Overview
Matthews™ has been selected to exclusively market for sale this affordable housing opportunity consisting of 60 units across 4 brick multifamily buildings, prime located in McGinley Square, Jersey City. The property is 100% affordable housing, under 35+ years of the same ownership, and is currently operating at a 6.29% cap rate. The asset features a strong mix of one-, two-, and three-bedroom units, and all units are renovated upon turnover. Three boilers (92, 125, and 127 Summit Ave) were replaced within the last year, and the roof at 125-127 Summit Ave was redone less than 10 years ago. Tenants are responsible for heat, hot water, cooking gas, and electric, while the landlord covers water/sewer and common area electric.
Investment Highlights
Affordable Housing Opportunity
- 60 Units
- 4 Buildings
- 100% Affordable Housing Units
- 6.29% Cap Rate
Building Highlights
- 4 Brick Multifamily Buildings
- 35+ Year Ownership
- Strong mix of one-, two-, and three-bedroom units
- Renovated Units (All units renovated upon turnover)
- 3 boilers replaced within the last year (92, 125, & 127 Summit Ave)
- Roof redone less than 10 years ago at 125-127 Summit Ave
- Tenants pay for heat, hot water, cooking gas, and electric
- Landlord pays for water/sewer and common area electric
- Prime Location in McGinley Square, Jersey City
Convenient Transportation
- The buildings are approximately a 6-minute walk to the Communipaw Ave at Grand St bus stop which provides approximately an 15-minute ride directly to downtown Manhattan via the PATH train.
Photo Gallery
Listing Team
License #: 01469842 (NJ)
(201) 218-9156david.ferber@matthews.com