Jersey City Development
For Sale
Contact for pricing
409 Pacific Ave, Jersey City, NJ 07304
Mixed-use development project site in Lafayette Neighborhood, Jersey City.
Property SizeContact for details
Lot Size0.17 Acres
Days on Market1016
Property Features for 409 Pacific Ave
General Information
Standard status
Active
Lot size
0.17 Acres
Property subtype
Land
Zoning
Lafayette RDP
Listing Agency:
Grid Real Estate LLC
(973) 610-5145
Listed By:
Gregory Edgell · License #NJ 1541991
Source:
Crexi
Added: Oct 30, 2023
Changed: Aug 8
Last Checked: May 12 at 9:46PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.**
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,193
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
Questions? Ask Rey
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Frequently Asked Questions
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.**
