264 M.l.k. Dr Jersey City, NJ 07305
- Retail properties
- 0.05 lot acres
Current Use by Public Records
- Retail properties
Property Details for 264 M.l.k. Dr
- Lot size
- 0.05 lot acres
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
This exceptional three-story mixed-use property in Jersey City, NJ, presents a compelling investment opportunity. The 0.05-acre lot houses a ground-floor commercial unit and two upper-floor, three-bedroom/one-bathroom residential units. Located in the Greenville neighborhood, this property enjoys a convenient infill location, offering easy access to major retail corridors like Bergen Avenue and John F Kennedy Boulevard. Its proximity to New Jersey City University, public transportation (including the Hudson-Bergen Light Rail and bus service), and major roadways (Interstate 78, US Route 9, and NJ Route 440) enhances its appeal. The property benefits from strong demographics, with over 74,200 people within a one-mile radius and an average household income exceeding $95,000. The area has seen significant population growth, exceeding 22% since 2010 within a three-mile radius. Each unit features separate utilities (electricity and gas-fired heat/hot water) for tenant responsibility, while the landlord manages water and sewer. The asking price is $825,000, with a Net Operating Income (NOI) of $56,615 and a 6.86% capitalization rate. This represents a price per unit of $275,000. The property is offered fee simple. This is a rare opportunity to acquire a well-positioned mixed-use asset in a thriving urban area.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jersey City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.082
- Latitude
- 40.708
