581-583 Palisade Ave, Jersey City, NJ 07307
12 Unit Apartment Building | $2,500,000 ($208,333/Unit) | 3.40% Cap Rate | Jersey City, NJ 07307
For Sale
Active
Asking Price $2,500,000
- Property Type
-
Multifamily
- Square Feet
- 5,919 SF
Listing Contacts
Thomas Misuraca
Property Overview
Located just one block from the Congress St Elevator to Hoboken, 581-583 Palisade Ave offers a prime development opportunity in the desirable Jersey City Heights. Situated in an R3 development zone, this 50x100 lot currently houses 12 units and is ready for a visionary developer to reimagine its potential. With its strategic location and ample space, this property provides the perfect canvas for a new residential project, promising a blend of urban convenience and modern living in a thriving neighborhood.
UNIT # Rent $ 581 1 $ 1,047 2 $ 1,059 3 $ 963 4 $ 851 5 $ 949 6 $ 1,300 1 (part owner - delivered vacant) $ 636 2 $ 939 3 $ 1,300 4 $ 780 5 $ 950 6 $ 937 Total $ 11,711 Annual $ 140,532 Taxes $ 22,613 PSEG/Utilities $ 4,881 JC Water $ 9,559 Insurance $ 12,635 Cleaning $ 1,200 Repair and Maint $ 2,940 Pets control $ 960 Total Expenses $ 54,788 NOI $ 85,744 Cap % 3.43%Price $ 2,500,000
To raise rents in Jersey CityEvery $100 spent on renovations, you get $1.35 in the first $5,000.
After $5,000 you get $1.55 for every $100 spent per month.
(Vacancy Capital Improvment) VCI application, costs $125 per unit.
Call or text Tom at 862-244-1032.
UNIT # Rent $ 581 1 $ 1,047 2 $ 1,059 3 $ 963 4 $ 851 5 $ 949 6 $ 1,300 1 (part owner - delivered vacant) $ 636 2 $ 939 3 $ 1,300 4 $ 780 5 $ 950 6 $ 937 Total $ 11,711 Annual $ 140,532 Taxes $ 22,613 PSEG/Utilities $ 4,881 JC Water $ 9,559 Insurance $ 12,635 Cleaning $ 1,200 Repair and Maint $ 2,940 Pets control $ 960 Total Expenses $ 54,788 NOI $ 85,744 Cap % 3.43%Price $ 2,500,000
To raise rents in Jersey CityEvery $100 spent on renovations, you get $1.35 in the first $5,000.
After $5,000 you get $1.55 for every $100 spent per month.
(Vacancy Capital Improvment) VCI application, costs $125 per unit.
Call or text Tom at 862-244-1032.
Property Details
- Class
- C
- Year Built
- 1900
- Stories
- 3
- Lot Size (sq. ft)
- 4,792 SF
- Units
- 12
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