Investment Overview

Marcus & Millichap is pleased to offer for sale the multi-family properties located at 113 Hutton Street and 144 St Pauls Avenue in Jersey City, New Jersey. The properties are located in The Heights, one of Jersey City’s most desirable residential neighborhoods. Known for its sweeping views of the Manhattan skyline from the Palisades Cliffs, The Heights has undergone rapid gentrification over the past decade. The housing stock primarily consists of smaller-scale buildings, historic row houses, and limited new construction, which contributes to a constrained supply of properties. Consistently high occupancy rates and strong rent appreciation have enabled properties in this area to generate stable cash flow while capturing long-term neighborhood growth. Both properties have also benefited from significant recent capital improvements, including new water tanks, fire escape painting, updated kitchens, bathrooms, and flooring in multiple units, as well as the installation of new front exterior steps. Jersey City has undergone significant transformation over the past two decades, establishing itself as one of the most resilient rental housing markets in the nation. With a population of over 300,000, it is the second-largest city in New Jersey, benefiting from its proximity to Manhattan, which is accessible in less than twenty minutes via the PATH train. Strong transit connections, a diverse economy, and relative affordability compared to New York City continue to drive population growth. More than 70 percent of households rent, a figure that far exceeds the national average. Although vacancy rates are slightly higher than the New York metro average, they remain stable, as absorption has kept pace with new construction. The average asking rent in the submarket is $2,640 per month, reflecting a 1.3 percent annual growth, while newly constructed luxury properties often command rents exceeding $3,000 per month. This premium at the high end of the market creates a spillover effect, as renters priced out of luxury towers seek well-located, stabilized Class B and C properties.