Detached Duplex Redevelopment
For Sale
$599,000
88 LEXINGTON AVE JC, Jersey City, NJ 07304
Vacant two-family structure with approved plans for a complete gut renovation.
Property Size2,700 SF
Price / SF$221.85
Days on Market68
Property Features for 88 LEXINGTON AVE JC
General Information
Standard status
Active
Size
2,700 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Stories
2
Listing Agency:
REALMART REALTY
(732) 727-2285
Listed By:
QIZHAN YAO · License #0902217
(732) 727-2285
Source:
Serhant
Added: Jun 5
Changed: Aug 11
Last Checked: Aug 11 at 6:41AM
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 REALMART REALTY
Investment Insights
Based on property information with market context.
This legally configured detached duplex is vacant and fully stripped to the studs, with approved Jersey City architectural plans for reconstruction. The proposed layout provides four bedrooms and two full baths on each floor, with approximately 1,350 square feet per level. The first-floor plan includes a duplex basement extending across the floorplate, with higher-than-normal ceilings. A larger three-bedroom arrangement can also be created on either floor. Rough plumbing beneath the basement slab has been completed.
The property is located at 88 Lexington Ave in Jersey City’s West Bergen area, between Kennedy Boulevard and West Side Avenue and a few blocks south of Communipaw Avenue. The approved plans support a defined redevelopment path, while the building may also be converted into separate condominium units, subject to applicable requirements.
The property is located at 88 Lexington Ave in Jersey City’s West Bergen area, between Kennedy Boulevard and West Side Avenue and a few blocks south of Communipaw Avenue. The approved plans support a defined redevelopment path, while the building may also be converted into separate condominium units, subject to applicable requirements.
Key Highlights
- Legally configured detached two‑family building
- Approved Jersey City plans for complete reconstruction
- Approximately 1,350 square feet on each floor
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
$54,965
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
9.18%
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%
$1,099,300
$1.1M
Cap Rate 7%
$785,214
$785.2K
Cap Rate 9%
$610,722
$610.7K
Market Conditions
NOI Build-Up for 2,700 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
$105.0K $38.88/SF
− Vacancy
−$5.0K −$1.87/SF
EGI
$99.9K $37.01/SF
− OpEx
−$45.0K −$16.66/SF
NOI
$55.0K $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%
$1,099,300
Cap Rate 7%
$785,214
Cap Rate 9%
$610,722
Alternative Uses
Best Use
Multifamily LT 5
$875.4K
$766.0K – $1.02M
NOI $61,277 @ 7.0% cap · market cap 10.23%
Second Best
Apartment 5plus
$785.2K
$687.1K – $916.1K
NOI $54,965 @ 7.0% cap · market cap 9.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,383
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?
Duplex - Vacant two-family structure with approved plans for a complete gut renovation.
Where is this duplex located?
The property is located at 88 LEXINGTON AVE JC Jersey City, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Legally configured detached two‑family building; Approved Jersey City plans for complete reconstruction; Approximately 1,350 square feet on each floor
