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Multifamily

64 Sherman Place, Jersey City

64 Sherman Pl, Jersey City, NJ 07307

Listing Price: $7,200,000

Cap Rate
4.74%
Number of Units
33
Price/Unit
$218,182
Price/Gross SF
$296.30
Gross SF
24,300

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a multifamily brick building on Sherman Pl in the Heights section of Jersey City. The property sits on a 58 X 201 lot and contains a total of 33 oversized units with a mix of one, two and three bedroom apartments. The building features marble stairs & walls, large tiled hallways and two separate stairwells. 64 Sherman Pl has been under the same family ownership for 27+ years. A highly efficient boiler & hot water heater was installed in 2018 and the roof was fully replaced in 2012. The owner also created a new laundry room with 3 washers and 3 dryers. There is currently 72% upside in the rents, with an average increase of $900+ on turnover, giving an investor plenty of room to grow the rents. The building is located in the Heights Section of Jersey City just a block away from Central Ave. The property is approximately a 4 minute walk to the Central Ave at Franklin St bus stop which provides a 20 minute trip into Midtown Manhattan. The property is also 1.5 miles to the Journal Square PATH station that offers a 15-minute commute to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building is situated closely to Newark Liberty Airport, JFK and La Guardia Airport and has easy access to Route 1 & 9, Interstate 95, I-78. The Heights has experienced a massive influx in development and capital investments as it grows to be a premier choice of residency for tenants seeking more affordable housing compared to the expensive and saturated downtown and Journal Square markets in Jersey City.

Investment Highlights

  • 72% Upside in Rents
  • Owned by the same family for 27+ years
  • 9.26% projected cap rate

Exclusively Listed By

Multifamily

64 Sherman Place, Jersey City

Listing Price: $7,200,000

Cap Rate
4.74%
Number of Units
33
Price/Unit
$218,182
Price/Gross SF
$296.30
Gross SF
24,300

Investment Highlights

  • 72% Upside in Rents
  • Owned by the same family for 27+ years
  • 9.26% projected cap rate

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a multifamily brick building on Sherman Pl in the Heights section of Jersey City. The property sits on a 58 X 201 lot and contains a total of 33 oversized units with a mix of one, two and three bedroom apartments. The building features marble stairs & walls, large tiled hallways and two separate stairwells. 64 Sherman Pl has been under the same family ownership for 27+ years. A highly efficient boiler & hot water heater was installed in 2018 and the roof was fully replaced in 2012. The owner also created a new laundry room with 3 washers and 3 dryers. There is currently 72% upside in the rents, with an average increase of $900+ on turnover, giving an investor plenty of room to grow the rents. The building is located in the Heights Section of Jersey City just a block away from Central Ave. The property is approximately a 4 minute walk to the Central Ave at Franklin St bus stop which provides a 20 minute trip into Midtown Manhattan. The property is also 1.5 miles to the Journal Square PATH station that offers a 15-minute commute to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building is situated closely to Newark Liberty Airport, JFK and La Guardia Airport and has easy access to Route 1 & 9, Interstate 95, I-78. The Heights has experienced a massive influx in development and capital investments as it grows to be a premier choice of residency for tenants seeking more affordable housing compared to the expensive and saturated downtown and Journal Square markets in Jersey City.

Exclusively Listed By

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