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995 Summit Ave
Jersey City, NJ 07307
Multifamily Property For Sale
·
24 Units
Investment Highlights
- Brick Corner Property w/ 37% Upside In Rents
- 75% of Building Ready for Repositioning
- 3% Increases Approved from Rent Leveling Board to Take Effect 2026
Executive Summary
DESCRIPTION
· Rare to market corner multi family asset in the heart of Jersey City Heights with 37% upside in rents
· Brick walk up with historic mosaic tile common areas, decorative architectural elements and efficient layouts
· Brand new 3% rental increases approved from Rent Control board pushing up in place income over $7,836
· Tenant pays cooking gas, electric and landlord pays heating and hot water
· 6 of the 24 units have been turned over with (1) 3 Bedroom (3) 2 Bedroom (19) 1 Bedroom (1) Studio
· Rare to market corner multi family asset in the heart of Jersey City Heights with 37% upside in rents
· Brick walk up with historic mosaic tile common areas, decorative architectural elements and efficient layouts
· Brand new 3% rental increases approved from Rent Control board pushing up in place income over $7,836
· Tenant pays cooking gas, electric and landlord pays heating and hot water
· 6 of the 24 units have been turned over with (1) 3 Bedroom (3) 2 Bedroom (19) 1 Bedroom (1) Studio
Property Facts
| Price Per Unit | $177,083 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.20% | Building Size | 14,252 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1937 |
| Apartment Style | Mid-Rise |
| Price Per Unit | $177,083 |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 14,252 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1937 |
Amenities
Unit Amenities
- Heating
- Tile Floors
- Hardwood Floors
- Views
Site Amenities
- Controlled Access
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 24 | - | - |
Property Taxes
| Parcel Number | 06-02704-0000-00023 | Improvements Assessment | $1,621,500 |
| Land Assessment | $1,080,000 | Total Assessment | $2,701,500 |
Property Taxes
Parcel Number
06-02704-0000-00023
Land Assessment
$1,080,000
Improvements Assessment
$1,621,500
Total Assessment
$2,701,500
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