December 29, 2023 – Michael Agrifolio and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of a six (6) unit multi-family building in Irvington, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,900,000.
The multi-family investment property, located at 224 22nd Street in Irvington, New Jersey, is comprised of a completely renovated three-story building containing six (6) residential units comprised of three (3), 4-Bedroom/2-Bathroom units and three (3), 3-Bedroom/2-Bathroom units with 7,595 total square feet on a 0.1-acre corner parcel. The Property also includes an on-site laundry facility, storage areas, and on-site parking. The building suffered a fire and has been completely renovated and restored. All of the residential units and common areas have been completely rebuilt with high-end finishes and modern kitchens and bathrooms throughout. The building features new electrical wiring, plumbing, and mechanicals throughout. The new mechanicals include six (6) individual gas-fired furnaces and hot water heaters. Additionally, the windows, siding and roof were replaced during the construction. The Property is well located at the intersection of 22nd Street and 17th Avenue in a densely populated residential neighborhood. The Property enjoys close proximity to Grove Street and Springfield Avenue, two of the area’s primary commercial corridors. The Property provides easy access to local and national retailers (Home Depot, Save A Lot, Walgreens) and restaurants (Applebee’s, McDonald’s, Wendy’s, Popeye’s) in the area, as well as numerous schools (several area elementary, middle and high schools, Seton Hall University, and the New Jersey Institute of Technology) and the University Hospital. 224 22nd Street is 2-miles from East Orange Train Station and 3.7-miles from the Newark Broad Street Station and 2.5-miles from the Bloomfield Train 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. The Property is also within walking distance of several municipal bus stops.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. 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.