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Mcginley Square 229 Summit Ave 6 Unit Apartment Building $1,625,000 ($270,833/Unit) 6.87% Cap Rate Jersey City, NJ 07304

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INVESTMENT HIGHLIGHTS

  • 19% Upside
  • 8.65% Cash on Cash Return
  • New Boilers & Heaters – 2024
  • Average Rents $2,013, with Market Rents $2,400
  • 5 Parking Spots
  • All Separately Metered

EXECUTIVE SUMMARY

Broker of Record
Patrick Forde
License # 2330333 (NJ)
Matthews Real Estate Investment Services, Inc
300 Frank W Burr Blvd, Suite 440 Teaneck, NJ 07666

PROPERTY FACTS

Price $1,625,000
Price Per Unit $270,833
Sale Type Investment
Cap Rate 6.87%
No. Units 6
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low-Rise
Building Class C
Lot Size 0.08 AC
Building Size 4,500 SF
No. Stories 3
Year Built 1884

AMENITIES

UNIT AMENITIES

  • Air Conditioning
  • Heating
  • Kitchen
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower

SITE AMENITIES

  • Controlled Access
  • Tenant Controlled HVAC
  • Recycling
  • Smoke Free
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 6 - 675
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (74)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
06-15104-0000-00001
Land Assessment
$210,000
Improvements Assessment
$378,800
Total Assessment
$588,800
  • Listing ID: 38438957

  • Date on Market: 11/13/2025

  • Last Updated:

  • Address: 229 Summit Ave, Jersey City, NJ 07304

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