Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mixed-Use Building in Greenville Title is generated by Realmo AI

    227 Martin Luther King Jr Dr, Jersey City, NJ 07305

    View on Map
    Claim this Listing
    For Sale
    $500,000

    CommercialSale - Jersey City, NJ

    Property size:
    2,700 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $185/SF
    Added:
    Apr 24, 2025
    Days on Market:
    386
    Last Refresh:
    May 14 at 3:06 pm

    Property Features for 227 Martin Luther King Jr Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,700 SF
    Lot size
    0.03 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5983

    Utilities

    Cooling system
    None (Cooling)

    Building Details

    Year built
    1920
    Number of units
    3
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Michele Chiles-Hickman

    Listing agent Michele Chiles-Hickman

    Listing office BHHS Fox & Roach Montclair Sales Office 695 Bloomfield Ave, NJ

    Listing date Apr 24, 2025

    MLS# 3958628 Listing URL

    Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use 3‑unit building
    • Storefront property with worship center on level one
    • Two 2‑bedroom units
    • Separately heated units
    • Tenants cover individual utilities
    • Long‑standing under market rents

    Overview

    Located in the Greenville section of Jersey City, this mixed-use building features three units. The property includes a storefront currently used as a worship center on the first level, with two two-bedroom units located above. The property's size is approximately 2,700 square feet, situated on a lot of about 0.03 acres. Each unit has separate heating, and utilities are covered by the individual tenants. The square footage is estimated. This property presents an opportunity for potential investors.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    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
    -74.08346
    Latitude
    40.70712

    Nearby Similar for Sale

    • $99,000
      4,000 SF

      Turnkey Restaurant in West Bergen

      Restaurant business and mixed-use property in high-traffic area.
      331-337 WEST SIDE AVE, JC, West Bergen, NJ 07305
      View Details
    • $1,500,000
      3,953 SF

      Colonial Two-Family Home on Double Lot

      Spacious 3,953 SF two-family home in historic Journal Square, NJ.
      116 BENTLEY AVE, JC, Journal Square, NJ 07304-1702
      View Details
    • $3,000,000

      Mixed-Use Property Near Courthouse

      Three-story mixed-use property with retail and office space.
      572-574 NEWARK AVE, JC, Journal Square, NJ 07306
      View Details
    • $60,000

      Corner Store Near Pershing Field

      Store near Pershing Field Park suitable for various businesses.
      84 RESERVOIR AVE, JC, Heights, NJ 07307
      View Details
    • $875,000

      Colonial Two-Family in Jersey City

      Multi-family property in Jersey City Heights, ideal for homeowners or investors.
      478 LIBERTY AVE, JC, Heights, NJ 07307
      View Details
    • $60,000
      700 SF

      Turnkey Hair Salon in Jersey

      Fully equipped hair salon in a high-traffic Jersey City location.
      1049 WEST SIDE AVE, JC, Journal Square, NJ 07306
      View Details
    • $1,500,000
      5,032 SF

      Jersey City Multifamily Investment

      Six-unit multifamily property in prime Jersey City location.
      219 Pacific Ave, Jersey City, NJ 07304-3331
      View Details
    • $65,000

      Established Deli Business For Sale

      Turnkey deli business opportunity in high-traffic JC Heights location.
      84 RESERVOIR AVE, JC, Heights, NJ 07307
      View Details
    • $849,000

      Well-Maintained Two-Family Home

      Spacious 2-family home with parking and finished basement.
      376 UNION ST, JC, West Bergen, NJ 07304
      View Details
    • $3,549,000

      Historic Church Investment Opportunity

      Historic church with redevelopment potential in a rapidly growing area.
      355 FAIRMOUNT AVE, JC, Journal Square, NJ 07306
      View Details
    • $820,000

      Two-Family Home in West Bergen

      Well-maintained two-family property in desirable Jersey City location.
      118 WILLIAMS AVE, JC, West Bergen, NJ 07304
      View Details
    • $499,000

      Jersey City Two-Unit Property

      Well-maintained two-unit property in Jersey City's Greenville area.
      158 Fulton Ave, Jersey City, NJ 07305-3118
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use, three-unit building in Jersey City's Greenville section.
    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; Storefront property with worship center on level one; Two 2‑bedroom units
    (201) 463-0958
    We can help!
    Listing Contact
    Michele Chiles-Hickman
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    227 Martin Luther King Jr Dr, Jersey City, NJ 07305
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!