Skip to main content

Multifamily

182 Congress st & 1089 Summit ave

182 Congress St, Jersey City, NJ 07307

Listing Price: $4,950,000

Cap Rate
3.77%
Number of Units
28
Price/Unit
$176,786
Price/Gross SF
$292.90
Gross SF
16,900

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.

Investment Highlights

  • 64% Upside in Rents 3.77% Current Cap / 7.44% Proforma Cap
  • Landlord friendly Rent Control – Ability to increase Rents through Renovations $400-$600 Estimated avg. Rent Increase on Turnover
  • 15 minute Commute to Midtown Manhattan

Exclusively Listed By

Financing By

Multifamily

182 Congress st & 1089 Summit ave

Listing Price: $4,950,000

Cap Rate
3.77%
Number of Units
28
Price/Unit
$176,786
Price/Gross SF
$292.90
Gross SF
16,900

Investment Highlights

  • 64% Upside in Rents 3.77% Current Cap / 7.44% Proforma Cap
  • Landlord friendly Rent Control – Ability to increase Rents through Renovations $400-$600 Estimated avg. Rent Increase on Turnover
  • 15 minute Commute to Midtown Manhattan

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.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower