Renovated 3-Unit
For Sale
$1,580,000
246 PINE ST JC, Jersey City, NJ 07304
Fully renovated rental property with separate heating, private outdoor areas, and a shared yard.
Property Size2,850 SF
Lot Size0.05 Acres
Price / SF$554.39
Days on Market10
Property Features for 246 PINE ST JC
General Information
Standard status
Active
Size
2,850 SF
Lot size
0.05 Acres
Property subtype
3 Family
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
exposed ductwork
stainless steel appliances
custom cabinetry
tile backsplash
quartz countertops
recessed lighting
hardwood floors
ceiling fans
central air conditioning
in-unit washer/dryer
NEST thermostats
video intercom entry
outdoor space for each tenant
large shared yard
full basement
Building Details
Year Renovated
2017
Buildings
1
Listing Agency:
CORCORAN SAWYER SMITH
Listed By:
LEDA DUIF
(201) 653-8000
Source:
Serhant
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 24 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 CORCORAN SAWYER SMITH
Investment Insights
Based on property information with market context.
This Jersey City triplex contains three two-bedroom, one-bath apartments totaling approximately 2,850 square feet, along with a full basement for storage. The building underwent a complete gut renovation in 2017, with modern interiors that include stainless steel appliances, custom cabinetry, tile backsplashes, quartz countertops, recessed lighting, hardwood floors, central air conditioning, and in-unit washer/dryers. Each residence also has a NEST thermostat, video intercom entry, and its own boiler for individually managed heating. Private outdoor space accompanies each unit, while a larger shared yard serves the property as a whole.
The 25 x 90 lot is located on Pine Street in Jersey City’s Lafayette area, with access to the Light Rail, Liberty State Park, and Liberty Science Center. The property is currently 100% tenant-occupied, and the building layout and systems were designed with a future condo conversion path in mind.
The 25 x 90 lot is located on Pine Street in Jersey City’s Lafayette area, with access to the Light Rail, Liberty State Park, and Liberty Science Center. The property is currently 100% tenant-occupied, and the building layout and systems were designed with a future condo conversion path in mind.
Key Highlights
- Three 2‑bedroom/1‑bath units totaling approximately 2,850 sq ft
- Complete gut renovation down to the studs completed in 2017
- Currently 100% tenant‑occupied
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
$64,681
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
4.09%
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%
$1,293,620
$1.3M
Cap Rate 7%
$924,014
$924.0K
Cap Rate 9%
$718,678
$718.7K
Market Conditions
NOI Build-Up for 2,850 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
$97.5K $34.20/SF
− Vacancy
−$5.1K −$1.78/SF
EGI
$92.4K $32.42/SF
− OpEx
−$27.7K −$9.73/SF
NOI
$64.7K $22.70/SF
Area
Jersey City, NJ
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,293,620
Cap Rate 7%
$924,014
Cap Rate 9%
$718,678
Alternative Uses
Best Use
Multifamily LT 5
$924.0K
$808.5K – $1.08M
NOI $64,681 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$828.8K
$725.2K – $967.0K
NOI $58,019 @ 7.0% cap · market cap 3.67%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,798
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated rental property with separate heating, private outdoor areas, and a shared yard.
Where is this triplex located?
The property is located at 246 PINE ST JC Jersey City, NJ.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: Three 2‑bedroom/1‑bath units totaling approximately 2,850 sq ft; Complete gut renovation down to the studs completed in 2017; Currently 100% tenant‑occupied
