Seven-Unit Multifamily
For Sale
Contact for pricing
240 Jewett Avenue, Jersey City, NJ 07304
Six three-bedroom apartments and one two-bedroom basement unit create a varied residential configuration.
Property Size6,312 SF
Price / SF$251.90
Days on Market14
Property Features for 240 Jewett Avenue
General Information
Standard status
Active
Size
6,312 SF
Class
C
Property subtype
Multifamily
Investment Type
Value Add
Units
Unit Mix
6 x 3BR, 1 x 2BR
Multifamily Units
7
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Year Renovated
2024
Buildings
1
Units
7
Tenancy
Multi
Listing Agency:
Plexus Brokerage
Listed By:
Zalman Pavel · License #10351218852
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 9 at 4:36PM
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 Plexus Brokerage
Investment Insights
Based on property information with market context.
This 6,312 SF multifamily property contains seven residential units, including six three-bedroom apartments and one two-bedroom basement unit. The building was constructed in 1920 and offers a mix of larger apartment layouts alongside a smaller basement residence.
Located at 240 Jewett Avenue in Jersey City, the property is approximately one mile from the Journal Square PATH station, providing rail access toward Manhattan and nearby employment centers.
Located at 240 Jewett Avenue in Jersey City, the property is approximately one mile from the Journal Square PATH station, providing rail access toward Manhattan and nearby employment centers.
Key Highlights
- Seven‑unit multifamily property
- Six three‑bedroom apartments plus one two‑bedroom basement unit
- 6,312 SF property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$128,497
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,569,940
$2.6M
Cap Rate 7%
$1,835,671
$1.8M
Cap Rate 9%
$1,427,744
$1.4M
Market Conditions
NOI Build-Up for 6,312 SF
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.
Gross rent
$245.4K $38.88/SF
− Vacancy
−$11.8K −$1.87/SF
EGI
$233.6K $37.01/SF
− OpEx
−$105.1K −$16.66/SF
NOI
$128.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,569,940
Cap Rate 7%
$1,835,671
Cap Rate 9%
$1,427,744
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.14M
NOI $128,497 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.05M
$1.79M – $2.39M
NOI $143,252 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
3,167
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six three-bedroom apartments and one two-bedroom basement unit create a varied residential configuration.
Where is this apartment building located?
The property is located at 240 Jewett Avenue Jersey City, NJ.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Seven‑unit multifamily property; Six three‑bedroom apartments plus one two‑bedroom basement unit; 6,312 SF property
