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James Pompa Of PRIME Real Estate Group Facilitates $1.05M Sale Of Land In Jersey City

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SOLD
$1,050,000

New Jersey

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Land
Sold 05/10/2024
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SOLD

James Pompa Of PRIME Real Estate Group Facilitates $1.05M Sale Of Land In Jersey City

192 Cambridge Avenue

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Land
Sold 05/10/2024
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Summary

NEW JERSEY
Asset Type:Land
Transaction Type:Sale

A fully approved 3-unit condo project on 192 Cambridge Avenue in Jersey City was sold for $1,050,000. The project includes 3 parking spaces, private rooftop access, and outdoor spaces for all units, situated in a highly desirable location with views of NYC, convenient access to public transportation, shopping, dining, schools, and parks in Jersey City Heights. The property offers a prime opportunity for development with approved plans for three units varying in size and layout.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $1,050,000
  • Address: 192 Cambridge Avenue
  • Market: Jersey City

James Pompa from PRIME Real Estate Group represented the deal. The property, located in a coveted area with diverse amenities, drew attention due to its approved plans for a 3-unit condo project, each unit boasting unique layouts and sizes. The project's inclusion of 3 parking spaces, private rooftop access, and outdoor areas for all units added to its allure, making it a promising development opportunity in Jersey City Heights.

Players

James Pompa
2 deals$2M volume
BROKER

Details

SOLD
IMAGE: James Pompa DATE: 05/10/2024 ADDRESS: 192 Cambridge Avenue MARKET: Jersey City ASSET TYPE: Land BROKER: James Pompa - PRIME Real Estate Group (@PrimeREG) SALE PRICE: $1,050,000 NOTE: A fully approved 3-unit condo project on 192 Cambridge Avenue in Jersey City was sold for $1,050,000. The project includes 3 parking spaces, private rooftop access, and outdoor spaces for all units, situated in a highly desirable location with views of NYC, convenient access to public transportation, shopping, dining, schools, and parks in Jersey City Heights. The property offers a prime opportunity for development with approved plans for three units varying in size and layout.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$3,730.43
Cash-on-Cash Return-1.27%
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