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Multifamily

493 Monmouth St.

493 Monmouth St, Jersey City, NJ 07302

Listing Price: $1,600,000

Cap Rate
5.87%
Number of Units
6
Occupancy
67.0%
Price/Unit
$266,667

Investment Overview

Jersey City is one of the best cities for renters, with the area receiving high ratings, along with a great quality of life. Reports show that demand for rental property in Jersey City is creating a landlord’s market, with owners having the power to set prices higher with little room for negotiation. Although the number of individual home sales has declined, the median price of real estate deals increased throughout all of Jersey City. Subject property is located in the Hamilton Park neighborhood of Downtown Jersey City which is one of the most popular areas in the city. This is one of the most desired areas for renters as well as home owners, due to the abundance of popular restaurants, parks, and local shops + businesses. The residents of the community benefit from the close proximity not only with various other neighborhoods and cultural atmospheres, but also with Newark Avenue and Grove street which is the heart of the city and epicenter of development in the area. The subject property is also just a quick 10 minutes walk to the Grove St Path Station, as well as a 0.75 mile drive to the Holland Tunnel and I-78 entrances.

Investment Highlights

  • 2 units will be delivered vacant
  • Ability to increase rents through renovation per rent control ordinance
  • Current average rents are $1,600. $2,300 Market Rents ($700+ on turnover)

Exclusively Listed By

Financing By

Multifamily

493 Monmouth St.

Listing Price: $1,600,000

Cap Rate
5.87%
Number of Units
6
Occupancy
67.0%
Price/Unit
$266,667

Investment Highlights

  • 2 units will be delivered vacant
  • Ability to increase rents through renovation per rent control ordinance
  • Current average rents are $1,600. $2,300 Market Rents ($700+ on turnover)

Investment Overview

Jersey City is one of the best cities for renters, with the area receiving high ratings, along with a great quality of life. Reports show that demand for rental property in Jersey City is creating a landlord’s market, with owners having the power to set prices higher with little room for negotiation. Although the number of individual home sales has declined, the median price of real estate deals increased throughout all of Jersey City. Subject property is located in the Hamilton Park neighborhood of Downtown Jersey City which is one of the most popular areas in the city. This is one of the most desired areas for renters as well as home owners, due to the abundance of popular restaurants, parks, and local shops + businesses. The residents of the community benefit from the close proximity not only with various other neighborhoods and cultural atmospheres, but also with Newark Avenue and Grove street which is the heart of the city and epicenter of development in the area. The subject property is also just a quick 10 minutes walk to the Grove St Path Station, as well as a 0.75 mile drive to the Holland Tunnel and I-78 entrances.

Exclusively Listed By

Financing By

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