Two-Residence Income
New
For Sale
$1,950,000
344 PATERSON PLANK RD JC, Jersey City, NJ 07307
Bulk sale of two full-floor residences with private elevator access, parking, and architectural plans for potential expansion.
Property Size2,950 SF
Price / SF$661.02
Days on Market3
Property Features for 344 PATERSON PLANK RD JC
General Information
Standard status
Active
Size
2,950 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Investment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR, 1 x 3BR/2BA+den
Multifamily Units
2
Amenities
balcony
NYC skyline views
custom finishes
radiant floor heating
custom millwork
premium kitchen appliances
smart-home features
Listing Agency:
NEIGHBORLY REALTY
Listed By:
SIMRAN MEHRA
(917) 891-0808
Source:
Serhant
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 5:08PM
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 NEIGHBORLY REALTY
Investment Insights
Based on property information with market context.
This bulk condominium sale combines Unit 2 and the Penthouse at 344 Paterson Plank Road, offering approximately 2,950 square feet across two full-floor residences and majority ownership in the building. Unit 2 contains approximately 1,400 square feet with a large balcony, two oversized bedrooms, a multi-level layout, private elevator entry, and NYC skyline views. The approximately 1,530-square-foot Penthouse includes three bedrooms, a den, two full bathrooms, custom finishes, radiant floor heating, custom millwork, premium kitchen appliances, smart-home features, private elevator entry, and one-car parking.
Palisade Avenue easement access is included, and attached architectural plans support evaluation of a future build-up. The residences are near the Congress Street / 9th Street Light Rail, NJ Transit, Hoboken, Downtown Jersey City, restaurants, cafes, parks, and major commuter routes. Unit 2 and the Penthouse must be purchased together; plans and supporting documents are available for review.
Palisade Avenue easement access is included, and attached architectural plans support evaluation of a future build-up. The residences are near the Congress Street / 9th Street Light Rail, NJ Transit, Hoboken, Downtown Jersey City, restaurants, cafes, parks, and major commuter routes. Unit 2 and the Penthouse must be purchased together; plans and supporting documents are available for review.
Key Highlights
- Bulk sale includes Unit 2 and the Penthouse, totaling approximately 2,950 square feet
- Majority ownership in the building with two full‑floor residences
- Unit 2 offers approximately 1,400 square feet, a large balcony, two oversized bedrooms, and private elevator entry
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
$60,055
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
3.08%
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%
$1,201,100
$1.2M
Cap Rate 7%
$857,929
$857.9K
Cap Rate 9%
$667,278
$667.3K
Market Conditions
NOI Build-Up for 2,950 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
$114.7K $38.88/SF
− Vacancy
−$5.5K −$1.87/SF
EGI
$109.2K $37.01/SF
− OpEx
−$49.1K −$16.66/SF
NOI
$60.1K $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%
$1,201,100
Cap Rate 7%
$857,929
Cap Rate 9%
$667,278
Alternative Uses
Best Use
Apartment 5plus
$857.9K
$750.7K – $1.00M
NOI $60,055 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$956.4K
$836.9K – $1.12M
NOI $66,951 @ 7.0% cap · market cap 3.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 07307, NJ
44,247
Population
18,762
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
23,288
Density / Sq Mi
$80,745
Median Household Income
$52,729
Median Earnings
$1,708
Median Rent
$574,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bulk sale of two full-floor residences with private elevator access, parking, and architectural plans for potential expansion.
Where is this residential income property located?
The property is located at 344 PATERSON PLANK RD JC Jersey City, NJ.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Bulk sale includes Unit 2 and the Penthouse, totaling approximately 2,950 square feet; Majority ownership in the building with two full‑floor residences; Unit 2 offers approximately 1,400 square feet, a large balcony, two oversized bedrooms, and private elevator entry
