Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    24 Martin Luther King Dr Jersey City, NJ 07305
    Back to Search
    Property profile & analytics

    24 Martin Luther King Dr, Jersey City, NJ 07305

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 24 Martin Luther King Dr

    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 24 Martin Luther King Drive in Jersey City, NJ 07305, presents a unique investment opportunity. Situated on a corner lot at the intersection of Warner Avenue and Martin Luther King Drive, this all-brick, three-story building offers significant potential. The first floor encompasses 1,780 square feet and is currently occupied by a church and three garages, along with five on-site parking spaces. The second floor and basement are also part of this substantial space. The third floor features two apartments, each with two bedrooms, a living room, kitchen, and one bathroom. These apartments are currently occupied by month-to-month tenants. The property is being sold strictly "as is," with the buyer responsible for any necessary repairs and obtaining any required certificates of occupancy or fire department approvals. This prime location in Hudson County offers substantial upside for a savvy investor. The property's size, existing tenants, and strategic location combine to create a compelling investment opportunity with considerable potential for future development or redevelopment. Don't miss this chance to acquire a significant piece of Jersey City real estate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Jersey City
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0902
    Latitude
    40.701

    Comparable in this City

    • Value Estimation by Request
      176,699 SF

      321 Stadium_Plaza

      Retail properties & Spaces
      321 Stadium_Plaza, Jersey City, NJ 07305
      View Details
    • Value Estimation by Request

      241 M.l.k. Dr

      Land
      241 M.l.k. Dr, Jersey City, NJ 07305
      View Details
    • Value Estimation by Request

      185 Martin Luther King

      Land
      185 Martin Luther King, Jersey City, NJ 07305
      View Details
    • Value Estimation by Request
      0.05 Acres

      264 M.l.k. Dr

      Individual retail properties
      264 M.l.k. Dr, Jersey City, NJ 07305
      View Details
    • Value Estimation by Request

      320 M.l.k. Dr

      Individual retail properties
      320 M.l.k. Dr, Jersey City, NJ 07305
      View Details
    • Value Estimation by Request
      3,900 SF

      Cannabis Retail Storefront

      Individual retail properties
      0 Cannabis Retail Storefront, Jersey City, NJ 07305
      View Details

    Similar Nearby for Sale

    • $600,000

      Mixed-Use Property With Income Potential

      Mixed-use property with restaurant and residential unit near transportation.
      230 Old Bergen Rd, Greenville, NJ 07305
      View Details
    • Contact for pricing
      2,973 SF

      Mixed-Use Property with Garages

      Two-story mixed-use building with garages and storage unit.
      593 Ocean Ave, Jersey City, NJ 07305
      View Details
    • $749,000

      Mixed-Use Income Property in Greenville

      Income-generating mixed-use property with residential and commercial units in Greenville.
      32 Martin Luther King Jr Dr, Greenville, NJ 07305
      View Details
    • $1,400,000

      Mixed-Use Investment Opportunity in JC

      Mixed-use property with development potential in West Bergen, Jersey City.
      1709 John F Kennedy Blvd, Jersey City, NJ 07305
      View Details
    • $1,400,000
      4,000 SF

      High-Traffic Corner Mixed-Use Building

      Mixed-use building on high-traffic corner with commercial and residential units.
      337 Martin Luther King Jr Dr, Jersey City, NJ 07305
      View Details
    • $499,999
      0.08 Acres

      Residential Lot in Greenville, NJ

      24.9 x 133 lot zoned for three units.
      276 Chapel Ave, Greenville, NJ 07305
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      3.7 Acres for Parking/Storage

      3.7 acres for parking and outside storage near I-78.
      34 Caven Point Ave, Jersey City, NJ 07305
      View Details
    • Contact for pricing

      Land For Rent Jersey City

      Land available for rent in Jersey City, New Jersey.
      125 Theodore Conrad Dr, Jersey City, NJ 07305
      View Details
    • Contact for pricing
      835 SF

      Prime Jersey City Commercial Space

      835 sq ft commercial space ideal for retail or office.
      498 Ocean Ave, Jersey City, NJ 07305
      View Details
    • $1,695 /Mo

      Retail/Office Space on MLK Drive

      Renovated retail or office space with high foot traffic.
      157 Martin Luther King Jr Dr, Greenville, NJ 07305
      View Details
    • $2,449 /Mo

      New Retail Space Available

      Brand new retail space in high-traffic area.
      168-172 Martin Luther King Jr Dr, Greenville, NJ 07305
      View Details
    • $2,500 /Mo

      Storefront on West Side Avenue

      Store for rent in a high-traffic West Side location.
      447 WEST Side Ave, Jersey City, NJ 07305
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    24 Martin Luther King Dr
    Jersey City, NJ 07305
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    24 Martin Luther King Dr, Jersey City, NJ, 07305
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!