6 Unit in Irvington

262 Ellis Avenue, Irvington, NJ

$1,200,000

Price

8%

Cap Rate

$96,000

NOI

Gallery
Street
Map
Overview
Cap Rate
8%
NOI
$96,000
Pro Forma Cap Rate
8%
Building Size
6,246 sqft
Lot Area
7,497 sqft
Occupancy
83%
Class
C
Units
6
Average Room Size
1,400 sqft
Year Built
1923
Price Per Sqft
$192
Price Per Unit
$200,000
Parking Spots
10
Year Last Renovated
2015
Description

The building at 262 Ellis Ave in Irvington is a 3 stories with 6 apartments. Each apartment is a 3 bedroom apartment. Each apartment has it's own hot water tank and boiler meaning tenants pay their own gas and electric. The apartments are very large. Each bedroom can fit a king sized bed. The spacing is perfect for large families.

This is a value add opportunity. Rents range from $1300-2000/mo. The current market rent is $2000-2200. Raise the rents to increase cap rate substantially

Highlights
  • Well located close to Downtown Newark and East Orange
  • Huge apartments perfect for large families
  • Tenants pay gas and electric
  • Garage parking spaces
  • Well maintained with no major cap-ex needed
Documents
Title
262_Ellis_St_Rent_Roll.pdf
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Location
Gallery