March 13, 2025 – Michael Agrifolio of Horvath & Tremblay has arranged the sale of a six (6) unit multi-family property in Irvington, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $985,000.
The multi-family Property is located at 262 Ellis Avenue in Irvington, New Jersey. The Property consists of a three-story building containing six (6), 3-Bedroom/1-Bathroom residential units on a 0.17-acre parcel of land. The Property also includes a detached seven bay garage at the rear of the Property and additional on-site parking that generate additional revenue for the Property. The units offer desirable three-bedroom layouts and are individually metered for electricity, heat, and hot water. In-place leases have below-market rents and the opportunity exists to increase residential rents to market rates in an urban-infill, high demand, supply-constrained residential market increasing the income of the Property. The Property is well located along Ellis Avenue in a densely populated residential neighborhood in the heart of Irvington. The Property enjoys close proximity to Grove Street and Springfield Avenue, two of the area’s primary commercial corridors. 262 Ellis Avenue is 2.2-miles from East Orange Train Station, 3-miles from the Newark Broad Street Station and 3-miles from Newark’s Penn Station with direct service to Manhattan’s Penn Station. The Property also offers convenient access to the Garden State Parkway, Interstates 280 and 78, and NJ Route 21, 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 and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.