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Exp Realty Sells Land In Jersey City For $6.2M

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SOLD
$6,200,000

New Jersey

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Land
Sold 06/07/2023
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Property Image
SOLD

Exp Realty Sells Land In Jersey City For $6.2M

44 Cottage St Jersey City, NJ 07306, USA

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Land
Sold 06/07/2023
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Summary

NEW JERSEY
Asset Type:Land
Transaction Type:Sale

A 6-story residential project is set to be developed on four properties located in Journal Square, Jersey City. The properties, totaling approximately 9,052 square feet, have been combined for redevelopment. The strategic location of the assemblage presents an opportunity to create around 50-54 units. The project will benefit from nearby amenities and convenient access to transportation.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $6,200,000
  • Lot Size: 9,052 square feet
  • Price per square foot: $684
  • Broker: Minni Chalana - Exp Realty

The project will be spearheaded by Minni Chalana from Exp Realty. With their expertise in the Jersey City market, they will oversee the successful development of the residential project. The assemblage of properties and the strategic location make this an exciting opportunity for both the developer and future residents.

Players

Minni Chalana
EXP Realty
Minni Chalana
7 deals$36.1M volume
BROKER

Details

SOLD
IMAGE: Minni Chalana DATE: 06/07/2023 ADDRESS: 44 Cottage Street MARKET: Jersey City ASSET TYPE: Land BROKER: Minni Chalana (@TheChalanaGroup) (@ChalanaCapital)- Exp Realty (@EXPRealty_) SALE PRICE: $6,200,000 LOT SF: 9,052 ~ PPLSF: $684 NOTE: Four properties located in Journal Square, Jersey City, totaling approximately 9,052 square feet, have been combined for redevelopment. The strategically located assemblage presents an opportunity to construct a 6-story residential project with around 50-54 units, benefiting from nearby amenities and convenient access to transportation.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$330,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,027.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,391.16
Annual Debt Service$352,693.96