Mixed-Use Building in
For Sale
$500,000
227 Martin Luther King Jr Dr, Jersey City, NJ 07305
Mixed-use, three-unit building with storefront and residential units.
Property Size2,700 SF
Price / SF$185.19
Days on Market227
Property Features for 227 Martin Luther King Jr Dr
General Information
Standard status
Active
Size
2,700 SF
Building Details
Year Built
1920
Listing Agency:
BHHS FOX & ROACH
Listed By:
MICHELE CHILES-HICKMAN
(201) 463-0958
Source:
Luminancerealty
Added: Mar 12
Changed: Oct 13
Last Checked: Oct 5 at 8:02PM
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 BHHS FOX & ROACH
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Investment Insights
Based on property information with market context.
This mixed-use, three-unit building is located in the Greenville section. The property features a worship center on the first level and two two-bedroom units on the upper floors. The units have long-standing, under-market rents. Each unit has separate heating, and utilities are covered by the individual tenants. The square footage is estimated.
Key Highlights
- Mixed‑use 3‑unit building offering income potential.
- Separately heated units with tenants covering their own utilities.
- Two 2‑bedroom residential units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,048
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$900,960
$901.0K
Cap Rate 7%
$643,543
$643.5K
Cap Rate 9%
$500,533
$500.5K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$79.4K $29.40/SF
− Vacancy
−$7.3K −$2.70/SF
EGI
$72.1K $26.70/SF
− OpEx
−$27.0K −$10.01/SF
NOI
$45.0K $16.68/SF
Area
Jersey City, NJ
Vacancy
9.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$900,960
Cap Rate 7%
$643,543
Cap Rate 9%
$500,533
Alternative Uses
Best Use
Mixed Use
$643.5K
$563.1K – $750.8K
NOI $45,048 @ 7.0% cap · market cap 9.01%
Second Best
Retail
$637.4K
$557.7K – $743.6K
NOI $44,617 @ 7.0% cap · market cap 8.92%
Theoretical Best
Multifamily LT 5
$875.4K
$766.0K – $1.02M
NOI $61,277 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,912
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 30%
Electronics 2%
McDonald's
Dining
13,505 visits/mo
0.4 miles
Dunkin' Donuts
Dining
11,288 visits/mo
0.3 miles
Family Dollar
Shops & Services
9,584 visits/mo
0.4 miles
SUBWAY
Dining
1,784 visits/mo
0.2 miles
M&T Bank
Shops & Services
1,222 visits/mo
0.3 miles
Demographics for 07305, NJ
67,947
Population
28,297
Households
2.4
Avg Household Size
36
Median Age
35%
College-Educated
88%
High-School Grad
5.7 sq mi
ZIP Area
11,921
Density / Sq Mi
$77,126
Median Household Income
$47,822
Median Earnings
$1,610
Median Rent
$418,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use, three-unit building with storefront and residential units.
Where is this mixed-use property located?
The property is located at 227 Martin Luther King Jr Dr Jersey City, NJ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Mixed‑use 3‑unit building offering income potential.; Separately heated units with tenants covering their own utilities.; Two 2‑bedroom residential units.
