Triplex With Two-Car
231 Myrtle Ave, Irvington, NJ 07111
For Sale
$648,000
Three-family residential property with a partially finished basement and garage parking.
Property Size2,349 SF
Price / SF$275.86
Days on Market102
Property Features for 231 Myrtle Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Highway Access
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
CORCORAN SAWYER SMITH
Listed By:
JULIO PEREZ · License NJ #0788575
(917) 797-2423
Source:
Luminancerealty
Added: Aug 1
Changed: Nov 6
Last Checked: Nov 8 at 10:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CORCORAN SAWYER SMITH
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Investment Insights
Based on property information with market context.
This triplex is configured as a three-family residential property with six bedrooms, three dens, and four full bathrooms. The building also includes a partially finished basement and two-car garages, providing additional enclosed space and parking for the property.
The property is situated near Routes 78 and 280, as well as the Garden State Parkway. Its residential income configuration and proximity to multiple regional roadways are central features of the offering.
The property is situated near Routes 78 and 280, as well as the Garden State Parkway. Its residential income configuration and proximity to multiple regional roadways are central features of the offering.
Key Highlights
- Three‑family triplex configuration
- Six bedrooms, three dens, and 4 full bathrooms
- Partially finished basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,313
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$786,260
$786.3K
Cap Rate 7%
$561,614
$561.6K
Cap Rate 9%
$436,811
$436.8K
Market Conditions
NOI Build-Up for 2,349 SF
Gross rent
$60.0K $25.56/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.2K $23.91/SF
− OpEx
−$16.8K −$7.17/SF
NOI
$39.3K $16.74/SF
Area
Essex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$786,260
Cap Rate 7%
$561,614
Cap Rate 9%
$436,811
Alternative Uses
Best Use
Multifamily LT 5
$561.6K
$491.4K – $655.2K
NOI $39,313 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$516.0K
$451.5K – $602.1K
NOI $36,123 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$613.4K
$536.7K – $715.6K
NOI $42,936 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
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Business Placement
Demographics for 07111, NJ
61,176
Population
24,176
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
21,095
Density / Sq Mi
$59,232
Median Household Income
$37,640
Median Earnings
$1,324
Median Rent
$291,500
Median Home Value
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Market
Properties on Market for Triplexes in Irvington
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three-family residential property with a partially finished basement and garage parking.
Where is this triplex located?
The property is located at 231 Myrtle Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $648,000.
What are key features of this property?
This property features: Three‑family triplex configuration; Six bedrooms, three dens, and 4 full bathrooms; Partially finished basement
