of residents lives below the poverty line, which limits demand for top-tier new construction but increases absorption at attainable rent levels. Meanwhile, Newark's zoning modernization and selective tax incentives have spurred downtown high-rise development, which commands higher asking rents. This dynamic creates spillover demand from renters who are priced out of the core but still seek proximity to the same employment base and transit network.