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    241 Martin Luther King Jr Dr, Unit JC Jersey City, NJ 07305

    For Sale
    $1,170,000

    Vacant Land - JC, Greenville, NJ

    Days on Market:
    13
    Last Refresh:
    Dec 7 at 10:06 am

    Property Features for 241 Martin Luther King Jr Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Neighborhood mixed use

    Building Details

    Architectural style
    Other

    Weichert Realtors (201) 333-4443 [email protected]

    Listing agent NATALIE ESFANDIARI (201) 333-4443 License #1434331

    Listing date Nov 25, 2025

    MLS# 250024050 Listing URL

    Copyright © 2025 Hudson County Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Approved Development Opportunity in Greenville

    This vacant land presents a prime development opportunity within Jersey City’s Jackson Hill Redevelopment Zone. The property features a fully approved 5-story project, ready for immediate construction. The approved architectural plans include 18 residential units and a ground-floor commercial space. The residential units consist of a mix of spacious 1-bed and 2-bed layouts, complemented by private outdoor patios, open courtyards, bike storage, and modern building systems with NFPA-13R sprinklers. The location offers excellent frontage along MLK Drive, providing strong visibility for the commercial component. All city engineering comments have been addressed, and no variances are required. This shovel-ready site is suited for a builder or investor seeking a turnkey urban infill project in a rapidly developing corridor.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    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
    -74.083271
    Latitude
    40.707553

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    FAQs

    What type of property is this?
    Land - Shovel-ready site with approved plans for mixed-use development.
    Where is this land located?
    The property is located at 241 Martin Luther King Jr Dr, Unit JC Jersey City, NJ.
    What is the asking price?
    The asking price for this property is $1,170,000.
    What are key features of this property?
    This property features: - Shovel-ready development opportunity with full city approvals in place, saving years of time and cost.; - Approved for **18 residential units** and **1 ground-floor commercial space**.; - Located in the heart of Jersey City’s Jackson Hill Redevelopment Zone.
    (201) 333-4443
    Request Owner's contact information
    241 Martin Luther King Jr Dr, Unit JC Jersey City, NJ 07305
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    Jersey City, NJ 07305
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    Realmo Value Estimation

    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.

    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.

    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
    241 Martin Luther King Jr Dr, Unit JC Jersey City, NJ 07305
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