Mixed-Use Building with 7
New
For Sale
$3,650,000
119-121 Monticello Ave, Jersey City, NJ 07304
Two commercial components complement the residential units in this new-construction property.
Property Size9,382 SF
Days on Market2
Property Features for 119-121 Monticello Ave
General Information
Standard status
Active
Size
9,382 SF
Property subtype
Mixed-Use
Occupancy
1%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Opportunity Zone
Yes
Multifamily Units
7
Amenities
New Construction Mixed Use Building For Sale In McGinley Square
Strong Unit Mix Of Mostly 2 & 3 Bedroom Apartments and 2 Commercial Components
Located Within An Opportunity Zone
All Separate Utilities
Mason Construction
Potential Seller Financing Available
Building Details
Building Size
9,382 SF
Units
7
Listing Agency:
Marcus & Millichap - New Jersey
Listed By:
Jonathan Zamora · License #License(s): NJ: 1222363
(201) 742-6121
Source:
Marcusmillichap
Added: Nov 1
Last Checked: Nov 1 at 2:57PM
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 Marcus & Millichap - New Jersey
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This new-construction mixed-use property combines seven apartments with two commercial components. The seller may deliver the building before receipt of its certificate of occupancy or during lease-up; seller financing may also be considered.
The property is on Monticello Avenue in Jersey City’s McGinley Square neighborhood. Journal Square and the MLK Drive Light Rail Station are nearby, with additional light rail stops providing connections to PATH trains. I-78 and Route 440 are among the nearby roadways.
The property is on Monticello Avenue in Jersey City’s McGinley Square neighborhood. Journal Square and the MLK Drive Light Rail Station are nearby, with additional light rail stops providing connections to PATH trains. I-78 and Route 440 are among the nearby roadways.
Key Highlights
- Seven apartments and two commercial components
- New‑construction mixed‑use property
- Located on Monticello Avenue in Jersey City’s McGinley Square neighborhood
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$190,995
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,819,900
$3.8M
Cap Rate 7%
$2,728,500
$2.7M
Cap Rate 9%
$2,122,167
$2.1M
Market Conditions
NOI Build-Up for 9,382 SF
Gross rent
$364.8K $38.88/SF
− Vacancy
−$17.5K −$1.87/SF
EGI
$347.3K $37.01/SF
− OpEx
−$156.3K −$16.66/SF
NOI
$191.0K $20.36/SF
Area
Jersey City, NJ
Vacancy
4.80%
Lease Rate
$38.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,819,900
Cap Rate 7%
$2,728,500
Cap Rate 9%
$2,122,167
Alternative Uses
Best Use
Apartment 5plus
$2.73M
$2.39M – $3.18M
NOI $190,995 @ 7.0% cap · market cap 5.23%
Second Best
Mixed Use
$2.24M
$1.96M – $2.61M
NOI $156,534 @ 7.0% cap · market cap 4.29%
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,926 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 07304, NJ
48,681
Population
21,211
Households
2.3
Avg Household Size
35
Median Age
40%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
23,181
Density / Sq Mi
$68,432
Median Household Income
$47,673
Median Earnings
$1,572
Median Rent
$489,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial components complement the residential units in this new-construction property.
Where is this mixed-use property located?
The property is located at 119-121 Monticello Ave Jersey City, NJ.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Seven apartments and two commercial components; New‑construction mixed‑use property; Located on Monticello Avenue in Jersey City’s McGinley Square neighborhood
