333 Flats 333 Newark Ave 18 Unit Apartment Building $8,650,000 ($480,556/Unit) 5.10% Cap Rate Jersey City, NJ 07302

It’s challenging to find a ground-up high-quality new-construction investment property in the most desirable Downtown Jersey City area. Grid Real Estate presents BLDG-UP’s newest completed project in the most sought location. This asset provides worry-free uncontrolled rent growth to help you grow your real estate portfolio for future generations 333 Flats is located at 333 Newark Avenue, situated on the Western side of Downtown Jersey City in the rapidly developing section known as The Village. Less than a ten-minute walk to Grove Street PATH station, sitting directly next to White Eagle Hall, a nationally recognized 842-capacity entertainment venue managed by Harris Blitzer Sports & Entertainment, this opportunity was developed with razor-sharp focus on maximizing revenue potential on a 3,128SF parcel.
The mixed-use project broke ground in 2020 and received CO in early 2022. The building features (18) studio apartments totaling ±6,720 net sqft (NSF), with each unit averaging ±373SF plus an additional ±45- 130SF of loft space, (1) ±1,800NSF retail space, and (1) 1,700NSF office space. The building was constructed with condo-level finishes like Blomberg/Bosch appliances, Porcelanosa tile, locally made custom cabinetry, furnished roof deck and lounge, gigabit Wi-Fi throughout the building, and more in addition, two of the apartments were furnished with murphy beds for an additional monthly rent charged to the tenant. Rental apartments are scarce, especially in Downtown Jersey City, giving way to an explosion of rent growth with no end in sight. With affordability as the main driver, 333 Flats has filled a gap in the marketplace by offering state-of-the-art living in a Downtown location but at a price point where people can still afford to enjoy the amenity that is Jersey City. This building is meant for a renter who lives small but has wide eyes. Steps from Restaurant Row, nightlife, and entertainment, they get the best of both worlds. The common usable areas feature a ±560SF shared residential lounge, bike storage, and ±1,580SF rooftop deck with 360º views of Downtown Jersey City and Manhattan.