A 15-unit multifamily property in Jersey City sold for $2.3 million, according to a Tuesday announcement from Marcus & Millichap.
“The deal generated tremendous interest despite today’s challenging environment, thanks to our thorough marketing process, which secured the seller an in-place 4.5% cap rate due to attractive assumable debt and value-add components,” Jonathan Zamora, first vice president of investments in Marcus & Millichap’s New Jersey office, said. “The buyer plans to renovate the apartments upon turnover, capturing the upside in the below-market rents.”
Zamora had the exclusive listing to market the property on behalf of a local private investor and procured the buyer, 19 Hopkins Ave LLC.
Built in 1910, 19 Hopkins Ave. offers 15 apartments, including studio, one-bedroom and two-bedroom units,m with parking on site. All units are box-style, which are in higher demand than the typical railroad-style apartments found in Hudson County. The property is just minutes from the Congress Street Light Rail and Journal Square PATH station, providing 24-hour access to the World Trade Center and Midtown Manhattan.
