409 Pacific AveJersey City, NJ 07304

Exceptional opportunity to acquire a 7,500 square foot residential development site in Jersey City's vibrant Lafayette neighborhood. This .17-acre corner lot, encompassing 409-411 Pacific Avenue and 369-371 Johnston Avenue, presents a unique chance to build a mixed-use mid-rise development. Currently featuring two existing two-family structures (one tenant-occupied generating $3,475 monthly gross income), both will be delivered vacant upon closing. The property is conveniently located four blocks from the Liberty State Park Light Rail Station, surrounded by luxury developments like 295J, The Hazel, BELA, and the Atlas. Previous transactions have eliminated the 95/5 deed restrictions common in this area, ensuring a smooth title transfer. While 369-371 Johnston Avenue has existing site plan approval for a 21-unit building, the seller has initiated the process for a combined 42-unit plan for the entire assemblage. The proposed design optimizes construction efficiency with a four-over-two structure. The corner location and rear balcony provide four sides of exposure, maximizing rental potential and setting it apart from nearby developments. A rear easement provides access to parking from Johnston Avenue. The Lafayette neighborhood boasts record-high residential and commercial rents, with retail reaching $65 NNN and residential rents in the mid-to-high $50s. This project promises high yield, even in a high-interest-rate environment, making it an attractive investment. The property is zoned Lafayette RDP and has no underground storage tanks. Asking price: $2,775,000.