Multifamily
19 Hopkins Ave
19 Hopkins Ave, Jersey City, NJ 07306
Listing Price: $2,700,000
Investment Overview
Marcus and Millichap has been exclusively hired to market the property 19 Hopkins Avenue located in the Heights/Journal Square section of Jersey City. The property consists of 15 apartments with a strong unit mix that consists of studio, 1 bedroom and 2 bedroom apartments along with six parking spaces on site. All units are separated for electric and cooking gas.
Currently there is over 50% upside in current rents in the apartments and additional upside of charging for parking as it is a rarity in Jersey City. All units are box style which are in much more demand than your typical railroad style apartment in Hudson County. There is a value add play in potentially building an additional unit in the basement.
The heights has become a highly desirable neighborhood as there has been a movement of people, businesses and developers moving in from Hoboken, Downtown Jersey City and NYC seeking more space and affordability for a greater return on their money. The property is only minutes to the Congress street light-rail which will take you right into Hoboken at the light-rail station and minutes away from the Journal Square PATH station which offers transit into World Trade and Midtown Manhattan 24 hours a day. The property is right outside the Holland tunnel, Newark Airport, and major highways including I-78, Interstate 95 and Route 1&9 which is the main driving force of this location.
19 Hopkins Ave
Investment Highlights
- Value-Add Multifamily – Asking $180k A Unit
- Built in 1910
- Attractive Assumable Debt with Loan Balance of $1,522,457 at 4.8%
- 15 Unit Brick Walk Up With 6 Parking Lots In The Rear
- Strong Unit Mix of A Studio , 1 Bedroom & 2 Bedroom Apartments
- 50 % Upside In Under Market Rents (1 Unit Delivered Vacant)
- Short Walk From Journal Square PATH & Blocks Away Congress Street Elevator To Light Rail
- Located In The Heights/Journal Square Submarket
Exclusively Listed By
Listing Price: $2,700,000
Investment Highlights
- Value-Add Multifamily – Asking $180k A Unit
- Built in 1910
- Attractive Assumable Debt with Loan Balance of $1,522,457 at 4.8%
- 15 Unit Brick Walk Up With 6 Parking Lots In The Rear
- Strong Unit Mix of A Studio , 1 Bedroom & 2 Bedroom Apartments
- 50 % Upside In Under Market Rents (1 Unit Delivered Vacant)
- Short Walk From Journal Square PATH & Blocks Away Congress Street Elevator To Light Rail
- Located In The Heights/Journal Square Submarket
Investment Overview
Marcus and Millichap has been exclusively hired to market the property 19 Hopkins Avenue located in the Heights/Journal Square section of Jersey City. The property consists of 15 apartments with a strong unit mix that consists of studio, 1 bedroom and 2 bedroom apartments along with six parking spaces on site. All units are separated for electric and cooking gas. Currently there is over 50% upside in current rents in the apartments and additional upside of charging for parking as it is a rarity in Jersey City. All units are box style which are in much more demand than your typical railroad style apartment in Hudson County. There is a value add play in potentially building an additional unit in the basement. The heights has become a highly desirable neighborhood as there has been a movement of people, businesses and developers moving in from Hoboken, Downtown Jersey City and NYC seeking more space and affordability for a greater return on their money. The property is only minutes to the Congress street light-rail which will take you right into Hoboken at the light-rail station and minutes away from the Journal Square PATH station which offers transit into World Trade and Midtown Manhattan 24 hours a day. The property is right outside the Holland tunnel, Newark Airport, and major highways including I-78, Interstate 95 and Route 1&9 which is the main driving force of this location.
Exclusively Listed By
