Listed by Jeffery Realty
$925,000
73 Martin Luther King Drive
Details
APN 26401-15
Property Type Retail, Multifamily
Sub Type Apartment Building
Square Footage 2,880
Cap Rate 3.50%
NOI $32,359
Tenancy Multi
Pro-Forma Cap Rate 7.05%
Pro-Forma NOI $65,239
Year Built 1920
Buildings 1
Stories 3
Acreage 0.030
Investment Type Value Add
73 Martin Luther King Drive, Jersey City, NJ 07305-1929
Investment highlights
- Ground Floor (960 SF) Retail - Currently Vacant - Proposed Rent: $2,500/Mo
- Second Floor (960 SF) Residential - 3 Beds/1 Bath - Current Rent: $2,080/Mo - Proposed Rent: $2,200/Mo - Tenant pays utilities
- Third Floor (960 SF) Residential - 3 Beds/1 Bath - Current Rent: $2,080/Mo - Proposed Rent: $2,200/Mo - Tenant pays utilities
- Total Current Monthly Rent: $4,160 | Total Proposed Monthly Rent: $6,900
- Total Current Annual Rent: $49,920 | Total Proposed Annual Rent: $82,800
- Existing Cap Rate: 3.50% | Proposed Cap Rate: 7.05%
- Estimated NOI: $32,359 | Proposed NOI: $65,239
- Annual Expenses: $17,561
- Real Estate Taxes: $7,861
- Parcel Size: 0.03 AC | Dimensions: 20 x 60
- Year Built: 1920 | Block: 26401 | Lot: 15
Listing Contacts
Listed by Jeffery Realty
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$32,359.00
$2,696.58/mo
Valuation Metrics
0
DSCR
3.5%
Cap Rate
3.5%
ROI
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