91 Romaine Ave

Description

Tenant occupied. Showing Unit 2, 6 on Thursday, Jan 1 between 12 - 2pm; Saturday Jan 3, from 11am - 12pm. Multifamily Investors or Developers Delight! Welcome to 91 Romaine Ave, a premium 3 story, 7-unit residential building in the heart of Journal Square, on an oversized 3,337 SQFT Oversized lot in R3 Zone. Unit mix includes spacious 2 or 3 bedroom, 1 bathroom units. Property is fully occupied with below market rents, with current gross rental income of $109,056, offering an upside with a potential gross income of ~ $180,000, at market rents. Property is in excellent condition, four of the seven units have been recently renovated. Each unit comes with sub-metered utilities including individual heat and hot water boilers as well as PSEG meters. Landlord pays for cold water, sewer, common electric, trash removal and pest control. Great long-term Investment with high appreciation in an excellent location. Current R3 Zoning allows for a 4 story building. The land alone is valued at 1.3M+. Collect rents while the land and property continues to appreciates at 8% - 10% yearly rate, in the fastest redeveloping neighborhood of Jersey City, Prime Journal Square sub-market. 10 minute walk to Journal Square Path Train, with direct trains to NYC Downtown and Midtown.