152 Boyd AveJersey City, NJ 07304

Property Details for 152 Boyd Ave

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a fully renovated six-unit apartment building situated in a desirable Jersey City location. The property boasts a compelling combination of strong current performance and significant upside potential. The building, constructed over three stories, comprises six units, including two spacious duplex units and two unique mezzanine-style units. All units feature modern amenities such as hardwood floors, granite countertops, and central air conditioning. The building sits on a 3,100 square foot lot and underwent a complete renovation in 2019, resulting in impressive common areas and modern staircases. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $94,005, representing a 5.30% capitalization rate. However, a pro-forma analysis projects a significantly higher NOI of $130,691, translating to a 7.36% capitalization rate, showcasing the substantial value-add potential. Each unit is individually metered for utilities, with tenants responsible for their respective expenses. The property's prime location offers convenient access to major roadways, including Route 440, US-1, and US-9 Truck, as well as public transportation via the nearby light rail. Its proximity to shopping, dining, and other amenities further enhances its appeal. This is a rare opportunity to acquire a high-performing multifamily asset in a thriving Jersey City neighborhood. The asking price is $1,775,000, with a price per unit of $295,833.33.

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.7181

Longitude

-74.0858

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