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636 & 654 Lyons Avenue, Irvington, NJ 07 2 Multifamily Properties Offered at $8,900,000 in Irvington, NJ
Investment Highlights
- Fully occupied 59-unit portfolio within a dense, transit-served submarket near Newark.
- Direct access to major regional connectors, including I-78 and Garden State Parkway.
- Proven rental performance with opportunity for over $150 monthly rent growth, supported by strong tenant demand and regional supply constraints.
- Mix of one- to three-bedroom units appealing to renters across income segments.
- Positioned near Newark Liberty International Airport, Seton Hall University, and major employers such as Prudential and Audible (Amazon).
Executive Summary
636 and 654 Lyons Avenue present a rare opportunity to acquire a fully stabilized 59-unit multifamily portfolio strategically located in Irvington, NJ, within Essex County’s highly developed residential corridor. The properties occupy approximately 0.59 acres combined and feature a mix of one-, two-, and three-bedroom apartments, providing diversity for tenant retention and reduced turnover risk. Current occupancy stands at 100%, supported by strong rental demand driven by connectivity to Newark’s employment hub and the greater New York City metropolitan region.
The portfolio benefits from transit-oriented positioning along Lyons Avenue, offering direct access to NJ Transit bus routes, as well as swift connectivity to I-78, Garden State Parkway, and Newark Liberty International Airport. Limited development pipeline and specific zoning constraints in the submarket create a high-barrier-to-entry environment, ensuring continued demand and long-term rent growth. With average in-place rents currently at $1,381 compared to market levels of $1,556, significant upside exists through operational enhancements and natural rent appreciation.
The portfolio benefits from transit-oriented positioning along Lyons Avenue, offering direct access to NJ Transit bus routes, as well as swift connectivity to I-78, Garden State Parkway, and Newark Liberty International Airport. Limited development pipeline and specific zoning constraints in the submarket create a high-barrier-to-entry environment, ensuring continued demand and long-term rent growth. With average in-place rents currently at $1,381 compared to market levels of $1,556, significant upside exists through operational enhancements and natural rent appreciation.
Property Facts
| Price | $8,900,000 | Number of Properties | 2 |
| Price / SF | $73.15 / SF | Individually For Sale | 0 |
| Cap Rate | 6.02% | Total Building Size | 121,672 SF |
| Sale Type | Investment | Total Land Area | 0.59 AC |
| Status | Active |
| Price | $8,900,000 |
| Price / SF | $73.15 / SF |
| Cap Rate | 6.02% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 121,672 SF |
| Total Land Area | 0.59 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 654 Lyons Ave, Irvington, NJ 07111 | Multifamily | 95,130 SF | - | - |
| 636-638 Lyons Ave, Irvington, NJ 07111 | Multifamily | 26,542 SF | 1943 | - |
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Icon Real Estate Advisors LLC
636 & 654 Lyons Avenue, Irvington, NJ 07
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