Investment Overview

Marcus & Millichap has been hired exclusively to market the sale of 260-264 Central Avenue in Jersey City,  New Jersey. Laying on a .23-acre lot, the property consists of two buildings with 20 total units. There are 18 residential units, consisting of 4 studios, 9 one-bedrooms, and 5 two-bedroom apartments. Additionally, there are 2 restaurants, including McDonald’s with a long-term lease reimbursing taxes and Paulie’s Brickhouse. This is a value-add opportunity to acquire an elevator building in Jersey City with true upside in renovating existing apartments. There exists an ability to upgrade finishes to luxury standards, upgrading common areas and adding the rooftop as an amenity. Current rents are about 30-35% below market with parking already included in some leases. Separating parking could be additional income. There exists 16 on-site parking spots located at the rear of the building, five will be vacant along with a two bedroom apartment at closing. 260-264 Central Ave has prime location directly on Central Avenue in The Heights submarket of Jersey City. The property is only minutes away from the 2nd Street Light Rail Station, which provides direct transportation to the Hoboken terminal, as well as other neighborhoods across Jersey City. Due to its elevated nature in the heights, many apartments enjoy unobstructed views of the New York City and Hudson County skyline. Many development projects seem to be appearing all over The Heights, and 260-264 Central Ave has a front row seat on Central Avenue to the development boom taking place