Updated Sep 5, 2024
Mixed-Use Development Site In Jersey City's JSQ 2060 Redevelopment Zone 4 Sells For $1.525M
866 Newark Avenue
$1,525,000
$635/SF
Building Size
2,400 SF
Asset Type
Mixed-use
Closing
Aug 26, 2022
About this deal
AI
A mixed-use development site with historic significance has been sold in Jersey City's JSQ 2060 Redevelopment Zone 4. The property, located at 866 Newark Ave, was sold for $1,525,000. The site spans 2,400 square feet, resulting in a price per square foot of $635.
Summary of transation details
- Property Type: Mixed-Use Development Site with Historic Significance
- Transaction Amount: $1,525,000
- Square Footage: 2,400
- Address: 866 Newark Ave
- Market: Jersey City - JSQ 2060 Redevelopment Zone 4
The sale was brokered by Minni Chalana from EXP Realty. Planning board approvals have been obtained for the development of 8 residential units (2 bed, 1 bath), 1 commercial unit, and 2 parking spots on the site.
Players
Jersey City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.40%
Cash-on-Cash
-2.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93