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Multifamily

60-62 Cambridge Ave, Jersey City

60-62 Cambridge Ave, Jersey City, NJ 07307

Listing Price: $1,575,000

Cap Rate
3.95%
Number of Units
12
Price/Unit
$131,250
Price/Gross SF
$187.50
Gross SF
8,400

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 60-62 Cambridge Avenue, a 12 unit multifamily building in the Heights section of Jersey City. The property has been under the same family ownership for 40+ years. It was recently upgraded with all new siding, windows, and a fully redone roof. Both water heaters have been replaced within the last several years. The deal has a great value add component with 76% upside from the current rents, giving investors the potential to increase rents by an average of $600 through renovations. The building is located in the Heights Section in Jersey City right off of Central Ave. The property is approximately a 3 minute walk to the Central Ave at Hutton St bus stop with a 25 minute trip into Midtown Manhattan. It is also located 1.2 miles from the Journal Square PATH stations that offers a 15-minute trip to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building is situated closely to Newark Liberty Airport, JFK and La Guardia Airport and has easy access to Route 1 & 9, Interstate 95, I-78. The Heights has experienced a massive influx in development and capital investments as it grows to be a premier choice of residency for tenants seeking more affordable housing compared to the expensive and saturated downtown and Journal Square markets in Jersey City.

Investment Highlights

  • 76% Upside
  • 3.95% Current Cap / 9.86% Proforma Cap
  • 40+ years of ownership

Exclusively Listed By

Multifamily

60-62 Cambridge Ave, Jersey City

Listing Price: $1,575,000

Cap Rate
3.95%
Number of Units
12
Price/Unit
$131,250
Price/Gross SF
$187.50
Gross SF
8,400

Investment Highlights

  • 76% Upside
  • 3.95% Current Cap / 9.86% Proforma Cap
  • 40+ years of ownership

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 60-62 Cambridge Avenue, a 12 unit multifamily building in the Heights section of Jersey City. The property has been under the same family ownership for 40+ years. It was recently upgraded with all new siding, windows, and a fully redone roof. Both water heaters have been replaced within the last several years. The deal has a great value add component with 76% upside from the current rents, giving investors the potential to increase rents by an average of $600 through renovations. The building is located in the Heights Section in Jersey City right off of Central Ave. The property is approximately a 3 minute walk to the Central Ave at Hutton St bus stop with a 25 minute trip into Midtown Manhattan. It is also located 1.2 miles from the Journal Square PATH stations that offers a 15-minute trip to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building is situated closely to Newark Liberty Airport, JFK and La Guardia Airport and has easy access to Route 1 & 9, Interstate 95, I-78. The Heights has experienced a massive influx in development and capital investments as it grows to be a premier choice of residency for tenants seeking more affordable housing compared to the expensive and saturated downtown and Journal Square markets in Jersey City.

Exclusively Listed By

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