This exceptional multifamily investment opportunity presents a three-story, six-unit apartment building situated on a 0.06-acre corner lot in Jersey City, New Jersey. The property, located at 584 Palisade Avenue, boasts six one-bedroom, one-bathroom units, two garage bays, and additional on-site parking. Its prime location offers convenient access to major retail corridors including Palisade Avenue, Summit Avenue, Paterson Plank Road, and JFK Boulevard, providing residents with a wealth of shopping, dining, and entertainment options. The property benefits from its proximity to public transportation, including the Hudson-Bergen Light Rail, PATH train, and ferry terminals, ensuring easy commutes to both Jersey City and New York City. The building is less than a quarter mile from the Ninth Street/Congress Street Light Rail station and within a few miles of major tunnels and highways, offering excellent connectivity. The property's strong location is supported by impressive demographics, with over 124,000 people residing within a one-mile radius and an average household income exceeding $172,000. The area has experienced significant population growth in recent years, further enhancing the investment potential. Each unit features individually metered electricity, while the landlord is responsible for gas heat, hot water, and common area utilities. The asking price is $1,150,000, representing a price per unit of $191,667, and the property generates a Net Operating Income (NOI) of $45,890. Existing rents are below market value, presenting a significant value-add opportunity for the astute investor. Note that Jersey City Rent Control applies, limiting annual rent increases.
Highlights
Six-unit multifamily property on a 0.06-acre corner lot in Jersey City's Heights neighborhood.
Excellent location near major retail corridors (Palisade Ave, Summit Ave, Paterson Plank Rd, JFK Blvd) and public transportation (Hudson-Bergen Light Rail, PATH train, ferry).
Less than a quarter mile from the Ninth Street/Congress Street Light Rail station, with easy access to major highways and tunnels.
Significant value-add opportunity due to below-market rents; subject to Jersey City Rent Control.
Utilities: Tenants pay electricity; landlord pays gas heat, hot water, and common area utilities.
Strong demographics: Over 124,000 residents within one mile, average household income exceeding $172,000; significant population growth in the area.
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Contacts
Connor Russo
Michael Lombardi
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584 Palisade Ave, Jersey City, New Jersey, 07307
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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584 Palisade Ave
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