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Value-add Multifamily Property in Opportunity Zone

Tours Scheduled for May 29th and June 4th

Gebroe-Hammer, in conjunction with RealINSIGHT Marketplace, is pleased to present 16 apartment-home units at Roosevelt Terrace Apartments, located at 1 Roosevelt Terrace at the corner of Grove Street in the Township of Irvington, N.J. Built in 1927, this distinct-in-character three-story property is strategically situated within East Essex New Jersey’s Greater Newark/ The Oranges region, just blocks from Newark’s historic West Ward and less than three miles to rail service offering 20-minute service to Midtown Manhattan/New York Penn Station. 

As a prominent fixture within the heart of Irvington’s commuter-friendly Grove Street/16th Avenue neighborhood, Roosevelt Terrace Apartments is comprised of 12 one-bedroom and 4 two-bedroom layouts. Thanks to its prominent location within a region undergoing sweeping revitalization, as well as connectivity to major employment hubs and abundant experiential services such as dining, retail and cultural and recreational venues, Roosevelt Terrace Apartments is well-poised for significant property repositioning associated with valueadd capital improvements and unrivaled proximity to Northern New Jersey’s premier urban-chic submarkets.

Investment Highlights

  • Significant value-add property-repositioning potential associated with implementation of contemporary finishes to kitchens, baths, living and community spaces

  • Immediate highway connectivity to Garden State Parkway, I-280 and I-78, County Road 509 and Route 124

  • In-demand, strategic locale within the Newark-East Orange-South Orange corridor, just 16 miles east of Midtown Manhattan and 2.4 miles east of Downtown Newark

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Interested buyers should be aware that Seller may have acquired the Property by foreclosure or deed in lieu of foreclosure, and that Seller is selling the Property in "AS IS" CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXCEPT WARRANTY OF TITLE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of buyer's choosing. Buyer shall not be entitled to, and should not, rely on Seller or its agents as to (i) the quality, nature, adequacy and physical condition of the Property including, but not limited to, the structural elements, foundation, roof, appurtenances, access, landscaping, parking facilities and the electrical, HVAC, plumbing, sewage, and utility systems, facilities and appliances, (ii) the quality, nature adequacy and physical condition of soils and geology and the existence of ground water, (iii) the existence, quality, nature adequacy and physical condition of utilities serving the Property, (iv) the development potential of the Property, its habitability, merchantability, or fitness, suitability or adequacy of the Property for any particular purpose, (v) the zoning or the legal status of the Property, (vi) the Property's or its operations' compliance with applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and restrictions of any governmental, quasi-governmental entity or any other person or entity, (vii) the quality of any labor and materials, (viii) the compliance of the Property with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements including but not limited to those pertaining to the handling, generating, storing or disposing of any hazardous materials, and (ix) except as expressly provided otherwise in an executed contract of sale, the condition of title and the nature, status and extent of any right-of-way, lease, right of redemption,
possession, lien, encumbrance, license, reservation, covenant, condition, restriction and any other matter affecting the title. Although Seller’s predecessors may have performed work, or contracted for work performed by third parties in connection with the Property, the agents shall not be responsible to buyer or any successor on account of any errors or omissions or construction defects of such predecessors and/or third parties.

Seller reserves the right to withdraw any Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent, (ii) incorporated in a formal written contract of purchase and sale to be prepared by or on behalf of Seller and executed by both parties, and (iii) approved by any applicable federal agencies regulating Seller, Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property.

The information provided and to be provided with respect to Property being marketed was obtained from a variety of sources and SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF THE INFORMATION PRESENTED OR TO BE PRESENTED WITH RESPECT TO THE PROPERTY. SELLER, AND ITS AGENTS MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

Roosevelt Terrace Apartments

1-7 Roosevelt Terrace, Irvington, NJ 07111

Asset Snapshot

  • Asset Type
  • Real Estate
  • Land Area
  • 0.11 Acres
  • Year Built
  • 1930
  • Number of Floors
  • 3
  • Number of Buildings
  • 1
  • Occupancy
  • 50.00%
  • Occupancy as of
  • Apr 01, 2019
  • Multifamily Type
  • Garden
  • Number of Units
  • 16 Units
  • Property Size
  • 13,700 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00%.

  • Auctioneer

    1. Richard G. Warner

      c/o Fisher Auction Company Inc.

      License: #0120281