584 Palisade AveJersey City, NJ 07307

Property Details for 584 Palisade Ave

Lot size

0.06 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.7483

Longitude

-74.0413

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].