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Multifamily

Campfield Apartments

659 Chancellor Ave, Irvington, NJ 07111

Listing Price: $3,960,000

Cap Rate
5.34%
Number of Units
33
Price/Unit
$120,000
Price/Gross SF
$153.79
Gross SF
25,750

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 659 Chancellor Ave in Irvington, New Jersey. The property encompasses 33 units with a mix of one and two bedrooms. The building is currently 100% occupied with 30% upside achievable through renovations. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The property is located just over a mile from the Irvington Bus Terminal which offers a 45-minute ride to Manhattan. 659 Chancellor Ave is also located within approximately four a n d a h a l f miles to Brick Church Station in East Orange which offers a 24-minute commute to Manhattan. Additionally, the property has direct access to the Garden State Parkway (0.3 miles away), Interstate 78 (0.5 miles away), Routes 1 & 9 (approx. 4 miles away) 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

  • Value-Add Opportunity - Current rents are 30% below market with the ability to significantly increase them through modest renovations.
  • Stable Cash Flow - Effective gross income of $391,947, representing a 5.34% cap rate at asking price and a 9.74% cash-on-cash return with 1-year of I.O.
  • Beautifully maintained property with no/very minimal deferred maintenance. Building includes security cameras, new boiler, laundry, and a newer roof.

Exclusively Listed By

Multifamily

Campfield Apartments

Listing Price: $3,960,000

Cap Rate
5.34%
Number of Units
33
Price/Unit
$120,000
Price/Gross SF
$153.79
Gross SF
25,750

Investment Highlights

  • Value-Add Opportunity - Current rents are 30% below market with the ability to significantly increase them through modest renovations.
  • Stable Cash Flow - Effective gross income of $391,947, representing a 5.34% cap rate at asking price and a 9.74% cash-on-cash return with 1-year of I.O.
  • Beautifully maintained property with no/very minimal deferred maintenance. Building includes security cameras, new boiler, laundry, and a newer roof.

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 659 Chancellor Ave in Irvington, New Jersey. The property encompasses 33 units with a mix of one and two bedrooms. The building is currently 100% occupied with 30% upside achievable through renovations. Irvington has earned a reputation as a city with ideal regional connectivity due to accessible public transportation. The property is located just over a mile from the Irvington Bus Terminal which offers a 45-minute ride to Manhattan. 659 Chancellor Ave is also located within approximately four a n d a h a l f miles to Brick Church Station in East Orange which offers a 24-minute commute to Manhattan. Additionally, the property has direct access to the Garden State Parkway (0.3 miles away), Interstate 78 (0.5 miles away), Routes 1 & 9 (approx. 4 miles away) 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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