3697 John F. Kennedy Blvd Union City, NJ 07087

Property Details for 3697 John F. Kennedy Blvd

Lot size

0.06 lot acres

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents an eight-unit apartment building situated on a 0.06-acre corner lot at 3697 John F. Kennedy Boulevard in Jersey City, New Jersey. The three-story brick building comprises four one-bedroom/one-bathroom units, three two-bedroom/one-bathroom units, and one two-bedroom/one-and-a-half-bathroom unit. Each unit features separately metered gas heat, hot water, and electricity, with tenants responsible for their individual utilities. The landlord covers common area electricity, water, and sewer. This property benefits from a highly desirable location, a short walk from Summit Avenue, Paterson Plank Road, and Palisade Avenue, key retail corridors in the area. Its proximity to major transportation hubs, including the Hudson-Bergen Light Rail, Lincoln and Holland Tunnels, PATH train at Hoboken, and ferry terminals, ensures convenient access to New York City and surrounding areas. The property is also conveniently located near US Routes 1 & 9, Interstate 95, and NJ Routes 495 and 3. The strong demographics, with over 90,300 people within a one-mile radius and an average household income exceeding $130,695, contribute to significant rental potential. The area has seen substantial population growth in recent years, further enhancing the investment's long-term prospects. Existing rents are below market value, presenting a clear value-add opportunity. Note that Jersey City Rent Control applies, limiting annual rent increases. The asking price is $1,800,000, representing a price per unit of $225,000. This fee-simple ownership offers a compelling investment in a thriving urban market.

Location Insight

City

Union City

County

Hudson

State

New Jersey

Longitude

-74.0465

Latitude

40.7568