2-4 Family Home For Sale in Jersey City, NJ
MLS# : 26003802
PROPERTY DETAILS
PROPERTY DESCRIPTION
116 Oak Street presents a rare, move-in-ready multi-unit opportunity in one of Jersey City’s most desirable and rapidly appreciating neighborhoods. Spanning 3,549 square feet, this well-maintained property offers exceptional flexibility for both owner-occupants and investors. The top unit is currently rented at $1,600 per month, with the tenant responsible for their own utilities; the owner covers water and sewer. The lease runs through 2027, providing stable, long-term income. The bottom unit is vacant, while the seller currently resides in the middle unit, which has been meticulously maintained. The property itself is turn-key and includes gated parking, a garage, and a private backyardâ€â€a rare combination in Jersey City. Ideally located near downtown Jersey City, PATH transportation, major highways, shopping, dining, and parks, offering convenient access to Manhattan and surrounding areas. A three-unit approval may be possible, without variance, currently pending a letter of determination from the town, presenting a clear path to additional value. An outstanding opportunity in an exceptional Jersey City location with immediate income and long-term upside.
Amenities
This listing is a courtesy of NJ Elite Group LLC
732-523-0757 office, listing agent Jasmin Elalfy
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): | $743,066 |
| Homes Sold* (12mo): | 184 |
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 | 47 |
| Condos : | $2,600 - 6,499,000 | 419 |
| Co-ops : | $410,000 - 569,500 | 2 |
| Twnhs : | $439,900 - 1,775,000 | 8 |
| 2-4 Fam : | $415,000 - 2,395,000 | 123 |
| 5+ Fam : | $1,400,000 - 1,650,000 | 4 |
| Land : | $599,000 - 4,500,000 | 18 |
| Rentals : | $1,690 - 7,500 | 40 |
| Mixd Use : | $1,400,000 - 1,899,000 | 6 |
| Com S : | - | |
| Com L : | - | |
| Biz : | $18,350 - 900,000 | 10 |
