Renovated 6-Family Investment
3 May St, Irvington, NJ 07111
- Added:
- Jul 20, 2025
- Days on Market:
- 312
- Last Refresh:
- May 27 at 3:06 pm
Property Features for 3 May St
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- 6 UNIT
- Rooms
- Basement
- Basement Y/N
- 1
- Standard status
- Pending
- Size
- 4,800 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 22581
Utilities
- Cooling system
- Central Air, Multi Units
Building Details
- Year built
- 1948
- Floors in Building
- 3
- Number of units
- 6
- Flooring type
- Laminate
- Building materials
- Vinyl Siding
- Roof type
- Flat, See Remarks
- Architectural style
- Other
Listing agent JAZMINE CLAUSEN-SOIR (908) 316-8530
Listing office BHGRE ELITE 181 NORTH AVE. EAST, Cranford, NJ (908) 316-8530
Listing date Jul 20, 2025
MLS# 3976408
Listing URL
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- High Cap Rate: Turnkey investment opportunity offering immediate returns.
- Fully Renovated: Each of the 6 units is fully renovated with modern finishes.
- Prime Location: Situated across from a park and steps from public transportation and major highways, ideal for commuters.
- Separate Utilities: Each unit has separate utilities, simplifying management and tenant billing.
- Flexible Rental Options: Month‑to‑month tenants provide flexibility for owner‑occupancy or rent adjustments.
- Large Basement: The property includes a large basement suitable for storage.
Overview
This fully renovated 6-family property presents a turnkey investment opportunity. The building contains six units and features modern finishes throughout. Each unit has separate utilities. The property includes a large basement suitable for storage or additional use. Located across from a park and near bus lines, train stations, and major highways, the property offers convenient access for commuters and renters. The property is zoned for 6 units and has month-to-month tenants, providing flexibility for owner-occupants or investors looking to adjust rents. The lot size is 0.08 acres, and the property size is 4800 square feet. The property is located in Irvington Twp., Essex County, New Jersey.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$820.2K
NOI $73,814 @ 9.00% cap · cautious / downside scenario
Moderate
$1.05M
NOI $73,814 @ 7.00% cap · market / base-case scenario
Aggressive
$1.48M
NOI $73,814 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| 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 Use Scenarios
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.
Property Profile
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.
What are key features of this property?
This property features: High Cap Rate: Turnkey investment opportunity offering immediate returns.; Fully Renovated: Each of the 6 units is fully renovated with modern finishes.; Prime Location: Situated across from a park and steps from public transportation and major highways, ideal for commuters.
