A 21-unit multifamily property was recently sold in Jersey City, New Jersey, for $3,850,000.
Located at 319 Summit Avenue in the Journal Square section of Jersey City, the 25,000-square-foot, four-story brick building contains mostly below-market-rate rentals. Built in 1920, it encompasses 15 one-bedroom and six two-bedroom units with three owner-occupied, two-bedroom units.
The Kislak Company Inc. marketed the property on an exclusive basis. Vice President Davis Briones organized the assignment and procured the buyer, 319 Summit, LLC.
Mr. Briones commented, “There is still strong demand for value-add multifamily properties in Hudson County despite rising interest rates and somewhat stagnant cap rates. This was sub-5% cap rate deal with a 30% property vacancy and the purchaser used a private lender.”