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Multifamily

3469 JFK Blvd & 42 Thorne St, Jersey City

3469 John F. Kennedy Blvd, Jersey City, NJ 07307

Listing Price: $2,900,000

Cap Rate
5.68%
Number of Units
13
Price/Unit
$223,077
Price/Gross SF
$277.51
Gross SF
10,450

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale two multifamily buildings a block from each other on JFK Blvd & Thorne St in the Heights section of Jersey City. The properties have a total of 13 units with a great mix ranging from one beds to mostly two & three bedroom apartments, including one 4 bed/2 bath duplex. The deal has an attractive going in cap rate of 5.68% with 38% upside in the rents, giving investors plenty of room to grow the rents. Tenants pay for hot water, heat in 8 out of 13 apartments, cooking gas & electric. The buildings are located in the Heights section in Jersey City with an average 2 minute walk to a bus stop which provides for a 25 minute trip into Midtown Manhattan. They are also located under two miles to the Journal Square PATH stations that offers a 15-minute commute to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building are 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. 3

Investment Highlights

  • 37% Upside in Rents
  • 5.68% Current Cap Rate
  • 7 out of 13 Apartments renovated

Exclusively Listed By

Multifamily

3469 JFK Blvd & 42 Thorne St, Jersey City

Listing Price: $2,900,000

Cap Rate
5.68%
Number of Units
13
Price/Unit
$223,077
Price/Gross SF
$277.51
Gross SF
10,450

Investment Highlights

  • 37% Upside in Rents
  • 5.68% Current Cap Rate
  • 7 out of 13 Apartments renovated

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale two multifamily buildings a block from each other on JFK Blvd & Thorne St in the Heights section of Jersey City. The properties have a total of 13 units with a great mix ranging from one beds to mostly two & three bedroom apartments, including one 4 bed/2 bath duplex. The deal has an attractive going in cap rate of 5.68% with 38% upside in the rents, giving investors plenty of room to grow the rents. Tenants pay for hot water, heat in 8 out of 13 apartments, cooking gas & electric. The buildings are located in the Heights section in Jersey City with an average 2 minute walk to a bus stop which provides for a 25 minute trip into Midtown Manhattan. They are also located under two miles to the Journal Square PATH stations that offers a 15-minute commute to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building are 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. 3

Exclusively Listed By

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