262 Ellis Ave Irvington, NJ 07111-4449
Property profile & analytics
262 Ellis Ave Irvington, NJ 07111-4449
- Residential income homes
- 6,426 SF
- 0.17 lot acres
Property ID
US59-2474767
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
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
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,260,000
- AI Estimate
- $692,000
Market price range: $917k - $1.67MMarket price range: $384k - $1.00M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,150,000 Current use
- OFFICE BUILDING
- $1,350,000 Change: +17% Conversion: Moderate
- INDUSTRIAL (GENERAL)
- $1,055,000 Change: -8% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $940,000 Change: -19% Conversion: Moderate
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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
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$21,388
$22,500
$336,300
$358,800
-
$22,500
$336,300
$358,800
