Ocean Ave Jersey City, NJ 07305

Property Details for 0 Ocean Ave

Year built

1910

Property size

4,500 SF

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional three-story mixed-use building presents a compelling investment opportunity in Jersey City's Lower Greenville neighborhood. The property, located at 101 1/2 Ocean Avenue, boasts approximately 4,500 to 5,000 square feet of space and features a renovated, approximately 2,000 square foot commercial space. This area includes exposed brick, high ceilings, central air conditioning, and two bathrooms. Two renovated residential units are also included: a two-bedroom, one-bathroom unit and a three-bedroom, one-bathroom unit. Currently, both residential units are vacant, offering immediate potential for rental income. The building's strategic location provides easy access to public transportation, the US Post Office, and the Turnpike. Street parking is also available. The property sits on a lot measuring 19.8 feet by 100 feet and is zoned 4A, R1. Financial highlights include a current annual gross income of $48,600 (with potential for $77,400 annually when the vacant commercial space is leased at market rate of $2,400/month), and a net operating income (NOI) of $30,258 (with potential for $59,058 NOI when the commercial space is leased). Annual expenses include approximately $10,342 in taxes, $4,000 in insurance, $1,000 in utilities, and $3,000 in water and sewer costs. Built in 1910, this Class A building offers a blend of historical charm and modern updates, making it an ideal investment for discerning buyers. The asking price is $709,000. The building is currently 66% occupied.