3 May St, Irvington, NJ 07111
Fully renovated 6-family property with high cap rate in prime location.
Property size:
4,800 SFLot size:
0.08 AcresPrice / SF:
$191/SF- Added:
- Jul 20, 2025
- Days on Market:
- 340
- Last Refresh:
- Jun 23 at 1:56 pm
Property Features for 3 May St
General Information
- Standard status
- Active
- Property type
- Apartment buildings, Multifamily properties, Residential income properties, Investment properties, Other apartment buildings, Other investment properties
- Size
- 4,800 SF
- Lot size
- 0.08 Acres
Building Details
- Year Built
- 1948
Listing agent Jazmine (908) 316-8530
Listing office (908) 316-8530
Listing date Jul 20, 2025
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $144.0k | $30.00 |
| − Vacancy | −$9.8k | −$2.04 |
| EGI | $134.2k | $27.96 |
| − OpEx | −$60.4k | −$12.58 |
| NOI | $73.8k | $15.38 |
4,800 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$922.7K – $1.23M
NOI $73,814 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,736 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Irvington
- County
- Essex
- State
- New Jersey
- Longitude
- -74.22582
- Latitude
- 40.72052
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Fully renovated 6-family property with high cap rate in prime location.
Where is this apartment building located?
The property is located at 3 May St Irvington, NJ.
What is the asking price?
The asking price for this property is $920,000.
