May 29, 2024 – Michael Agrifolio and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of a mixed-use building in Irvington, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,200,000.
The mixed-use building is located at 883-887 Springfield Avenue in Irvington, New Jersey. The Property consists of two adjacent three-story buildings containing twelve (12) units comprised of four (4), commercial units at street level and eight (8) 3-Bedroom/1-Bathroom units on the upper floors with approximately 14,000 total square feet on 0.17-acres of land. The recently renovated buildings have outstanding curb appeal and no deferred maintenance. The commercial component of the Property is 100% leased to four (4) commercial tenants. Young’s Cleaners and Neighborhood Smoke both have 2+ years remaining on their leases, Oja Oba International Market has 4 years remaining on their lease, and Maple Tax Service has 3+ years remaining on their lease. Each of the commercial leases also features attractive annual rent increases. The newly renovated residential units offer large, spacious three-bedroom layouts and are individually metered for electricity, heat, and hot water. The Property is well located along Springfield Avenue, one of the area’s primary commercial corridors traversing the township. Located in a densely populated neighborhood, the Property is 2.5-miles from East Orange Train Station and the Newark Airport Station, and 3-miles from the Newark-Pennsylvania Station with direct service to Manhattan’s Penn Station. The Property also offers convenient access to the Garden State Parkway, Interstates 280 and 78, US Route 9 and NJ Routes 21, 27, and 82, as well as area schools, national retailers, and Downtown Newark. Irvington is a residential suburb of New York City, located in Essex County. The community is 13.5-miles west of New York City.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.