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    Journal Square Redevelopment Opportunity Title is generated by Realmo AI

    177 Duncan Ave, Jersey City, NJ 07306

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    For Sale
    $2,900,000

    Double-lot commercial property in Journal Square, ideal for redevelopment.

    Property size:
    3,800 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $763/SF
    Added:
    Mar 24, 2026
    Days on Market:
    52
    Last Refresh:
    Mar 24 at 8:11 pm

    Property Features for 177 Duncan Ave

    General Information

    Standard status
    Active
    Size
    3,800 SF
    Lot size
    0.11 Acres

    Building Details

    Year Built
    1925

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    Listing Contact
    HOLLAND B. MACK 3RD

    Listing agent HOLLAND B. MACK 3RD License #2185322

    Listing office REAL

    Listing date Mar 24, 2026

    Source Corcoran

    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 REAL

    HighLights

    • Rare double‑lot commercial property totaling 5,000 square feet in Journal Square area
    • Ideal for redevelopment or adaptive reuse with flexible interior space
    • Prime location with excellent access to public transportation and seamless commuting into NYC
    • Potential for ground‑floor parking garage and three floors of residential units
    • Existing structure allows for interim functionality while securing plans and approvals
    • Located near shopping, dining, and the culture of Jersey City

    Overview

    This commercial property, situated on a double lot totaling 5,000 square feet in the Journal Square area, presents a redevelopment opportunity. Currently used as a place of worship, the property features a solid structure with flexible interior space, suitable for redevelopment or adaptive reuse. The lot size and footprint allow for a compelling redevelopment concept, such as a ground-floor parking garage, three floors of residential units, and a rooftop deck. The existing use allows for interim functionality while plans and approvals are secured. Located near NJ-440 and one block from JFK Boulevard, the property offers access to public transportation for commuting into NYC. The surrounding area includes shopping, dining, and cultural attractions. The property contains 3,800 square feet of space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New Maranatha Karibu ... Church New Maranatha Karibu ... Church

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    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
    -74.0772336
    Latitude
    40.7268165

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    FAQs

    What type of property is this?
    Church & religious facility - Double-lot commercial property in Journal Square, ideal for redevelopment.
    Where is this church & religious facility located?
    The property is located at 177 Duncan Ave Jersey City, NJ.
    What is the asking price?
    The asking price for this property is $2,900,000.
    What are key features of this property?
    This property features: Rare double‑lot commercial property totaling 5,000 square feet in Journal Square area; Ideal for redevelopment or adaptive reuse with flexible interior space; Prime location with excellent access to public transportation and seamless commuting into NYC
    (855) 450-0442
    We can help!
    Listing Contact
    HOLLAND B. MACK 3RD
    Real Estate License ID: 2185322
    Learn More
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    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
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