430 Ocean Ave 4 Unit Apartment Building $1,295,000 ($323,750/Unit) 7.59% Cap Rate Jersey City, NJ 07305

We are excited to introduce an exceptional investment opportunity situated in a rapidly evolving neighborhood that is brimming with robust job growth, newly established parks, convenient transit options, and dynamic development. This prime property is strategically located near the expanding Liberty Science Center, the thriving SciTech City, the bustling Canal Crossing, and the prestigious CineLease, a state-of-the-art studio designed to foster the creativity of filmmakers.
This property comprises 4 units, with 3 of them fully renovated to offer an open floor plan, complete with fully equipped kitchens featuring stainless steel appliances, in-unit washer and dryer facilities. Among the renovated units, one features an ensuite bathroom and rear backyard access. Each updated unit is equipped with central heating, ventilation, and air conditioning (HVAC) systems, as well as gleaming hardwood floors throughout.
Additionally, there is one unit located on the first floor that has not undergone renovation, providing the unique opportunity to be converted into a Retail Space. This unit also offers the potential for additional lower-level space, given that the property is situated in a commercial zone area.
The upcoming developments, including SciTech expansion, two high schools, innovative elements from CineLease, and Canal Crossing, are expected to attract approximately 10,000 new residents to the neighborhood. This diverse influx of individuals will include not just daily commuters but also residents, students, professionals from the film industry, educators, and a diverse cross-section of community members.
With the Light-Rail providing convenient transportation options, residents will have easy access to a wide array of job opportunities and the nearest hospital. The ongoing revitalization efforts in the neighborhood, including the construction of new parks and playgrounds, further enhance its appeal as a vibrant living environment for potential tenants.
This exceptional property offers a compelling investment opportunity, especially with its market-rate Section 8 rentals ensuring a steady income stream. Tenants are drawn to the property's appeal and are willing to pay premium rents for top-notch accommodations in an emerging neighborhood. Additionally, the property boasts a long-term tenant of 15 years and secured Workforce housing under a favorable five-year lease.
Don't miss out on this fantastic opportunity to invest in a prime location within a thriving community. The property's stable income and promising growth potential make it a highly attractive investment prospect for savvy investors.