Three-Family Home with Covered
For Sale
$669,000
937 Grove Street, Irvington, NJ 07111
Two recently updated, vacant units are move-in ready, while the third-floor unit is month-to-month tenant occupied.
Property Size1,200 SF
Price / SF$557.50
Days on Market146
Property Features for 937 Grove Street
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Multi Family / 3-Three Story
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,398
Amenities
covered front porch
street parking
backyard
Yes
No
Asphalt Shingle
Blinds, High Ceilings
Full
Wood Shingle
Building Details
Year Built
1912
Listing Agency:
ERIC WILLIAMS REALTY, LLC
(201) 936-6465
Listed By:
MARINO WILLIAMS · License #274440
(201) 936-6465
Source:
Compass
Added: Mar 19
Changed: Aug 8
Last Checked: Jul 23 at 2:28AM
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 ERIC WILLIAMS REALTY, LLC
Investment Insights
Based on property information with market context.
This three-family home includes two units on the first and second floors that are recently updated, vacant, and move-in ready. The third-floor unit is tenant-occupied on a month-to-month basis, and the property should not be disturbed for access. The home also features a covered front porch, street parking, and a backyard.
The property is located at 937 Grove Street in Irvington, NJ, in an area described as desirable in the seller’s remarks near Springfield Avenue.
The seller is offering the property strictly as-is, and buyers are responsible for verifying all information and confirming compliance with municipal and state requirements. FHA financing eligibility is noted in the public remarks, and a negotiable seller concession is mentioned as well.
The property is located at 937 Grove Street in Irvington, NJ, in an area described as desirable in the seller’s remarks near Springfield Avenue.
The seller is offering the property strictly as-is, and buyers are responsible for verifying all information and confirming compliance with municipal and state requirements. FHA financing eligibility is noted in the public remarks, and a negotiable seller concession is mentioned as well.
Key Highlights
- Three‑family home: first and second‑floor units are recently updated, vacant, and move‑in ready
- Third‑floor unit is tenant‑occupied on a month‑to‑month basis (do not disturb tenants)
- Full basement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,083
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$401,660
$401.7K
Cap Rate 7%
$286,900
$286.9K
Cap Rate 9%
$223,144
$223.1K
Market Conditions
NOI Build-Up for 1,200 SF
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.
Gross rent
$30.7K $25.56/SF
− Vacancy
−$2.0K −$1.65/SF
EGI
$28.7K $23.91/SF
− OpEx
−$8.6K −$7.17/SF
NOI
$20.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$401,660
Cap Rate 7%
$286,900
Cap Rate 9%
$223,144
Alternative Uses
Best Use
Multifamily LT 5
$286.9K
$251.0K – $334.7K
NOI $20,083 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$263.6K
$230.7K – $307.6K
NOI $18,454 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$313.3K
$274.2K – $365.6K
NOI $21,934 @ 7.0% cap · market cap 3.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,048
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two recently updated, vacant units are move-in ready, while the third-floor unit is month-to-month tenant occupied.
Where is this triplex located?
The property is located at 937 Grove Street Irvington, NJ.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Three‑family home: first and second‑floor units are recently updated, vacant, and move‑in ready; Third‑floor unit is tenant‑occupied on a month‑to‑month basis (do not disturb tenants); Full basement
