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331 Baldwin Ave 9 Unit Apartment Building $2,899,000 ($322,111/Unit) 6.71% Cap Rate Jersey City, NJ 07306
Investment Highlights
- The property's proximity to Hudson County Community College, Saint Peter's University, retail amenities, restaurants, and public transportation.
- Journal Square continues to experience significant residential and mixed-use development, supporting long-term rental growth.
Executive Summary
Great opportunity to acquire a 9 unit brick investment property, offering stable in place income with significant long term upside. Generating approximately $194,000 in current NOI. Priced at $2.899M, situated within Jersey City’s Journal Square 2060 Redevelopment Zone, the building spans four stories plus a high-ceiling basement. Remodeling and condominium conversion potential with a possibility of property being delivered fully vacant. The lower-level units may offer the opportunity to be duplexed with the basement, while the zoning may permit the addition of up to two stories as of right, subject to buyer due diligence and municipal confirmation. 32.79 x 94.49 lot with a building footprint of approximately 32.79 x 77. Minutes from the Journal Square Transportation Center, the property provides direct PATH access to Manhattan and is surrounded by residential and commercial developments.
Property Facts
| Price | $2,899,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $322,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 6.71% | Building Size | 6,544 SF |
| No. Units | 9 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1890 |
| Property Subtype | Apartment |
| Price | $2,899,000 |
| Price Per Unit | $322,111 |
| Sale Type | Investment |
| Cap Rate | 6.71% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,544 SF |
| No. Stories | 4 |
| Year Built | 1890 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | - | - |
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 06-08202-0000-00017 | Improvements Assessment | $969,900 |
| Land Assessment | $495,000 | Total Assessment | $1,464,900 |
Property Taxes
Parcel Number
06-08202-0000-00017
Land Assessment
$495,000
Improvements Assessment
$969,900
Total Assessment
$1,464,900
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331 Baldwin Ave