Detached Duplex Redevelopment
88 LEXINGTON AVE JC, Jersey City, NJ 07304
For Sale
$599,000
Vacant two-family structure with approved plans for a complete gut renovation.
Property Size2,700 SF
Price / SF$221.85
Days on Market163
Property Features for 88 LEXINGTON AVE JC
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Building Details
Buildings
Stories
Listing Agency:
REALMART REALTY
Listed By:
QIZHAN YAO · License NJ #0902217
(732) 727-2285
Source:
Propertiesbysouthern
Added: Jun 5
Changed: Oct 31
Last Checked: Nov 12 at 4:06PM
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
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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 / Yr
$54,965
Cap Rate
9.18%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,383
Businesses Nearby
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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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Market
Properties on Market for Duplexes in Jersey City
Vacancy Rate% for Multifamily in Northeast region
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
