Marcus & Millichap closes Essex County apartment asset for $2.03M

Marcus & Millichap said it traded 15-19 Smith St., a 17-unit apartment building located in Irvington, for $2.03 million.

Built in 1964 and situated on a 0.13-acre lot, the 14,000-square-foot asset’s unit mix consists of 17 one-bedroom/one-bathroom units and features 13 parking spaces.

The apartment property is easily accessible from the Garden State Parkway and Interstate 78. The property is a short distance from the Irvington Bus Terminal and Brick Church Train Station, offering tenants direct access to Manhattan.

“It was a pleasure working on this assignment for a returning client to Marcus & Millichap,” Jed Matricaria, senior associate, said. “We would like to thank the seller for taking our guidance, which generated 10 offers, a noncontingent contract and a sale at 96% of the list price. Due to our marketing process, we were able to close without renegotiation amid a rapidly changing market.”

Matricaria and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a New Jersey-based limited liability company, was also procured by Matricaria and Aviles.

“There were several buyers who made seemingly attractive offers on this deal, which would normally make it difficult for the seller to make an educated decision. We were able to vet those offers and appropriately guide our client. It has never been more important to have a trusted team working on clients’ behalf,” Aviles said.