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192 Cambridge Avenue

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

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

192 Cambridge Avenue

$1,050,000

Building Size

Asset Type

Land

Closing

May 10, 2024

AI

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

PRIME Real Estate Group

Broker

$2M

vol

2 deals

Broker

Jersey City Land Market Snapshot

Boundary boundary · Land · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

15.11%

Cash-on-Cash

-4.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93