262 Ellis Ave Irvington, NJ 07111-4449
- Residential income homes
- 6,426 SF
- 0.17 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 262 Ellis Ave
- Year built
- 1923
- Lot size
- 0.17 lot acres
- Property size
- 6,426 SF
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 09 00148-0000-00013
- APU
- 900148000000013
Description
This exceptional three-story apartment building at 262 Ellis Avenue in Irvington, New Jersey, presents a compelling investment opportunity. The property boasts six 3-bedroom/1-bathroom units, each individually metered for electricity, heat, and hot water, generating a substantial net operating income (NOI) of $84,021 and a 7% cap rate. Situated on a 0.17-acre lot, the property also includes a detached seven-bay garage and additional on-site parking, offering further revenue potential. The building's 6,426 square feet are priced at $186.74 per square foot, with an asking price of $1,200,000 ($200,000 per unit). Built in 1923, this property benefits from its prime location in a densely populated residential neighborhood, close to major commercial corridors like Grove Street and Springfield Avenue. Convenient access to public transportation, including proximity to East Orange, Newark Broad Street, and Newark Penn Stations (with direct service to Manhattan), as well as major highways (Garden State Parkway, Interstates 280 and 78, and NJ Route 21), enhances its appeal. The property is also within easy reach of numerous schools, including Seton Hall University, and a variety of retail amenities. Strong demographics, with over 63,500 people within a 1-mile radius and an average household income exceeding $73,151, further solidify its investment potential. Below-market rents present a significant opportunity to increase income by adjusting to market rates. This property offers a blend of strong cash flow, upside potential, and a desirable location.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $525,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $692,000
Market price range: $384k - $1.00M
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Location Insight
- Map
- Local Demand
- City
- Irvington
- County
- Essex
- State
- New Jersey
- Longitude
- -74.2164
- Latitude
- 40.7324
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
