1074 Summit Ave - Apartments FOR SALE


Jersey City, NJ 07307- The Heights
$2,450,000 USD
551-383-2640
1074 Summit Ave, Jersey City, NJ for Sale
$2,450,000 USD
Apartments - FOR SALE
1/30
null | 6.05% Cap Rate

1074 Summit Ave
Jersey City, NJ 07307
The Heights


HIGHLIGHTS

  • 5 out of 8 units fully renovated with market rate tenants.
  • This property has 6 residential units and 2 commercial units.
  • There is a rare 8-car surface parking lot.
  • Located in a convenient area for commuters, close to the Hudson-Bergen Light Rail Elevator and numerous bus routes to NYC.
  • There are long-term Commercial tenants in the building.

OVERVIEW

Significant updates have been made to the property's infrastructure, ensuring a turnkey investment. The structural renovations include reframed and reinforced existing framing at the commercial level, a new electrical service with a line extended from the street, and updated gas and sewer lines. A new steel cellar door and a newly installed skylight enhance functionality and aesthetics. New NJ Green Card in 2024. Exterior improvements feature new shop windows and doors for commercial spaces, a restored cast iron column entrance, and new siding on the ground level paired with a fresh repaint of upper levels. The cornice has been meticulously rebuilt, incorporating original elements where possible. The staircase railings and banisters have been refinished, while the parking lot is newly repaved and striped. Fob key front door access with video surveillance ensures enhanced security. Inside, three of the residential units and the two storefronts have been completely gut renovated. These residential units feature all-new framing and sheetrock, new kitchens and bathrooms, as well as central heating and cooling for year-round comfort. The commercial interiors have been transformed with open layouts, each featuring an ADA-compliant bathroom and new HVAC systems. Restored original high ceilings and shop windows highlight the blend of historical character and contemporary style. With the potential for an increased rent roll upon renovating the other three units when they become available, 1076 Summit Avenue presents a rare chance for savvy investors to acquire a well-positioned asset with significant upside potential in a thriving market. Don’t miss this opportunity to capitalize on the revitalization of one of Jersey City’s most desirable neighborhoods.

FOR SALE DETAILS

PRICE

$2,450,000 USD

PRICE/SF

$574 USD /SF

# OF UNITS

6

PRICE/UNIT

$408,333

CAP RATE

6.05%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

R-3

APN/PARCEL ID

06-01503-0000-00001

ASK ABOUT THIS PROPERTY

Joachim HorvitzCompassMore Info
551-383-2640

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Joachim HorvitzCompassMore Info
551-383-2640

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.