For Sale
$1,150,000

584 Palisade AveJersey City, NJ 07307

Six-unit building, strong NOI, value-add potential

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Property Details for 584 Palisade Ave

Property type
Apartment buildings
Buildings
1
Stories
3
Lot Size (sq. ft)
2,614 SF
Units
6

Location Insight

City
Jersey City
County
Hudson
State
New Jersey
Latitude
40.7483358
Longitude
-74.0412679
584 Palisade Ave, Jersey City, New Jersey

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584 Palisade Ave
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