Jersey City Development
409 Pacific Ave, Jersey City, NJ 07304
Mixed-use development project site in Lafayette Neighborhood, Jersey City.
Type:Land
Lot size:
0.17 Acres- Added:
- Oct 30, 2023
- Days on Market:
- 947
- Last Refresh:
- May 12 at 9:46 pm
Property Features for 409 Pacific Ave
General Information
- Standard status
- Active
- Lot size
- 0.17 Acres
- Property subtype
- Land
Listing agent Gregory Edgell License #NJ 1541991
Listing office Grid Real Estate LLC
Listing date Oct 30, 2023
Source Crexi
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 Grid Real Estate LLC
HighLights
- As‑of‑right 42‑unit mixed‑use development project in the Lafayette Neighborhood, Jersey City.
- Located four blocks from Liberty State Park Light Rail Station and near new luxury developments.
- Corner lot with four sides of exposure, allowing for higher rents and a distinctive appearance.
- Site plan approval in progress for a cost‑effective four‑over‑two construction design.
- High potential yield on cost, even in a high‑interest rate environment.
- Site totals .17 acres (7,500 SF) with no underground storage tanks and cleansed deed restrictions.
Overview
Located in the Lafayette Neighborhood of Jersey City, 409 Pacific Ave, also known as 409P, presents a development opportunity for a 42-unit mixed-use mid-rise building. The corner site, situated four blocks from Liberty State Park Light Rail Station, comprises two contiguous lots (409-411 Pacific Ave and 369-371 Johnston Ave), totaling .17 acres or 7,500 square feet. Currently, the lots have two 2-family structures. One of the structures is tenant-occupied, generating a gross monthly income of $3,475. Both properties will be delivered vacant. The site has no underground storage tanks. The 369-371 Johnston Ave portion of the site has full site plan approval for a 21-unit mixed-use building. The seller has acquired the neighboring property and has begun the site plan approval process for the assemblage of 409P. The design allows for a cost-effective four-over-two construction process. The corner lot location and a small setback for a rear balcony provide four sides of exposure, potentially commanding high rents. An easement connects the adjacent properties for rear parking, providing access to the rear garage from Johnston Ave. The Lafayette neighborhood has seen record residential and commercial rents over the past year, with retail rents as high as $65 NNN and net effective residential rents hovering in the mid-high $50s. This project is projected to yield high returns, even in a high-interest rate environment.
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Jersey City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0593541
- Latitude
- 40.7139639
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - Mixed-use development project site in Lafayette Neighborhood, Jersey City.
Where is this commercial land located?
The property is located at 409 Pacific Ave Jersey City, NJ.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: As‑of‑right 42‑unit mixed‑use development project in the Lafayette Neighborhood, Jersey City.; Located four blocks from Liberty State Park Light Rail Station and near new luxury developments.; **Corner lot with four sides of exposure, allowing for higher rents and a distinctive appearance.**
