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Multifamily

544 Grove Street, Irvington

544 Grove St, Irvington, NJ 07111

Listing Price: $609,999

Cap Rate
1.00%
Number of Units
6
Price/Unit
$101,667
Price/Gross SF
$104.27
Gross SF
5,850

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 544 Grove Street, Irvington, New Jersey. This multifamily building consists of 6 apartments. The building is currently 100% vacant and offers a significant pro forma return to an investor that finishes renovations and rents the units. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The property is located within close walking distance to excellent public transportation which offers a 10-minute ride to Newark Penn Station and a 38-minute ride or less to Penn Station Manhattan. The successful public transportation system has sparked new development opportunities in the city as several nearby apartment complexes are under construction. The new supply speaks to the value of the location and should continue to push rents.

Investment Highlights

  • Pro forma 11.73% cap rate
  • Located one mile from the Stuyvesant Ave Bus Stop which has direct routes to Midtown Manhattan
  • Easy access to Garden State Parkway and Route 280
  • The property is currently vacant with large units
  • Tenants are responsible for separately metered electric and heat

Exclusively Listed By

Multifamily

544 Grove Street, Irvington

Listing Price: $609,999

Cap Rate
1.00%
Number of Units
6
Price/Unit
$101,667
Price/Gross SF
$104.27
Gross SF
5,850

Investment Highlights

  • Pro forma 11.73% cap rate
  • Located one mile from the Stuyvesant Ave Bus Stop which has direct routes to Midtown Manhattan
  • Easy access to Garden State Parkway and Route 280
  • The property is currently vacant with large units
  • Tenants are responsible for separately metered electric and heat

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 544 Grove Street, Irvington, New Jersey. This multifamily building consists of 6 apartments. The building is currently 100% vacant and offers a significant pro forma return to an investor that finishes renovations and rents the units. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The property is located within close walking distance to excellent public transportation which offers a 10-minute ride to Newark Penn Station and a 38-minute ride or less to Penn Station Manhattan. The successful public transportation system has sparked new development opportunities in the city as several nearby apartment complexes are under construction. The new supply speaks to the value of the location and should continue to push rents.

Exclusively Listed By

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