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Marcus & Millichap Sells Ellis Apartment Portfolio In Irvington New Jersey For $3.26M

Property Image
SOLD
$3,255,000

New Jersey

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MultiFamily55,272 SF
Sold 08/14/2024
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Property Image
SOLD

Marcus & Millichap Sells Ellis Apartment Portfolio In Irvington New Jersey For $3.26M

70 Ellis Avenue Irvington, 79 Hopkins Place & 509 21st Street

See Similar Deals
MultiFamily55,272 SF
Sold 08/14/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$58
Total Square Footage:55,272 SF
Transaction Type:Sale

The Ellis Apartment Portfolio, consisting of three buildings located at 70 Ellis Avenue, 79 Hopkins Place, and 509 21st Street in Irvington, New Jersey, features a total of 26 units. The portfolio was sold for $3,255,000, equating to a price per unit of $125,192. The total square footage of the properties is 18,424, resulting in a price per square foot of $177.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,255,000
  • Units: 26
  • Square Footage: 18,424
  • Price per Unit: $125,192
  • Price per Square Foot: $177

Jed Matricaria and Daniel Aviles from Marcus & Millichap represented the transaction. The sale attracted seven offers within two weeks, indicating a robust interest in competitively priced multifamily properties in a challenging debt market.

Players

Jed Matricaria
Marcus & Millichap
Jed Matricaria
15 deals$85.6M volume
BROKER

Details

SOLD
IMAGE: Jed Matricaria DATE: 08/14/2024 ADDRESS: 70 Ellis Avenue Irvington, 79 Hopkins Place & 509 21st Street MARKET: Irvington ASSET TYPE: Multifamily BROKER: Jed Matricaria (@JedMatricaria) & Daniel Aviles - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $3,255,000 UNITS: 26 ~ PPU: $125,192 SF: 18,424 ~ PPSF: $177 NOTE: Marcus & Millichap sold the Ellis Apartment Portfolio in Irvington, New Jersey, for $3.26 million, exceeding the asking price. The 26-unit, three-building portfolio attracted seven offers in two weeks, demonstrating strong demand for well-priced multifamily assets despite a restrictive debt market.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$173,599.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,564.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,430.36
Annual Debt Service$185,164.33