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Multifamily

North Jersey Workforce Housing Portfolio

2 Wagner Pl, Irvington, NJ 07111

Listing Price: $26,550,000

Cap Rate
5.80%
Number of Units
214
Price/Unit
$124,065
Price/Gross SF
$93.31
Gross SF
284,530

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale eight multifamily properties in Irvington, New Jersey. The properties encompass 214 units with a mix of studios, one, two and three bedrooms. The buildings are currently 99.5% occupied with 20% upside achievable through renovations and leasing the vacant units. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The properties are located within a mile from the Irvington Bus Terminal which offers a 45-minute ride to Manhattan. Each building is also located within approximately four miles to Brick Church Station in East Orange which offers a 24-minute commute to Manhattan. Additionally, the properties have direct access to the Garden State Parkway, Interstate 78, Routes 1 & 9 and more. Irvington is home to a large amount of locally owned companies, including pubs and specialty stores. Although a predominantly urban atmosphere with its close proximity to several neighboring cities, including Newark, Irvington still offers plenty of excitement and outlets.

Investment Highlights

  • Current rents are 20% below market with the ability to significantly increase rents through modest renovations
  • Allowing 4% annual increases and vacancy decontrol
  • Easy access to Garden State Parkway, I-95, I-78, Route 1&9 and more

Exclusively Listed By

Multifamily

North Jersey Workforce Housing Portfolio

Listing Price: $26,550,000

Cap Rate
5.80%
Number of Units
214
Price/Unit
$124,065
Price/Gross SF
$93.31
Gross SF
284,530

Investment Highlights

  • Current rents are 20% below market with the ability to significantly increase rents through modest renovations
  • Allowing 4% annual increases and vacancy decontrol
  • Easy access to Garden State Parkway, I-95, I-78, Route 1&9 and more

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale eight multifamily properties in Irvington, New Jersey. The properties encompass 214 units with a mix of studios, one, two and three bedrooms. The buildings are currently 99.5% occupied with 20% upside achievable through renovations and leasing the vacant units. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The properties are located within a mile from the Irvington Bus Terminal which offers a 45-minute ride to Manhattan. Each building is also located within approximately four miles to Brick Church Station in East Orange which offers a 24-minute commute to Manhattan. Additionally, the properties have direct access to the Garden State Parkway, Interstate 78, Routes 1 & 9 and more. Irvington is home to a large amount of locally owned companies, including pubs and specialty stores. Although a predominantly urban atmosphere with its close proximity to several neighboring cities, including Newark, Irvington still offers plenty of excitement and outlets.

Exclusively Listed By

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