88 Tonnele Ave, Jersey City, NJ / 618 Summit Ave, Jersey City, NJ

Asking: $ 10,900,000

Description

Marketing Description

Marcus & Millichap has been selected to exclusively market for sale the Value-Add Journal Square Portfolio, a 57-unit multi-family portfolio in Jersey City, New Jersey. The portfolio consists of two properties in Journal Square, which are currently 96.5% occupied. The deal represents a unique opportunity to acquire a sizable collection of assets with substantial upside.

Journal Square is a lively business district, residential area and transportation hub. Jersey City is becoming a more prosperous area for people seeking an affordable alternative to New York City. The properties are approximately a 7-minute walk from Journal Square PATH Station with a 15-minute trip to the World Trade Center and a 22-minute ride to Midtown Manhattan via Path, situated closely to Newark Liberty Airport, JFK and LaGuardia Airport. The properties have easy access to Route 1 & 9, Interstate 95, I-78, and are in walkable distance to restaurants, theaters and many national retailers.

The properties are located in the Journal Square section of Jersey City. 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. Hudson County, and specifically Jersey City, has seen a massive influx in development and capital investors. The first tower constructed off the Gold Coast in over a decade was constructed in Journal Square by The Kushner Companies and the City has approved multiple large projects to attract New Yorkers.

Investment Highlights

  • The subject property is operating at below market rents with 66% upside in rents 
  • Two units can be delivered vacant
  • Landlord friendly rent control
  • The property has a projected effective gross income of $1,251,000 representing an 8.53% cap rate at asking price 
  • The Jersey City properties are located approximately 7-minute walk from the Journal Square Transportation Center which offers a 15-minute ride to the World Trade Center and a 22-minute ride to Midtown Manhattan via Path
  • Journal Square Transportation Center includes a bus terminal with a 28-minute ride into the Manhattan
  • Currently 96.5% occupied
  • 88-94 Tonnelle Ave is located in a Federal Opportunity Zone
  • Both properties have been recently renovated with new boilers, new roofs, new hot water heaters and hallway fire alarm systems
  • 15 minutes to NYC and minutes from Historic Downtown Jersey City
  • Residents have quick access to key employment centers of Manhattan
  • Minutes from the Holland Tunnel, Lincoln Tunnel and GW Bridge
  • Easy access to Garden State Parkway, I-95, I-78, Route 1&9 and more
  • Situated closely to Newark, JFK and LaGuardia Airport.
  • Walkable distance to restaurants, theaters and many national retailers

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