Mixed-Use
80 M.L.K. Drive
80 M.L.K. Drive, Jersey City, NJ 07305
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire 80 Martin Luther King Drive, an 18-unit residential building built in 1926 and located in the Southside neighborhood of Jersey City, New Jersey. The property consists of 15 one-bedroom and 3 two-bedroom units totaling 9,000 square feet and generates approximately $188,832 in current Net Operating Income.
In-place rents are significantly below market, with 1-bedrooms averaging well below the $1,800 market rent and 2-bedrooms below the $2,150 market average — representing approximately 56 percent in gross rent upside through unit renovations, tenant turnover, and operational improvements.
80 M.L.K. Drive
Investment Highlights
- Brick Walk-Up Mixed-Use Building with Two Commercial Components and 18 Apartments
- Over 56 Percent Rent Upside Captured Through Capital Improvements and Lease-Up of Below-Market In-Place Rents
- Priced Well Below Average Recent Comparable Sales in the Jersey City Multifamily Market
- Value-Add Opportunity to Reconfigure Unit Mix — Convert Select 1-Bedroom Units into 2-Bedrooms to Strengthen the Unit Mix and Maximize Rental Income
- Positioned Along an Active Retail Corridor on M.L.K. Drive, Benefiting from Strong Foot Traffic and Neighborhood Retail Demand
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Brick Walk-Up Mixed-Use Building with Two Commercial Components and 18 Apartments
- Over 56 Percent Rent Upside Captured Through Capital Improvements and Lease-Up of Below-Market In-Place Rents
- Priced Well Below Average Recent Comparable Sales in the Jersey City Multifamily Market
- Value-Add Opportunity to Reconfigure Unit Mix — Convert Select 1-Bedroom Units into 2-Bedrooms to Strengthen the Unit Mix and Maximize Rental Income
- Positioned Along an Active Retail Corridor on M.L.K. Drive, Benefiting from Strong Foot Traffic and Neighborhood Retail Demand
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire 80 Martin Luther King Drive, an 18-unit residential building built in 1926 and located in the Southside neighborhood of Jersey City, New Jersey. The property consists of 15 one-bedroom and 3 two-bedroom units totaling 9,000 square feet and generates approximately $188,832 in current Net Operating Income. In-place rents are significantly below market, with 1-bedrooms averaging well below the $1,800 market rent and 2-bedrooms below the $2,150 market average — representing approximately 56 percent in gross rent upside through unit renovations, tenant turnover, and operational improvements.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
