This listing is brought to you by Jamie Moreng at KW City Life. Want a listing featured? Email us, [email protected].
Government shutdown or not, the Jersey City Heights real estate market continues to charge ahead. A sale that closed last week set a new record for the highest four-family transaction to date.
Marketed by Jamie Moreng of Keller Williams City Life as a turnkey investment property, 109 North Street has four three-bedroom units each with brand new kitchens and baths. In-unit washers and dryers, separate utilities, and one on-site parking spot likely added to the appeal of the property.
“From a visual standpoint, the size of the building along with its unique architectural look gave it excellent curb appeal. An extra deep lot of 112 feet, allows for roughly 1,150 square feet per unit, which is almost non-existent in other four-families,” says Moreng.
The property also has a potential rent roll of $109k per year. Moreng tells us, “Financially, the rent roll was very attractive being turnkey with many leases locked in long term. Equally important to buyers was the quality of tenants, something often overlooked as many landlords go for price over value. We also strategically kept one unit vacant as many offers we entertained were for owner occupant buyers.”
Also going for it is its location, just off Central Avenue, making it walking distance to various transportation options. “Its location is one of the best values in the Heights — one block from Washington Park, a 10-minute walk to the 9th Street Congress Light Rail — plus you’re not paying the premium to be east of Central Ave,” says Moreng.
The deal officially closed at $1,415,000. Which is the highest priced four-family sale in The Heights out of over 260 deals listed in MLS records. Not only that, but it holds the number four spot for highest sale price in the two-four unit multifamily category.
Investment activity continues to be strong in the neighborhood, both for new development as well as income producing properties. After years of breakneck appreciation downtown, investors are now finding opportunities in Jersey City’s outer neighborhoods.
If you have any questions about buying or selling investment property reach Jamie at 551.427.7107 or [email protected].