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.
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