584 Palisade Avenue

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property located at 584 Palisade Avenue in Jersey City, New Jersey (“the Property”).​ The Property includes a three-story, multi-family building containing six (6), 1-Bedroom/1- Bathroom units on a 0.06-acre corner parcel of land, as well as two garage bays and on-site parking.​

The Property is strategically located along Palisade Avenue, which is located in the northern end of Jersey City.​ 584 Palisade Avenue is just a short walk from Summit Avenue, Paterson Plank Road and JFK Boulevard, which along with Palisade Avenue are the area’s primary retail corridors.​ The location offers convenient access to a multitude of retail, dining, entertainment and transportation amenities in both Jersey City and neighboring Hoboken and Weehawken.​ Jersey City is a suburb of New York City, located in the heart of Hudson County within the New York metropolitan area.​ The affluent and densely populated area is 3-miles west of New York City.​

THE ASSET

584 Palisade Avenue is a three-story multi-family Property that consists of six (6) 1-Bedroom/1-Bathroom units on a 0.06-acre corner parcel of land. The Property features on-site parking with two garage bays as well as uncovered space behind the building.

CONVENIENT INFILL LOCATION

The Property is located in the high-density, urban-infill north end of the Jersey City Heights. The location offers convenient access to a multitude of retail, dining, entertainment and transportation amenities in both Jersey City and neighboring Hoboken and Weehawken.

WALKABLE LOCATION

The Property is situated at the intersection of Palisade Avenue and Hobson Street, just a short walk from Patterson Plank Road, Summit Avenue, and John F Kennedy Boulevard. Palisade Avenue, John F Kennedy Boulevard and Summit Avenue are three of the area’s primary retail corridors and provide direct access to NJ Route 495 and the Lincoln Tunnel (connecting with midtown Manhattan). Additionally, the Property is convenient to US Routes 1 & 9 and is close to national retailers and local businesses.

TRANSIT ORIENTED LOCATION

584 Palisade Avenue is less than a quarter mile from the Ninth Street/Congress Street Station with service on the Hudson-Bergen Light Rail Station, 2.1-miles from the Lincoln & Holland Tunnels connecting the area with midtown and lower Manhattan, 1.7-miles from the Path Train at Hoboken Station, and approximately 1.5-miles from two ferry terminals (Lincoln Harbor and Hoboken 14th Street). The Property also benefits from its proximity to numerous interstates and state highways (Interstate 95, US Routes 1 and 9, and NJ Routes 495 and 3).

VALUE-ADD POTENTIAL

Existing rents are well below market. Jersey City Rent Control allows for a maximum of 4% annual rent increases, or the cost-of-living increase, whichever is lower. Please consult the ordinance for capital improvement, hardship, and other provisions.

UTILITIES

Each unit is separately metered for electricity which the tenants pay directly. The landlord is responsible for gas heat and hot water, common area electric and domestic water and sewer.

STRONG DEMOGRAPHICS

Over 124,275 people live within 1-mile of the Property with an average household income of $172,303. An impressive 673,600 people live within 3-miles of the Property with an average household income of $213,872.

SIGNIFICANT POPULATION GROWTH

Jersey City and the 3-mile area surrounding the Property have experienced unprecedented population growth over the last 15 years. The population within 3-miles of the Property has increased by more than 16% since 2010.