451 Communipaw AveJersey City, NJ 07304

Property Details for 451 Communipaw Ave

Year built

1920

Construction

BRICK

Lot size

0.29 AC

Property type

Industrial properties

Property subtype

Other industrial properties

APN

06 18901-0000-00021

APU

618901000000021

Description

This exceptional value-add investment opportunity presents two three-story industrial buildings totaling 29,951 square feet situated on a 12,715 square foot lot in Jersey City, NJ. The property, located at 451 Communipaw Avenue, boasts a prime location on a major east-west corridor within a rapidly growing neighborhood. Currently featuring a mix of commercial spaces, including the established Factory Restaurant and Lounge occupying the entire first floor of the main building, and an outdoor cafe in a secondary building, this property offers significant upside potential. The main building comprises approximately 29,151 square feet, with roughly 7,720 square feet per floor. Building amenities include one loading dock and one freight elevator. The property is zoned under the Morris Canal Redevelopment Plan and presents a compelling opportunity for an owner-user or investor seeking to capitalize on the high demand and limited supply of similar properties in Jersey City. The current occupancy is 28%, with a current NOI of $164,000 and a pro-forma NOI of $339,160, resulting in a pro-forma cap rate of 7.89%. The asking price is $4,300,000, translating to a price per square foot of $143.57. Built in 1929, this property includes the iconic "Lafayette smoke stack" on the premises. This is a multi-tenant property with a triple net (NNN) lease type.

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.714

Longitude

-74.0664

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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