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Multifamily

6ixBoroJC

211 Baldwin Ave, Jersey City, NJ 07306

Listing Price: $20,000,000

Cap Rate
5.09%
Number of Units
45
Price/Unit
$444,444
Price/Gross SF
$376.19
Gross SF
53,165

Investment Overview

Marcus & Millichap has been hired exclusively to market the sale of 6ixBoroJC at 211 Baldwin Avenue in Jersey City, New Jersey. Laying on a .26-acre lot, the mid-rise property is a 6-story tall, 45-unit elevator apartment building consisting of 3 studios, 35 one-bedrooms, and 7 two-bedroom apartments. Larger units than local market will appeal to work from home tenants. 6ixBoroJC offers an extremely rare opportunity to acquire a luxurious boutique apartment building boasting impressive building amenities. All apartments have generous open concept layouts with impressive designer finishes. Many apartments enjoy unobstructed views of the New York City skyline. This premier, newly constructed building gives the ability for investors to come in and capitalize on leasing velocity and rent growth enhancing returns. Leasing launched at the building during the pandemic in a softer rental market. Presently, there is over 25% upside in current market rents, with the potential to collect additional income through pet, amenity and application fees after year one. Additionally, the current managers office space will be available post-closing and can be rented out. There exists the potential to remove waste management expense through Jersey City’s municipal waste authority and use of garbage cans as opposed to dumpsters. As Journal Square continues to transform, it will experience a tremendous amount of appreciation from the myriad of developments arriving across the thriving neighborhood which will soon be the heart of Jersey City.

Investment Highlights

  • Newly Constructed 45 Unit Elevator Mid-Rise Apartment Building Located In Journal Square jersey City
  • - Units Are Larger Than Market Comparables With Unobstructed Views Of NYC - Solar Panels On Roof To Offset Utility Expense - Separately Metered Building That Is Fully Electric
  • - 5 Year Tax PILOT - Onsite Parking - 6 Minute Walk To Journal Square PATH Station - Upside In Under Market 2021 Rents - No Rent Control

Exclusively Listed By

Financing By

Listing Price: $20,000,000

Cap Rate
5.09%
Number of Units
45
Price/Unit
$444,444
Price/Gross SF
$376.19
Gross SF
53,165

Investment Highlights

  • Newly Constructed 45 Unit Elevator Mid-Rise Apartment Building Located In Journal Square jersey City
  • - Units Are Larger Than Market Comparables With Unobstructed Views Of NYC - Solar Panels On Roof To Offset Utility Expense - Separately Metered Building That Is Fully Electric
  • - 5 Year Tax PILOT - Onsite Parking - 6 Minute Walk To Journal Square PATH Station - Upside In Under Market 2021 Rents - No Rent Control

Investment Overview

Marcus & Millichap has been hired exclusively to market the sale of 6ixBoroJC at 211 Baldwin Avenue in Jersey City, New Jersey. Laying on a .26-acre lot, the mid-rise property is a 6-story tall, 45-unit elevator apartment building consisting of 3 studios, 35 one-bedrooms, and 7 two-bedroom apartments. Larger units than local market will appeal to work from home tenants. 6ixBoroJC offers an extremely rare opportunity to acquire a luxurious boutique apartment building boasting impressive building amenities. All apartments have generous open concept layouts with impressive designer finishes. Many apartments enjoy unobstructed views of the New York City skyline. This premier, newly constructed building gives the ability for investors to come in and capitalize on leasing velocity and rent growth enhancing returns. Leasing launched at the building during the pandemic in a softer rental market. Presently, there is over 25% upside in current market rents, with the potential to collect additional income through pet, amenity and application fees after year one. Additionally, the current managers office space will be available post-closing and can be rented out. There exists the potential to remove waste management expense through Jersey City’s municipal waste authority and use of garbage cans as opposed to dumpsters. As Journal Square continues to transform, it will experience a tremendous amount of appreciation from the myriad of developments arriving across the thriving neighborhood which will soon be the heart of Jersey City.

Exclusively Listed By

Financing By

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