Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Two Multifamily brick buildings on the corner of Summit & Congress St in the Heights section of Jersey City. Both buildings are connected with a shared basement and contain a total of 27 apartments and 1 hair salon. The buildings feature marble stairs throughout, and have been very well maintained throughout the 15 years of ownership. A lot of work was recently done including a water heater in 2016, new water storage tanks in 2019, new roof in 2007, painting common areas and a new fire escape. The buildings are currently 100% occupied with 64% Upside from the Current Rents. The buildings are located in the Heights Section in Jersey City just a block away from Central Ave. The properties are approximately a 4 minute walk to the Central Ave at Congress St bus stop which provides a 14 minute trip into Midtown Manhattan. They are also located just 10 minutes from the 9th St light rail with direct access to the Journal Square PATH stations that offers a 15-minute commute to the World Trade Center and a 22-minute ride to Midtown Manhattan via the Path. The building are 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.