451 Communipaw Ave Jersey City, NJ 07304

This exceptional value-add investment opportunity presents two three-story industrial buildings totaling 29,951 square feet situated on a 12,715 square foot lot in Jersey City, NJ. The property, located at 451 Communipaw Avenue, boasts a prime location on a major east-west corridor within a rapidly growing neighborhood. Currently featuring a mix of commercial spaces, including the established Factory Restaurant and Lounge occupying the entire first floor of the main building, and an outdoor cafe in a secondary building, this property offers significant upside potential. The main building comprises approximately 29,151 square feet, with roughly 7,720 square feet per floor. Building amenities include one loading dock and one freight elevator. The property is zoned under the Morris Canal Redevelopment Plan and presents a compelling opportunity for an owner-user or investor seeking to capitalize on the high demand and limited supply of similar properties in Jersey City. The current occupancy is 28%, with a current NOI of $164,000 and a pro-forma NOI of $339,160, resulting in a pro-forma cap rate of 7.89%. The asking price is $4,300,000, translating to a price per square foot of $143.57. Built in 1929, this property includes the iconic "Lafayette smoke stack" on the premises. This is a multi-tenant property with a triple net (NNN) lease type.