581-583 Palisade Ave
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581-583 Palisade Ave
12 Unit Apartment Building $2,200,000 ($183,333/Unit) 3.86% Cap Rate Jersey City, NJ 07307
Executive Summary
Located just one block from the Congress St Elevator to Hoboken, 581-583 Palisade Ave offers a prime development opportunity in the desirable Jersey City Heights. Situated in an R3 development zone, this 50x100 lot currently houses 12 units and is ready for a visionary developer to reimagine its potential. With its strategic location and ample space, this property provides the perfect canvas for a new residential project, promising a blend of urban convenience and modern living in a thriving neighborhood.
$2,200,000 for the package.
UNIT # Rent $ 581 1 $ 1,047 2 $ 1,059 3 $ 963 4 $ 851 5 $ 949 6 $ 1,300 1 (part owner - delivered vacant) $ 636 2 $ 939 3 $ 1,300 4 $ 780 5 $ 950 6 $ 937 Total $ 11,711 Annual $ 140,532 Taxes $ 22,613 PSEG/Utilities $ 4,881 JC Water $ 9,559 Insurance $ 12,635 Cleaning $ 1,200 Repair and Maint $ 2,940 Pets control $ 960 Total Expenses $ 54,788 NOI $ 85,744 - Price $ 2,200,000
To raise rents in Jersey CityEvery $100 spent on renovations, you get $1.35 in the first $5,000.
After $5,000 you get $1.55 for every $100 spent per month.
(Vacancy Capital Improvment) VCI application, costs $125 per unit.
Call or text Tom at 862-244-1032.
$2,200,000 for the package.
UNIT # Rent $ 581 1 $ 1,047 2 $ 1,059 3 $ 963 4 $ 851 5 $ 949 6 $ 1,300 1 (part owner - delivered vacant) $ 636 2 $ 939 3 $ 1,300 4 $ 780 5 $ 950 6 $ 937 Total $ 11,711 Annual $ 140,532 Taxes $ 22,613 PSEG/Utilities $ 4,881 JC Water $ 9,559 Insurance $ 12,635 Cleaning $ 1,200 Repair and Maint $ 2,940 Pets control $ 960 Total Expenses $ 54,788 NOI $ 85,744 - Price $ 2,200,000
To raise rents in Jersey CityEvery $100 spent on renovations, you get $1.35 in the first $5,000.
After $5,000 you get $1.55 for every $100 spent per month.
(Vacancy Capital Improvment) VCI application, costs $125 per unit.
Call or text Tom at 862-244-1032.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$140,532
|
$23.74
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$140,532
|
$23.74
|
| Taxes |
$22,613
|
$3.82
|
| Operating Expenses |
$32,175
|
$5.44
|
| Total Expenses |
$54,788
|
$9.26
|
| Net Operating Income |
$85,744
|
$14.49
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $140,532 |
| Annual Per SF | $23.74 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $140,532 |
| Annual Per SF | $23.74 |
| Taxes | |
|---|---|
| Annual | $22,613 |
| Annual Per SF | $3.82 |
| Operating Expenses | |
|---|---|
| Annual | $32,175 |
| Annual Per SF | $5.44 |
| Total Expenses | |
|---|---|
| Annual | $54,788 |
| Annual Per SF | $9.26 |
| Net Operating Income | |
|---|---|
| Annual | $85,744 |
| Annual Per SF | $14.49 |
Property Facts
| Price | $2,200,000 | Apartment Style | Low Rise |
| Price Per Unit | $183,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 3.86% | Building Size | 5,919 SF |
| No. Units | 12 | Average Occupancy | 85% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Price | $2,200,000 |
| Price Per Unit | $183,333 |
| Sale Type | Investment |
| Cap Rate | 3.86% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,919 SF |
| Average Occupancy | 85% |
| No. Stories | 3 |
| Year Built | 1900 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (76)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,006,400 (2024) | |
| Land Assessment | $540,000 (2024) | Annual Taxes | $22,613 ($3.82/SF) |
| Improvements Assessment | $466,400 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$540,000 (2024)
Improvements Assessment
$466,400 (2024)
Total Assessment
$1,006,400 (2024)
Annual Taxes
$22,613 ($3.82/SF)
Tax Year
2023
zoning
| Zoning Code | R3 (Located in R3 Zone) |
| R3 (Located in R3 Zone) |
-
Thomas Misuraca -
Keller Williams City Life Realty
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581-583 Palisade Ave
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