346 Danforth Ave Jersey City, NJ 07305
- Commercial real estate
- 3,944 SF
Current Use by Public Records
- Commercial real estate
Property Details for 346 Danforth Ave
- Property size
- 3,944 SF
- Property type
- Commercial real estate
Description
This exceptional value-add opportunity presents a four-unit apartment building in Jersey City, NJ, boasting a compelling 8.59% pro-forma cap rate. The property, located at 346 Danforth Ave, 07305, is situated on an oversized 3,944 square foot lot (31 ft x 126.90 ft) and features four two-bedroom apartments. Three units underwent renovations in 2019, showcasing beautiful hardwood floors and attractive finishes. The fourth unit, currently unrenovated, presents potential for conversion into a three-bedroom apartment, further enhancing income potential. The building includes a two-car detached garage and additional parking for a total of three vehicles. A finished basement offers extra storage and potential for additional rental income. The property is conveniently located near NJCU and the Danforth Light Rail Station. Currently operating at 100% occupancy, the building offers a strong current NOI of $65,955 and a projected NOI of $90,201. The asking price is $1,050,000, translating to $262,500 per unit and $266.23 per square foot of the 3,774 square feet of net rentable space. The property is zoned R-1. This is a rare opportunity to acquire a well-located, income-producing multifamily property with significant upside potential.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jersey City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0966049
- Latitude
- 40.7031142
