Marcus & Millichap sells Jersey City multifamily property for $1.135M

A multifamily property in Jersey City has sold for $1.135 million, according to a Thursday announcement from Marcus & Millichap.

“This deal speaks to the continuing trend of Jersey City attracting capital from NYC chasing less restrictive rent control laws,” M&M investment specialist Jonathan Zamora said. “Our team was able to secure the seller with attractive pricing at a 4% cap rate and strong terms by uncovering the true upside in the deal, allowing us to create a strong buy side environment closing all cash with a hard deposit at contract signing.”

Zamora and investment specialist Eve Parker, both of the brokerage’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local developer, and procure the buyer, a private investor.

Built in 1920, the three-story, 6,894-square-foot multifamily property at 240 Jewett Ave. comprises seven apartments, featuring a unit mix of one- and three-bedroom units. It is minutes away from the Journal Square PATH station.