233 Summit Ave Jersey City, NJ 07304

Property Details for 233 Summit Ave

Year built

1884

Lot size

0.09 lot acres

Property size

2,832 SF

Property type

Apartment buildings

Description

This four-unit apartment building at 233 1/2 Summit Avenue, Jersey City, NJ, presents a compelling value-add investment opportunity. The 2,832 square foot property, built in 1884, sits on a 0.09-acre lot and features four one-bedroom, one-bathroom units. The building is a four-story structure with permitted T zoning. The asking price is $1,100,000, representing $388 per square foot and $275,000 per unit. Secure, gated on-site parking is accessible from Orchard Street. Located in the McGinley Square neighborhood, this property enjoys convenient access to major transportation arteries including the Journal Square PATH station (0.8 miles), Liberty State Park Station (1.2 miles), and the Holland Tunnel (2.5 miles). Proximity to Montgomery Street and John F. Kennedy Boulevard provides easy access to retail, dining, and entertainment options. The property benefits from a strong demographic profile, with over 93,500 people within a 1-mile radius and an average household income exceeding $108,935. The area has seen significant population growth, exceeding 18% in the last 15 years. Two units are currently vacant, offering immediate potential for increased rental income. Each unit has separate electric meters, with tenants responsible for their own electricity. Landlord responsibilities include common area electricity, gas-fired heat and hot water, and domestic water and sewer. This fee-simple ownership offers a rare chance to capitalize on Jersey City's thriving real estate market.