409 Pacific Ave, Jersey City, NJ 07304

409 Pacific Ave “409P” is an as of right 42 unit mixed-use mid-rise development project located in the core of the Lafayette Neighborhood, Jersey City. The site is four blocks away from Liberty State Park Light Rail Station and the nexus of the region’s new luxury development projects such as 295J, The Hazel, BELA & the new 24-story Atlas.

The corner site consists of two contiguous lots (409-411 Pacific Ave and 369-371 Johnston Ave) both with 2-Family structures on them—one is formerly owner occupied and is tenant occupied with $3,475 a month in gross income. Both will be delivered vacant. The site totals .17 Acres or 7,500SF and have no underground storage tanks (UST).

The 95/5 deed restrictions that are notorious for this area of Lafayette have been cleansed through previous transactions and will not encumber or trigger any title issues upon closing or for the future of this development site. The 369-371 Johnston Ave has full site plan approval for a 21 Unit mixed-use building though seller has acquired the neighboring property and has begun the site plan approval process for the assemblage of 409P.

The design will allow for the most cost effective construction process—four over two. Due to 409P being on a corner lot and having a small set back for a rear balcony there will be four sides of exposure which will command amazing rents and allow the project to stand out from the rest of the tightly packed inventory further south towards Light Rail. There is a back easement that connects all the adjacent properties for rear parking which is how the rear garage is accessed from Johnston Ave.

The Lafayette neighborhood has seen record residential and commercial rents over the past year with retail rents as high as $65 NNN (leased by Grid) and net effective residential rents hovering in the mid-high $50s (see attached comp set). This project is one that will guarantee high yield on cost even in a high interest rate environment.