66 Olympic Terrace
Multifamily | 6.50% CAP | 17 Units
Marketing description
66 Olympic Terrace if a 17-unit multifamily asset with a mix of studio, one-bedroom, and two-bedroom units on a 0.11-acre site in Irvington, New Jersey. Set within a residential township supported by local businesses and proximity to Newark, the Property consists of studio, one-bedroom, and two-bedroom units in a strong Essex County rental market.
The Property benefits from excellent connectivity, just 14 minutes from Newark Liberty International Airport and near major transit routes. High population density and Newark's record-setting apartment absorption underscore strong renter demand, reflecting the area's appeal to those seeking easy access to transit and employment. Located in the most affordable submarket in Northern New Jersey, with in-place rents over $300 below the local average, 66 Olympic Terrace delivers a rare combination of stable income and significant upside potential through rent growth.
Investment highlights
- 66 Olympic Terrace is a 17-unit multifamily property featuring a mix of studios, one-bedroom, and two-bedroom units. Its limited unit count combined with a diverse range of floor plans enhances operational efficiency, minimizes maintenance, and generates steady, predictable cash flow.
- The Property offers direct access to major roadways, including I-78 and the Garden State Parkway, and is served by NJ Transit bus and rail options, providing residents with convenient connections to regional employment centers and surrounding cities.
- The area offers a vibrant mix of retail, recreation, major employers, and universities, with Newark Liberty International Airport just minutes away, creating a highly desirable location that drives strong tenant demand and long-term occupancy.
- Current average in-place rents at 66 Olympic Terrace are $1,367 per month, well below the Greater Newark average of $1,744 per month, providing a clear path to enhanced cash flow while capitalizing on consistent tenant demand in a high-demand submarket.
- The Property is located in a densely populated area, with over 300,000 residents within three miles and 71% of households in Irvington renter-occupied, reflecting a robust demand for rental housing in the submarket.
- Irvington is a fully developed urban township with limited availability of land for new construction. High replacement costs and zoning restrictions further constrain supply, giving existing multifamily properties a competitive advantage and ensuring long-term asset value protection.
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