581 Palisade Ave Jersey City, NJ 07307

Property Details for 581 Palisade Ave

Property type

Commercial real estate

Description

This exceptional redevelopment opportunity presents a 12-unit apartment building situated on a 5,000 sq ft lot in Jersey City, NJ. Located at 581-583 Palisade Ave, this property boasts a prime location just one block from the Congress St Elevator to Hoboken. Currently zoned R3, the two three-story buildings offer significant potential for a visionary developer. The asking price is $2,200,000, representing a price per unit of $183,333.33 and a 3.86% cap rate. The current Net Operating Income (NOI) is $85,000. The property's current annual income is approximately $140,532, with total annual expenses of approximately $54,788. This includes taxes, utilities (PSEG and JC Water), insurance, cleaning, repairs and maintenance, and pet control. The property's potential for increased rental income is significant, given the current market in Jersey City. Further, data suggests a strong return on investment for renovations, with estimates of $1.35-$1.55 in increased monthly rent per $100 spent, depending on the renovation budget. This presents a compelling opportunity for investors seeking a high-return multifamily project in a thriving urban location. The property is ready for a developer to reimagine its potential, creating a blend of urban convenience and modern living.