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    Detached 2-Family Gut Rehab Project Title is generated by Realmo AI

    88 LEXINGTON AVE JC, Jersey City, NJ 07304

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    New
    For Sale
    $650,000

    Colonial,Multi-level, 2 Family - JC, West Bergen, NJ

    Lot size:
    0.05 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 12:06 pm

    Property Features for 88 LEXINGTON AVE JC

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    5
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    all items inside the home
    Basement Y/N
    1
    Standard status
    Active
    Lot size
    0.05 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Architectural style
    Colonial

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    Listing Contact
    QIZHAN YAO

    Listing agent QIZHAN YAO License #0902217

    Listing office REALMART REALTY 27 BLEEKER ST, South Plainfield, NJ

    Listing date Jun 5, 2026

    MLS# 260010853 Listing URL

    Copyright © 2026 Realty MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Legal detached 2‑family in Jersey City’s West Side, located between Kennedy Blvd and West Side Ave, a few blocks south of Communipaw Ave
    • Approved architect plans for a complete gut rehab; project is shovel ready and work can begin day one
    • Each floor is approximately 1,350 SF with a 4‑bedroom/2 full‑bath layout; basement runs the entire first‑floor area
    • Basement has higher‑than‑normal ceilings and includes a duplex basement; rough plumbing under the basement concrete slab has been completed
    • Building is gutted to the studs and has central air
    • Units can be condoed to sell separately; 2nd‑floor rent mentioned as $3,500

    Overview

    This is a detached legal 2-family property that has been completely gutted to the studs for a full rehab. Approved architect plans are on file with the City of Jersey City for rebuilding the two units as two separate levels. Each floor is designed as a 4-bedroom with 2 full-bath layout, with options noted to modify to a larger 3-bedroom configuration on either floor.

    The duplex basement is arranged to run the full area of the first floor and includes higher-than-normal ceilings. Rough plumbing work has already been completed for the under-slab area of the basement concrete, supporting a streamlined path to reconstruction. The project is described as shovel-ready, with work able to begin immediately under the approved plans.

    The building presents a practical fit for buyers looking to complete a turnkey residential income conversion with a defined, permitted scope. With a consistent floor-by-floor layout and a full-area basement, the property can be managed as a duplex configuration or, as noted in the provided materials, potentially condoed and sold as separate units. The site is located on the west side of Jersey City between Kennedy Blvd and West Side Ave, a few blocks south of Communipaw Ave.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jersey City
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0805859
    Latitude
    40.7187939

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    FAQs

    What type of property is this?
    Duplex - Detached two-unit building with approved plans for a full gut rehab and a duplex basement with higher ceilings.
    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 $650,000.
    What are key features of this property?
    This property features: Legal detached 2‑family in Jersey City’s West Side, located between Kennedy Blvd and West Side Ave, a few blocks south of Communipaw Ave; Approved architect plans for a complete gut rehab; project is shovel ready and work can begin day one; Each floor is approximately 1,350 SF with a 4‑bedroom/2 full‑bath layout; basement runs the entire first‑floor area
    (732) 727-2285
    We can help!
    Listing Contact
    QIZHAN YAO
    Real Estate License ID: 0902217
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    88 LEXINGTON AVE, JC, West Bergen, NJ 07304
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