Skip to main content

Multifamily

23 Sunset Ter, Irvington

23 Sunset Terrace, Irvington, NJ 07111

Listing Price: $1,247,000

Cap Rate
6.13%
Number of Units
12
Price/Unit
$103,917
Price/Gross SF
$118.36
Gross SF
10,536

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 23 Sunset Terrace, Irvington, New Jersey. This multifamily building consists of 12 apartments and 12 parking spaces. The building is currently 100% occupied and has 23% upside in existing rents. 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 ten 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

  • There is currently 23% upside in the existing rents
  • Located steps from the Stuyvesant Ave Bus Stop which has direct routes to Midtown Manhattan
  • Landlord friendly rent control with 4% annual increases with the ability to increase rents through capital improvements

Exclusively Listed By

Multifamily

23 Sunset Ter, Irvington

Listing Price: $1,247,000

Cap Rate
6.13%
Number of Units
12
Price/Unit
$103,917
Price/Gross SF
$118.36
Gross SF
10,536

Investment Highlights

  • There is currently 23% upside in the existing rents
  • Located steps from the Stuyvesant Ave Bus Stop which has direct routes to Midtown Manhattan
  • Landlord friendly rent control with 4% annual increases with the ability to increase rents through capital improvements

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 23 Sunset Terrace, Irvington, New Jersey. This multifamily building consists of 12 apartments and 12 parking spaces. The building is currently 100% occupied and has 23% upside in existing rents. 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 ten 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

MM Texture Background
MM Textured Background Lower