3-Unit Triplex with Detached
New
For Sale
$560,000
240 Myrtle Ave, Irvington, NJ 07111
Separate gas, electric, and heat service is provided for each of the three units.
Property Size2,718 SF
Price / SF$206.03
Days on Market5
Property Features for 240 Myrtle Ave
General Information
Standard status
Active
Size
2,718 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$13,214
Amenities
finished basement
backyard
Building Details
Year Built
1929
Buildings
1
Units
3
Listing Agency:
RE/MAX NEW MILLENNIUM GROUP
Listed By:
JAYCE LOPEZ · License #311696
(646) 434-9662
Source:
Elliman
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 12 at 7:02PM
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 RE/MAX NEW MILLENNIUM GROUP
Investment Insights
Based on property information with market context.
This 2,718-square-foot triplex in Irvington, built in 1929, contains three residential units. The first and second floors each have two bedrooms and one full bathroom; the third-floor unit has one bedroom. Each unit has separate gas, electric, and heat service. A finished basement adds a full bathroom and a walk-out exit.
The property includes a long driveway, a detached two-car garage, and backyard space. It is being sold as-is, with the buyer responsible for required municipal certifications and due diligence.
The property includes a long driveway, a detached two-car garage, and backyard space. It is being sold as-is, with the buyer responsible for required municipal certifications and due diligence.
Key Highlights
- Three‑unit residential property with separate gas, electric, and heat service for each unit
- 2,718 square feet; built in 1929
- First- and second‑floor units each have 2 bedrooms and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,489
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$909,780
$909.8K
Cap Rate 7%
$649,843
$649.8K
Cap Rate 9%
$505,433
$505.4K
Market Conditions
NOI Build-Up for 2,718 SF
Gross rent
$69.5K $25.56/SF
− Vacancy
−$4.5K −$1.65/SF
EGI
$65.0K $23.91/SF
− OpEx
−$19.5K −$7.17/SF
NOI
$45.5K $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%
$909,780
Cap Rate 7%
$649,843
Cap Rate 9%
$505,433
Alternative Uses
Best Use
Multifamily LT 5
$649.8K
$568.6K – $758.2K
NOI $45,489 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$597.1K
$522.5K – $696.6K
NOI $41,797 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$709.7K
$621.0K – $828.0K
NOI $49,681 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate gas, electric, and heat service is provided for each of the three units.
Where is this triplex located?
The property is located at 240 Myrtle Ave Irvington, NJ.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Three‑unit residential property with separate gas, electric, and heat service for each unit; 2,718 square feet; built in 1929; First- and second‑floor units each have 2 bedrooms and 1 full bathroom
