Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    221 Olean Ave, Unit JC Jersey City, NJ 07306

    View on Map
    Sponsored
    For Sale
    $399,997

    Multi-level, 2 Family - JC, Journal Square, NJ

    Days on Market:
    2
    Last Refresh:
    Mar 30 at 8:06 am

    Property Features for 221 Olean Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    Parking
    1
    Interior features
    ALL - "AS-IS"
    Basement Y/N
    1

    Building Details

    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    EMMANUEL OKOYE

    Homeland Emmanuel Okoye Realty

    Listing agent EMMANUEL OKOYE License #8935772

    Listing date Mar 29, 2026

    MLS# 260005386 Listing URL

    Copyright © 2026 Realty MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Journal Square Vacant Building

    This vacant building is located near St Peter's University, New York City transportation via Journal Square PATH trains, the Lincoln Recreational Park, shopping centers, and schools. The property is gutted to the frame and ready for renovation or demolition for new construction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jersey City
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0775573
    Latitude
    40.7287092

    Nearby Similar for Sale

    • $125,000
      1,069 SF

      Turn-Key West Side Jersey City Restaurant

      Fully equipped cafe with indoor and outdoor seating for sale.
      80 Mallory Ave, Jersey City, NJ 07304
      View Details
    • $350,000
      2,500 SF

      Established Plumbing Business Opportunity

      Plumbing business for sale in thriving West Bergen market.
      264 Kearney Ave, Jersey City, NJ 07305
      View Details
    • $3,000,000
      13,000 SF

      Mixed-Use Property Near Courthouse

      Three-story mixed-use property with retail and office space.
      572-574 Newark Ave, Jersey City, NJ 07306
      View Details
    • $99,000
      4,000 SF

      Turnkey Restaurant in West Bergen

      Restaurant business and mixed-use property in high-traffic area.
      331-337 WEST Side Ave, Jersey City, NJ 07305
      View Details
    • $3,549,000
      12,000 SF

      Historic Church Investment Opportunity

      Historic church with redevelopment potential in a rapidly growing area.
      355 Fairmount Ave, Jersey City, NJ 07306
      View Details
    • $799,900
      0.07 Acres

      Turnkey Multi-Family Property, Jersey City

      Renovated 2-family property with strong tenant demand in Jersey City.
      193 Clerk St, Jersey City, NJ 07305
      View Details
    • New
      $849,000
      0.06 Acres

      Two-Family Home with Parking

      Spacious two-family home with parking, convenient for commuters.
      543 Liberty Ave, Jersey City, NJ 07307
      View Details
    • $669,999
      2,200 SF

      Mixed-Use Building in Jersey City

      Versatile investment property with commercial space and residential units.
      415 Martin Luther King Jr Dr, Jersey City, NJ 07304
      View Details
    • $924,900

      New Jersey Two-Family Property

      New construction duplex in growing neighborhood, ideal for investment.
      600 Bramhall Ave, Jersey City, NJ 07304
      View Details
    • New
      $750,000

      Remodeled Two-Family Home, Journal Square

      Remodeled two-family home near schools and transportation to NYC.
      69 Jewett Ave, Jersey City, NJ 07304
      View Details
    • $600,000
      1,932 SF

      Updated Two-Family Home in Jersey

      Spacious, updated 2-family home in Jersey City's Greenville section.
      107 Bidwell Ave, Jersey City, NJ 07305
      View Details
    • New
      $850,000
      0.06 Acres

      Two-Family Home in JC Heights

      Two-family home with parking, separate utilities, and value-add potential.
      177 Columbia Ave, Jersey City, NJ 07307
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Vacant building near transportation, parks, shopping, and schools.
    Where is this residential land & home lot located?
    The property is located at 221 Olean Ave, Unit JC Jersey City, NJ.
    What is the asking price?
    The asking price for this property is $399,997.
    What are key features of this property?
    This property features: - Prime Location: Near St. Peter's University, Journal Square PATH trains, Lincoln Recreational Park, shopping centers, and schools.; - Development Opportunity: Suited for renovation or new construction.; - Gutted to Frame: Ready for immediate renovation or demolition.
    (201) 946-9800
    Request Owner's contact information
    221 Olean Ave, Unit JC Jersey City, NJ 07306
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    221 Olean Ave, Unit JC
    Jersey City, NJ 07306
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    221 Olean Ave, Unit JC Jersey City, NJ 07306
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    EMMANUEL OKOYE
    Real Estate License ID: 8935772
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!