Kislak: Essex County multifamily property sells for $6M

Two adjacent multifamily properties with a total of 45 residential units recently sold in Essex County.

The Kislak Co. Inc. announced the transaction involving 404 – 408 and 410 – 414 Union Ave. in Irvington – four-story brick buildings – for $6 million on June 21.

The firm marketed the property on an exclusive basis, with Vice President Julie Gralla handling the assignment and procuring the buyer. Neither the buyer nor the seller were disclosed.

“It was a pleasure representing both the seller, a repeat client, and the purchaser,” Gralla said in a statement. “Despite a failed deal earlier in the COVID-19 pandemic, I persevered with a firm belief in the potential of these buildings and given my relationship with the seller, which I value.

“I am thrilled we achieved the seller’s price, which is an aggressive price per unit for Irvington, but at a fair cap rate,” she added.

According to Kislak’s announcement of the sale, the buildings offer upside potential with below market rents. Built in 1940, the semi-renovated property offers four studios, 35 one-bedroom, and six two-bedroom units. The buildings have a new boiler, electrical wiring and LED lighting, and are located in the center of town—walking distance to both public transportation and near major highways.