344 Communipaw AveJersey City, NJ 07304

Property Details for 344 Communipaw Ave

Construction

FRAME

Lot size

0.06 AC

Property type

Other commercial real estate

APN

06 20005-0000-00013

APU

620005000000013

Description

This exceptional Jersey City investment opportunity presents two buildings totaling 10,519 square feet on a 0.105-acre lot. The property consists of eight units: six residential and two commercial spaces, offering diverse income streams. 342 Communipaw Ave, a newly constructed (2024) four-story building, features three 3-bedroom apartments (1,275 sq ft each) and a 1,350 sq ft commercial space with an additional 264 sq ft of outdoor area. 344 Communipaw Ave, a four-story building with a 2021 gut renovation, includes three 3-bedroom apartments and a 1,300 sq ft commercial space plus 840 sq ft of outdoor space. The combined annual rent is projected at $376,800, generating a substantial net operating income (NOI) of $303,603 and a 6.07% cap rate. Located in a MU-A zoned area within an Opportunity Zone, this property offers significant upside potential. The asking price is $5,000,000. Individual building sales may be considered. This prime location in Jersey City provides easy access to major transportation hubs and amenities. The property's strong economic fundamentals and rapidly growing market make it an attractive investment for both owner-users and investors seeking diverse revenue streams. Detailed financial projections are available upon request.

• Alternative Use

  Use

  Valuation

  Residential

  $473,098

  Hospitality

  $433,355

  Educational

  $360,546

  Medical

  $372,946

  Retail

  $560,850

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.7112

Longitude

-74.062

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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