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130-132 Griffith St 6 Unit Apartment Building $2,175,000 ($362,500/Unit) 4.93% Cap Rate Jersey City, NJ 07307
INVESTMENT HIGHLIGHTS
- Minutes to Hoboken, Downtown Jersey City
- Major upside potential
- Proximity to transporation to NYC
EXECUTIVE SUMMARY
Rare opportunity featuring 2 side by side 3-family buildings comprised of a corner lot and adjacent building on a combined 40’ x 77’ lot in the heart of Jersey City Heights, one of the area’s most desirable and rapidly appreciating neighborhoods. Apartments are all 2 bed/1bath. Building also offers 2 car parking adding additional income.***No Rent Control – $140,376 -Current Gross ***$222,000- Potential Gross. Investors may choose to reposition the asset and capture upside through lease turnover and targeted CapEx. With a projected 6.38% cap rate achievable through renovation and rent growth, the property offers both immediate income and long-term appreciation, all in a thriving location just minutes from Hoboken, Downtown Jersey City, Weehawken, and New York City. Contact for detailed income and expenses AND pricing on the complete three-building package.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$140,376
|
$19.64
|
| Other Income |
$2,400
|
$0.34
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$142,776
|
$19.97
|
| Taxes |
$25,500
|
$3.57
|
| Operating Expenses |
$19,500
|
$2.73
|
| Total Expenses |
$45,000
|
$6.29
|
| Net Operating Income |
$97,776
|
$13.68
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $140,376 |
| Annual Per SF | $19.64 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.34 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $142,776 |
| Annual Per SF | $19.97 |
| Taxes | |
|---|---|
| Annual | $25,500 |
| Annual Per SF | $3.57 |
| Operating Expenses | |
|---|---|
| Annual | $19,500 |
| Annual Per SF | $2.73 |
| Total Expenses | |
|---|---|
| Annual | $45,000 |
| Annual Per SF | $6.29 |
| Net Operating Income | |
|---|---|
| Annual | $97,776 |
| Annual Per SF | $13.68 |
PROPERTY FACTS
| Price | $2,175,000 | Apartment Style | Low-Rise |
| Price Per Unit | $362,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 4.93% | Building Size | 7,149 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1910 |
| Zoning | Residential - Residential | ||
| Price | $2,175,000 |
| Price Per Unit | $362,500 |
| Sale Type | Investment |
| Cap Rate | 4.93% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 7,149 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1910 |
| Zoning | Residential - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Storage Space
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (75)
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130-132 Griffith St
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