Description
Marketing Description
Marcus & Millichap has been selected to exclusively market for sale the Journal Square Portfolio, a 40-unit mixed use portfolio in Jersey City, New Jersey. The portfolio consists of two buildings which are currently 95% occupied. The deal represents a unique opportunity to acquire a sizable collection of assets with substantial upside.
Journal Square has excellent accessible public transportation. The buildings are about a 10-minute walk to Journal Square PATH Station with a 15-minute ride to the World Trade Center and a 25-minute ride to Manhattan and located under 10 miles to Newark International Airport. The property is conveniently located near Route 1 & 9, Interstate 95, I-78 and Newark International Airport.
Journal Square historically has been the center of commerce for the state’s second largest city, a retail center to which people have flocked for decades.
Investment Highlights
- The subject property is operating at below market rents with 73% upside in rents.
- The property has a pro forma effective gross income of $795,290 representing a 7.86% cap rate at asking price and equaling a 8.64% leveraged cash-on-cash return
- Jersey City’s rent control laws give owners the opportunity to easily raise rents through a capital improvements program.
- 112-118 Tonnelle is located in a federal Opportunity Zone
- The Jersey City properties are located approximately 10 minute walk from the Journal Square Transportation Center which offers a 15 minute ride to the World Trade Center and a 25-minute ride to Manhattan
- Easy access Route 1 & 9, Interstate 95, I-78 and more
- Newark International Approx. 15-minute drive to Newark International Airport
