Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Jan. 20 the sale of a 21-unit, walk-up apartment building in Jersey City for $4.1 million. The asset traded after more than three decades of legacy family ownership.
“The transaction represented a complex, value-add multifamily opportunity that required careful execution amid a challenging capital markets environment,” said Jonathan Zamora, senior director investments in Marcus & Millichap’s New Jersey office.
“Despite these conditions, the property attracted strong interest due to its ability to deliver vacant units, identifiable rental upside and long-term repositioning potential. Investor demand was further supported by continued redevelopment activity throughout the Heights neighborhood and the broader Journal Square corridor.”
Zamora exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
The four-story property, built in 1920, is located at 3405 John F. Kennedy Blvd. in Jersey City’s Heights neighborhood. The building features a mix of 17 one-bedroom/one-bath units and four two-bedroom/one-bath units.
“After the property was previously marketed by other brokerages without a sale, we were able to generate strong investor interest and close the transaction,” Zamora added.
