ICON Real Estate Advisors has announced the successful $3.1 million sale of a prominent mixed-use property located at 604-618 Van Houten Avenue in Clifton.
The transaction involves a substantial asset comprising 11 residential apartments—including one-bedroom and two-bedroom units—alongside five fully occupied retail spaces and approximately 30 parking spaces. The property spans five contiguous parcels, making it a significant commercial footprint within the local market.
The property’s high occupancy and strategic location drove significant interest from the investment community. According to David Betesh, director of Multifamily at ICON Real Estate Advisors, the asset’s appeal stemmed from its combination of stable retail income and the potential for residential upside.
“This offering generated strong investor interest because it combined stable retail tenancy with significant upside in the residential apartments,” Betesh, who represented both the seller, Van Houten Investors LLC, and the buyer in the transaction, said. The competitive marketing process resulted in multiple offers, ultimately leading to a successful closing for all parties involved.
The property is situated within a highly accessible corridor of Clifton, offering residents and commercial tenants proximity to the Clifton Train Station and several NJ Transit bus routes. This connectivity provides a vital link for commuters traveling throughout Northern New Jersey and into New York City, a key factor that continues to bolster demand for mixed-use developments in the area.
Headquartered in West Orange, ICON Real Estate Advisors continues to focus on multifamily and mixed-use investment sales across the region, leveraging over 100 years of combined partner experience to navigate complex market dynamics for local owners and investors.
