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Great investment opportunity in an up-and-coming section of town on the border of Irvington and Newark. Steps away from multiple schools, parks, and So. Orange Avenue's stores and restaurants. Conveniently situated less than five minutes from GSP (only one exit from I-280), tenants can be in NYC in 30 minutes. 3% max annual rent increase for rentals in Irvington Township (4% if landlord provides heat). Landlords may be able to qualify for a rent surcharge for major capital improvements that benefit occupied units (see Twp of Irvington municipal code § 472-4(B) for more info). One unit is ready to be renovated and re-rented at market immediately. Income & Expense available - lists current rent roll (annual and monthly), rents after 2023 rent increase, and market rents, as well as annual expenses and cap rates at current, post-increase, and market revenue levels. Awaiting DCA inspection appointment for landlord registration card renewal. Seller has resolved all open violations from previous inspection. Prospective buyers must fax/email proof of funds or mortgage preapproval to schedule showing.
Mixed use building in B-2 zone (Neighborhood Business). Building features a three-bedroom second floor apartment and one large commercial office space - both fully rented. Unit 1 (office) is sale-leaseback. Opportunity to increase rents to market rate. Call or email us to about buying with sister property (88-90 Broughton Ave) as package deal. Operating income statement available upon request.
Rents: Unit 1 $3,250/mo.; Unit 2 $1,275/mo.
Cap rate: 6.08%
Mixed use building in B-2 zone (Neighborhood Business). Building features six apartments and two commercial office spaces - all fully rented. Opportunity to increase rents to market rate. Call or email us to about buying with sister property (78-80 Broughton Ave) as package deal.
Rents: Unit 1B $1,250/mo.; Unit 2 $1,225/mo.; Unit 3 $1,400/mo.; Unit 4 $1,075/mo.; Unit 5 $1,100/mo.; Unit 6 $1,175/mo.; Commercial Unit 88 $575/mo.; Commercial Unit 90 $1,000/mo.
Cap rate: 5.91%
Appx 550 SQFT of N-C (Neighborhood Commercial) zoned retails space. Directly on Orange Rd. Combine with 324B to make a larger space.
Appx 800 SQFT OF N-C (Neighborhood Commercial) zoned retail space. Directly on Orange Rd. Combine with 324C to make a larger space. Includes seperate backroom and slop sink.