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191-195 Newark Ave
Jersey City, NJ 07302
Multifamily Property For Sale
·
9 Units
EXECUTIVE SUMMARY
New on the market, a rare and unique investment, mixed use property located in the pedestrian section of Downtown Jersey City. Corner of Newark and Jersey Aves. Block and half from Grove St. Path Train Station. 9 residential and 4 commercial units. Fully rented with upside rent. Separate utilities. Most of the residential units have been upgraded. Convenient to everything. This is a great investment opportunity with a cap rate of more than 5% and it can be increased in short time.
This is four buildings adjoined, 191, 193, 193 1/2, and 195 Newark Ave. Total of 9 residentials, 6 1BR, and 3 2BR. Average sq. ft. between 650 and 900. And four commercial units. This is not rent controlled. The commercials are a nail salon about 800 sq. ft. with 4 more years left on their lease and a 5-year option. A restaurant bar (Pet Store). It is about 4,000 sq. ft. They have less than two years left on their lease with a 10-year option. After the first term expires, the rent will go up to 90% of market value. A hair salon which is also about 800 sq. ft. This one is a month-to-month lease. 195 is a Taco Place. It's only the store, there is nothing above it. It's about 900 sq. ft. Their lease has four years left and they have a 5-year option.
Most of the residential units were rented during the pandemic and the rent was kind of low and we were trying to get it up to the current market value now. There is a great add value to this property between the residential and commercial units. Please see the commercial leases are attached. The price is $7 M for the package .
This is four buildings adjoined, 191, 193, 193 1/2, and 195 Newark Ave. Total of 9 residentials, 6 1BR, and 3 2BR. Average sq. ft. between 650 and 900. And four commercial units. This is not rent controlled. The commercials are a nail salon about 800 sq. ft. with 4 more years left on their lease and a 5-year option. A restaurant bar (Pet Store). It is about 4,000 sq. ft. They have less than two years left on their lease with a 10-year option. After the first term expires, the rent will go up to 90% of market value. A hair salon which is also about 800 sq. ft. This one is a month-to-month lease. 195 is a Taco Place. It's only the store, there is nothing above it. It's about 900 sq. ft. Their lease has four years left and they have a 5-year option.
Most of the residential units were rented during the pandemic and the rent was kind of low and we were trying to get it up to the current market value now. There is a great add value to this property between the residential and commercial units. Please see the commercial leases are attached. The price is $7 M for the package .
PROPERTY FACTS
| Price Per Unit | $750,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.19% | Lot Size | 0.13 AC |
| No. Units | 9 | Building Size | 5,800 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1950 |
| Price Per Unit | $750,000 |
| Sale Type | Investment |
| Cap Rate | 5.19% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 5,800 SF |
| No. Stories | 4 |
| Year Built | 1950 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
| 1+1 | 3 | - | - |
PROPERTY TAXES
| Parcel Number | 06-12704-0000-00004-01 | Improvements Assessment | $755,500 |
| Land Assessment | $572,400 | Total Assessment | $1,327,900 |
PROPERTY TAXES
Parcel Number
06-12704-0000-00004-01
Land Assessment
$572,400
Improvements Assessment
$755,500
Total Assessment
$1,327,900
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