15 Marion PlJersey City, NJ 07306

This 11-unit apartment building at 15 Marion Pl, Jersey City, NJ 07306, presents a compelling investment opportunity. Boasting 7,550 square feet of net rentable space, the property offers a mix of one- and two-bedroom apartments, with four units already renovated. Built in 1940, the brick building features laundry facilities in several units and benefits from a prime location in Journal Square, approximately a 10-minute walk from convenient public transportation providing a quick commute to Midtown Manhattan. The current Net Operating Income (NOI) stands at $80,068, representing an 11.27% pro forma cap rate. The asking price is $1,877,000, translating to approximately $170,000 per unit. Significant upside potential exists, with an average current rent of $1,149 compared to a market rent of $2,217, indicating substantial room for rent increases upon unit turnover. Recent improvements include a new hot water heater installed in 2022. The landlord currently covers heat, hot water, water/sewer, and common area electricity. This property offers a blend of immediate income and long-term value-add potential in a highly desirable location.