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"THE OCEAN" 409 Ocean Ave 17 Unit Apartment Building $4,000,000 ($235,294/Unit) 7.37% Cap Rate Jersey City, NJ 07305
EXECUTIVE SUMMARY
"THE OCEAN" is a "CLASS A" mixed use 17 unit brick building, located in the vibrant section of Greenville Jersey City!!!
This 3 story walkup has gone through a complete renovation and conversion from warehouse to residential.
The property offers a strong mix of 12-two bedroom, with 4-one bedroom units. Plus an approx 1400 sqf retail space being leased to a local daycare.
All units feature hardwood floors, granite countertops, central AC, washed dryer hookups in the units with many more upgrades.
All utilities such as heat, gas, hot water and electric are separate and paid by the tenants.
Currently generating strong rental income of an approx. 7.4% cap rate with room for upside.
The property has never been registered yet since the rehabilitation.
Conveniently located a few blocks to the LIGHT RAIL, buses, highways, shopping, Bayside and Liberty Parks and so on!!
This 3 story walkup has gone through a complete renovation and conversion from warehouse to residential.
The property offers a strong mix of 12-two bedroom, with 4-one bedroom units. Plus an approx 1400 sqf retail space being leased to a local daycare.
All units feature hardwood floors, granite countertops, central AC, washed dryer hookups in the units with many more upgrades.
All utilities such as heat, gas, hot water and electric are separate and paid by the tenants.
Currently generating strong rental income of an approx. 7.4% cap rate with room for upside.
The property has never been registered yet since the rehabilitation.
Conveniently located a few blocks to the LIGHT RAIL, buses, highways, shopping, Bayside and Liberty Parks and so on!!
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,000,000 | Building Class | B |
| Price Per Unit | $235,294 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 19,482 SF |
| Cap Rate | 7.37% | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Tenancy | Single |
| Apartment Style | Low-Rise | ||
| Zoning | R-2 | ||
| Price | $4,000,000 |
| Price Per Unit | $235,294 |
| Sale Type | Investment |
| Cap Rate | 7.37% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.15 AC |
| Building Size | 19,482 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1900 |
| Tenancy | Single |
| Zoning | R-2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 12 | - | - |
Walk Score®
Very Walkable (79)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 06-25802-0000-00024 | Total Assessment | $2,380,000 (2025) |
| Land Assessment | $227,300 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,152,700 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
06-25802-0000-00024
Land Assessment
$227,300 (2025)
Improvements Assessment
$2,152,700 (2025)
Total Assessment
$2,380,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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"THE OCEAN" | 409 Ocean Ave
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