593 Ocean AveJersey City, NJ 07305

Property Details for 593 Ocean Ave

Year built

1920

Construction

BRICK

Lot size

0.12 AC

Property type

Commercial real estate

APN

06 23202-0000-00040

APU

623202000000040

Description

This exceptional mixed-use property at 593 Ocean Avenue in Jersey City, New Jersey, presents a compelling investment opportunity. The 2-story brick building, constructed in 1920, boasts a total of 2,973 square feet and is currently 100% occupied, generating a strong net operating income (NOI) of $61,799, representing a 6.87% capitalization rate. The asking price is $899,000, translating to $302.39 per square foot. The building comprises four units: two commercial spaces on the ground floor and two residential units on the second floor. A separate structure on the property includes four garages and a storage unit, adding significant value and potential rental income. All units have separate utilities, simplifying management and maximizing efficiency. Located in the desirable 07305 zip code of Hudson County, this property benefits from a prime Jersey City location with excellent access to transportation and amenities. The well-maintained condition and high occupancy rate make this a low-risk, high-reward investment with significant upside potential. This is a rare opportunity to acquire a fully leased, mixed-use property in a thriving urban market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,014,630

  6.5%

  $936,581

  7%

  $869,682

• Comparable approach

  Method

  Valuation

  Relative Method

  $707,524

  Geo Method

  $707,524

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,843,910

  Retail / Commercial

  $945,549

  Mixed-Use / Specialty

  $942,178

  Hospitality / Lodging

  $691,246

  Office

  $936,581

  Institutional / Educational

  $979,486

  Residential Income

  $1,146,000

  Multifamily

  $1,374,450

  Automotive / Energy

  $839,559

  Parking / Income-Based Land

  $289,722

  Restaurant / Food Service

  $490,034

  Healthcare / Senior Housing

  $966,186

Location Insight

City

Jersey City

County

Hudson

State

New Jersey

Latitude

40.7068

Longitude

-74.0782

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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