584 Palisade Ave Jersey City, NJ 07307

Property Details for 584 Palisade Ave

Lot size

0.06 lot acres

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a three-story, six-unit apartment building situated on a 0.06-acre corner lot in Jersey City, New Jersey. The property, located at 584 Palisade Avenue, boasts six one-bedroom, one-bathroom units, two garage bays, and additional on-site parking. Its prime location offers convenient access to major retail corridors including Palisade Avenue, Summit Avenue, Paterson Plank Road, and JFK Boulevard, providing residents with a wealth of shopping, dining, and entertainment options. The property benefits from its proximity to public transportation, including the Hudson-Bergen Light Rail, PATH train, and ferry terminals, ensuring easy commutes to both Jersey City and New York City. The building is less than a quarter mile from the Ninth Street/Congress Street Light Rail station and within a few miles of major tunnels and highways, offering excellent connectivity. The property's strong location is supported by impressive demographics, with over 124,000 people residing within a one-mile radius and an average household income exceeding $172,000. The area has experienced significant population growth in recent years, further enhancing the investment potential. Each unit features individually metered electricity, while the landlord is responsible for gas heat, hot water, and common area utilities. The asking price is $1,150,000, representing a price per unit of $191,667, and the property generates a Net Operating Income (NOI) of $45,890. Existing rents are below market value, presenting a significant value-add opportunity for the astute investor. Note that Jersey City Rent Control applies, limiting annual rent increases.