917 Grove StIrvington, NJ 07111

Property Details for 917 Grove St

Lot size

0.11 AC

Property size (Sq ft)

6,195 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

09 00210-0000-00038

APU

900210000000038

Description

This exceptional value-add opportunity presents a three-story, six-unit apartment building situated on a 0.11-acre lot in Irvington, New Jersey. The property boasts 6,195 square feet and features a mix of two four-bedroom/one-bathroom units and four three-bedroom/one-bathroom units. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $96,186, resulting in a 7.69% cap rate. Each unit is individually metered for electricity, heat, and hot water. The asking price is $1,250,000, translating to $208,333 per unit. This prime location offers convenient access to major transportation arteries, including the Garden State Parkway, Interstates 280 and 78, and NJ Route 21, as well as proximity to East Orange, Newark Broad Street, and Newark Penn Stations, providing easy commutes to Manhattan. The property is also strategically positioned near Clinton and Springfield Avenues, two key commercial corridors, and benefits from its proximity to various amenities, including schools, shopping centers (Home Depot, Save A Lot, Walgreens), restaurants (Applebee's, McDonald's, Wendy's, Popeye's), and municipal parks (West Side Park and Vailsburg Park). Furthermore, its location near Seton Hall University and a strong demographic profile, with over 62,700 people within a one-mile radius and an average household income exceeding $73,280, contributes to its significant investment potential. The below-market rents present a clear opportunity to increase income through market rate adjustments. This property offers a compelling combination of strong cash flow, convenient location, and significant upside potential. Fee simple ownership is included.

• CAP approach

  CAP return

  Valuation

  6%

  $1,270,031

  6.5%

  $1,172,336

  7%

  $1,088,598

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,254,630

  Geo Method

  $1,254,630

• Alternative Use

  Use

  Valuation

  Residential

  $1,172,336

  Hospitality

  $1,073,854

  Educational

  $893,434

  Medical

  $924,160

  Retail

  $1,389,786

Location Insight

City

Irvington

County

Essex

State

New Jersey

Latitude

40.7274

Longitude

-74.2214

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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