A 21-unit prewar apartment building in Jersey City sold recently for $4.1 million. The multifamily property is located at 3405 John F. Kennedy Boulevard in the Heights neighborhood. The brick four-story walk-up was held by the same family for more than 30 years. Marcus & Millichap handled the transaction.
Marcus & Millichap’s Jonathan Zamora worked exclusively for the seller to market the Jersey City asset. He additionally located the buyer, a local private investor.
“The transaction represented a complex, value-add multifamily opportunity that required careful execution amid a challenging capital markets environment,” commented M&M’s Zamora, senior director of investments in M&M’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.”
3405 JFK Blvd. was built in 1920. The unit mix is 17 one-bedroom and four two-bedroom apartments. The rapidly transforming Heights neighborhood offers a vibrant mix of retail, restaurants and services. Residents enjoy easy access to public transportation and are minutes from both Journal Square and Hoboken.
“After the property was previously marketed by other brokerages without a sale, we were able to generate strong investor interest and close the transaction,” added Zamora.
