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91 Romaine Ave 7 Unit Apartment Building $1,600,000 ($228,571/Unit) 4.58% Cap Rate Jersey City, NJ 07306
EXECUTIVE SUMMARY
Developers and Multifamily Investors Delight! Welcome to 91 Romaine Ave, a premium 3 story, 7-unit residential building in the heart of Journal Square, on an oversized 3,337 SQFT oversized lot in R3 Zone. Property is fully occupied with below market rents, offering an upside of up to 59%. Four of the 7 units have been recently renovated. Each unit comes with its own water boiler and PSEG meters. Landlord pays for water, sewer, common electric, trash removal and pest control. Buy and Great Investment with high appreciation in an excellent location. Current R3 Zoning allows for a 4 story building. Collect rents while the land/property appreciates at 8% - 10% yearly rate in the fastest redeveloping neighborhood of Jersey City, Prime Journal Square sub-market. Minutes to Journal Square Path Train, direct trains to NYC Downtown at World Trade Center and Midtown at 33rd Street Station.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $1,600,000 | Property Subtype | Apartment |
| Price Per Unit | $228,571 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.58% | Lot Size | 0.08 AC |
| Gross Rent Multiplier | 16 | Building Size | 5,400 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1913 |
| Zoning | N/Av | ||
| Price | $1,600,000 |
| Price Per Unit | $228,571 |
| Sale Type | Investment |
| Cap Rate | 4.58% |
| Gross Rent Multiplier | 16 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 5,400 SF |
| No. Stories | 3 |
| Year Built | 1913 |
| Zoning | N/Av |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | - | 950 |
| 1+1 | 1 | - | 800 |
| 3+1 | 2 | - | 800 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (79)
PROPERTY TAXES
| Parcel Number | 06-10502-0000-00047 | Total Assessment | $792,900 (2025) |
| Land Assessment | $245,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $547,900 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
06-10502-0000-00047
Land Assessment
$245,000 (2025)
Improvements Assessment
$547,900 (2025)
Total Assessment
$792,900 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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91 Romaine Ave
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