Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire a fully gut-renovated 29-unit multifamily property located in Jersey City's rapidly evolving West Side neighborhood, directly across from Kean Jersey City (formerly New Jersey City University), one of the area's most significant educational and economic anchors. Originally redeveloped from shell condition, the property underwent a comprehensive renovation in 2020 and now offers investors a true turnkey Class B asset with a substantially reduced effective age. Major capital improvements include a new roof and entirely new plumbing, electrical, gas, HVAC, and fire suppression systems, significantly minimizing future capital expenditure requirements. The apartments feature modern finishes, contemporary layouts, and central air conditioning throughout. The building is fully sprinklered and offers an attractive amenity package, including a fitness center and on-site laundry facilities, enhancing tenant satisfaction and supporting long-term occupancy. The property benefits from strong rental demand driven by its proximity to Kean Jersey City, convenient transportation access, and the continued growth and revitalization of the surrounding neighborhood. Importantly, the asset is not subject to rent control, providing ownership with the flexibility to capture future rental growth. Additionally, the offering includes an adjacent 50' x 120' parcel, presenting a rare opportunity for future development, additional parking, or other value-add uses, subject to municipal approvals. Investors may also have the ability to further increase revenue through the addition of tenant storage units within the property's expansive basement area. Positioned along Kennedy Boulevard in one of Jersey City's fastest-growing submarkets, the property offers investors a unique combination of stable in-place cash flow, minimal deferred maintenance, and multiple avenues for future value creation.