2-4 Family Home For Sale in Jersey City, NJ
MLS# : 260000332
PROPERTY DETAILS
PROPERTY DESCRIPTION
Investment property. 100% leased/occupied. 1017 West Side Avenue is a mixed-use building located in the Marion section of Journal Square, Jersey City, NJ. First floor: Commercial space occupied by the Jersey City Public Library. The library has been the tenant for many years. Long-term lease in place with a 4% annual rent increase ending May 2028. Tenant responsible for maintenance cost. Second floor: Residential unit consisting of 2 bedrooms, 1 bathroom, and a large private deck. Yearly lease. Tenants pay all utilities except water. Commercial space: 952 SF + large private garden of approximately 780 SF Residential apartment: 1,385 SF total (including finished basement) + outdoor deck of approximately 430 SF. Recent capital improvements: •New multi-zone split HVAC system for commercial space (2019) •New main copper water line with street shutoff valve (2021) •New silicone roof (2022) •Lead-safe certification passed (2024) Net Operating Income: $60,689 Cap Rate: 6.78% Before showings, proof of funds/letter of intent needed. Allow at least 48h prior any showings.
Amenities
This listing is a courtesy of THE VIRTUAL REALTY GROUP
212-675-4393 office, listing agent FREDERIC P GABRIEL
About Jersey City, NJ Real Estate Market
Jersey City currently serves as a prime hub for distribution and transportation terminus for the Port of New York and New Jersey. Ever since the redevelopment of the Jersey City Waterfront happened, Jersey City became a major hub for banking and finance in the United States of America. All these developments in these years also resulted in the development of Hudson County real estate in the city.
Consisting of most of the parts of Ellis Island, Jersey City also surrounds Liberty City through its waters in the Upper New York Bay. Thanks to its proximity and easy connectivity to Manhattan, Jersey City is also considered the sixth borough of New York City. Jersey City has some of the earliest European settlements in North America, which played a crucial role in the development of various sections of the city.
| Population: | 267,345 |
| Total Housing Units: | 104,018 |
| Single Family Homes: | 36,684 |
| Apartments: | 67,334 |
| General Tax Rate (2023): | 2.246% |
| Effective Tax Rate (2023): | 1.944% |
| Compare To Other Towns |
Jersey City Market Indicators
PRICE INDEX
| Average Price* (12mo): | $738,325 |
| Homes Sold* (12mo): | 220 |
SINGLE FAMILY HOME SALES
Jersey City, NJ
PRICE INDEX
| Average Price* (12mo): | $681,468 |
| Apatments Sold* (12mo): | 1,096 |
APARTMENT SALES
Jersey City, NJ
REAL ESTATE TAXES
| General Tax Rate (2023): | 2.246% |
| Effective Tax Rate (2023): | 1.944% |
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MADISON ADAMSTM
Ridgewood, NJ 07450
201-760-1100 (office)
201-760-1102 (fax)
| Homes : | $379,999 - 2,895,000 | 52 |
| Condos : | $175,000 - 6,499,000 | 391 |
| Co-ops : | $410,000 - 410,000 | 1 |
| Twnhs : | $450,000 - 1,775,000 | 6 |
| 2-4 Fam : | $530,000 - 2,395,000 | 115 |
| 5+ Fam : | $1,400,000 - 1,650,000 | 3 |
| Land : | $499,000 - 4,500,000 | 15 |
| Rentals : | $1,790 - 7,500 | 32 |
| Mixd Use : | $1,400,000 - 1,899,000 | 5 |
| Com S : | - | |
| Com L : | - | |
| Biz : | $18,500 - 900,000 | 11 |
