346 Danforth AveJersey City, NJ 07305

Property Details for 346 Danforth Ave

Property size (Sq ft)

3,944 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add opportunity presents a four-unit apartment building in Jersey City, NJ, boasting a compelling 8.59% pro-forma cap rate. The property, located at 346 Danforth Ave, 07305, is situated on an oversized 3,944 square foot lot (31 ft x 126.90 ft) and features four two-bedroom apartments. Three units underwent renovations in 2019, showcasing beautiful hardwood floors and attractive finishes. The fourth unit, currently unrenovated, presents potential for conversion into a three-bedroom apartment, further enhancing income potential. The building includes a two-car detached garage and additional parking for a total of three vehicles. A finished basement offers extra storage and potential for additional rental income. The property is conveniently located near NJCU and the Danforth Light Rail Station. Currently operating at 100% occupancy, the building offers a strong current NOI of $65,955 and a projected NOI of $90,201. The asking price is $1,050,000, translating to $262,500 per unit and $266.23 per square foot of the 3,774 square feet of net rentable space. The property is zoned R-1. This is a rare opportunity to acquire a well-located, income-producing multifamily property with significant upside potential.

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.7031

Longitude

-74.0966

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