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98 Wayne St 15 Unit Apartment Building $3,500,000 ($233,333/Unit) 6.30% Cap Rate Jersey City, NJ 07302
Investment Highlights
- Jersey City's Van Vorst Park Neighborhood
- Value Add Potential Upon Turnover (30%+ Upside)
- Strong Demographics Exceed over $200K Household Income in .5Mile Radius
- Diverse Unit Mix
- 1.5 Blocks to Grove St PATH
Executive Summary
Investment Highlights – 98 Wayne Street, Jersey City (Van Vorst Park)
• Asking Price: $3,500,000
• Unit Mix: (2) Studios, (8) One-Bedrooms, (5) Two-Bedrooms
• CAP Rate (Yr 1): 6.3%
• Price/Unit: $233,333
Unbeatable Downtown Location & Transit Access
• 2 blocks to Grove Street PATH Station — 10 min to World Trade Center, ~20 min to Midtown Manhattan
• Minutes to Exchange Place & Newport PATH, light rail, and ferry terminals
• Steps to Van Vorst Park, local cafes, dining, retail, and waterfront
Strong In-Place Cash Flow with Upside
• Current rents are 30%+ below market
• Opportunity to bring rents to $2,300–$2,600+ per unit with minor upgrades and turnovers
• High-income demographic: $200K+ avg household income within 0.5 miles
Condo Exit Strategy Potential
• Ideal layout, location, and unit mix for a condo conversion in one of Jersey City’s highest-demand neighborhoods
• Comparable condo sales in the area are averaging $900–$1,100 per SF, pointing to a significant potential premium on a sellout
• Asking Price: $3,500,000
• Unit Mix: (2) Studios, (8) One-Bedrooms, (5) Two-Bedrooms
• CAP Rate (Yr 1): 6.3%
• Price/Unit: $233,333
Unbeatable Downtown Location & Transit Access
• 2 blocks to Grove Street PATH Station — 10 min to World Trade Center, ~20 min to Midtown Manhattan
• Minutes to Exchange Place & Newport PATH, light rail, and ferry terminals
• Steps to Van Vorst Park, local cafes, dining, retail, and waterfront
Strong In-Place Cash Flow with Upside
• Current rents are 30%+ below market
• Opportunity to bring rents to $2,300–$2,600+ per unit with minor upgrades and turnovers
• High-income demographic: $200K+ avg household income within 0.5 miles
Condo Exit Strategy Potential
• Ideal layout, location, and unit mix for a condo conversion in one of Jersey City’s highest-demand neighborhoods
• Comparable condo sales in the area are averaging $900–$1,100 per SF, pointing to a significant potential premium on a sellout
Property Facts
| Price | $3,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $233,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.30% | Building Size | 16,000 SF |
| No. Units | 15 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | Commercial - Multifamily | ||
| Price | $3,500,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 16,000 SF |
| No. Stories | 4 |
| Year Built | 1900 |
| Zoning | Commercial - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Controlled Access
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 8 | - | - |
| 2+1 | 5 | - | - |
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Property Taxes
| Parcel Number | 06-12705-0000-00024 | Improvements Assessment | $551,400 |
| Land Assessment | $975,000 | Total Assessment | $1,526,400 |
Property Taxes
Parcel Number
06-12705-0000-00024
Land Assessment
$975,000
Improvements Assessment
$551,400
Total Assessment
$1,526,400
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Contact the Sale Advisor
98 Wayne St