320 M.l.k. Dr Jersey City, NJ 07305
- Retail properties
Current Use by Public Records
- Retail properties
Property Details for 320 M.l.k. Dr
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a well-established grocery store in Jersey City, NJ. The property boasts a prime corner location at 320 M.L.K. Dr., 07305, within the MLK Redevelopment District, offering significant future development potential. The main building comprises approximately 15,000 square feet, distributed across three levels (7,000 sq ft. basement and first floor, 1,000 sq ft. second floor). An 8,000 square foot parking lot across the street (321 MLK Dr.) is included. The supermarket itself has a proven track record, generating a gross annual income of $3,000,000, with the owner reporting a 20% return on investment. The seller is willing to provide time for the buyer to obtain necessary variances for potential expansion or redevelopment. Noteworthy is the adjacent property (318 MLK Dr.) currently under construction, a 27-unit building slated for completion in December. This listing is for the building and parking lot only
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jersey City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0799
- Latitude
- 40.7098
