Investment Overview

Marcus & Millichap is pleased to present the exclusive opportunity to acquire 150 Stegman Street, a 20-unit residential building located in Jersey City, New Jersey. Built in 1928, the property consists of twelve 1-bedroom and eight 2-bedroom units totaling 13,500 square feet and generates approximately $146,703 in current Net Operating Income. In-place rents are significantly below market, with 1-bedrooms averaging $957/month against a $2,033 market rent and 2-bedrooms averaging $1,353/month against a $2,150 market rent — representing approximately 86% in gross rent upside through unit renovations, tenant turnover, and operational improvements. The portfolio generates approximately $662,492 in Net Operating Income and is offered at a basis of $141,564 per unit, providing an attractive entry point relative to replacement cost. In-place rents are below market, with an estimated 34% rent upside through unit renovations, tenant turnover, and operational improvements. Select units also offer the ability to reconfigure layouts and increase bedroom count, creating an additional income lever. The portfolio is located within a rapidly evolving corridor supported by major developments including Bayfront, Canal Crossing, and Caven Point Studios, driving long-term demand and investment. The properties benefit from strong connectivity via the Hudson-Bergen Light Rail, Interstate 78, and the New Jersey Turnpike, providing access to Downtown Jersey City and Manhattan.