New Construction Multifamily in Journal
113 Wales Avenue Jersey City, NJ 07306
113 Wales Avenue, Jersey City, NJ, 07306
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For Sale
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New construction 6-unit multifamily property in Journal Square.
Property Size8,000 SF
Price / SF$274.88
Days on Market71
Property Features for 113 Wales Avenue
General Information
- Standard status
- Active
- Size
- 8,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2015
Listing Agency
Matthews
Listed by
David Ferber · License #1974915
Source
Crexi
Added: May 12 Updated: Jul 10 at 1:38 pm Checked: Jul 19 at 5:21 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
This is a new construction multifamily property located in Journal Square. The property features 6 units and has a cap rate of 6.27%. The property size is 8,000 square feet.
Key Highlights
- New Construction
- 6‑Unit Multifamily
- Prime Journal Square Location
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $311.0k | $38.88 |
| − Vacancy | −$14.9k | −$1.87 |
| EGI | $296.1k | $37.01 |
| − OpEx | −$133.2k | −$16.66 |
| NOI | $162.9k | $20.36 |
8,000 SF · lease $38.88/SF/yr · vacancy 4.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.71M
NOI $162,861 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.59M
$2.27M – $3.03M
NOI $181,561 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - New construction 6-unit multifamily property in Journal Square.
Where is this apartment building located?
The property is located at 113 Wales Avenue Jersey City, NJ.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: New Construction; 6‑Unit Multifamily; Prime Journal Square Location
