Mixed-Use Development Site In Jersey City's JSQ 2060 Redevelopment Zone 4 Sells For $1.525M
SOLD
$1,525,000
New Jersey
See Similar DealsMixed-use2,400 SF
Sold 08/26/2022
SOLD
Mixed-Use Development Site In Jersey City's JSQ 2060 Redevelopment Zone 4 Sells For $1.525M
866 Newark Avenue
See Similar DealsMixed-use2,400 SF
Sold 08/26/2022
Summary
NEW JERSEY
Asset Type:Mixed-use
Price Per Square Foot:$635
Total Square Footage:2,400 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$81,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,418.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,229.28
Annual Debt Service$86,751.34
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