Overview

Located just one block from the Congress St Elevator to Hoboken, 581-583 Palisade Ave offers a prime development opportunity in the desirable Jersey City Heights. Situated in an R3 development zone, this 50x100 lot currently houses 12 units and is ready for a visionary developer to reimagine its potential. With its strategic location and ample space, this property provides the perfect canvas for a new residential project, promising a blend of urban convenience and modern living in a thriving neighborhood. $2, 200, 000 for the package. UNIT # Rent $ 581 1 $ 1, 047 2 $ 1, 059 3 $ 963 4 $ 851 5 $ 949 6 $ 1, 300 1 (part owner - delivered vacant) $ 636 2 $ 939 3 $ 1, 300 4 $ 780 5 $ 950 6 $ 937 Total $ 11, 711 Annual $ 140, 532 Taxes $ 22, 613 PSEG/Utilities $ 4, 881 JC Water $ 9, 559 Insurance $ 12, 635 Cleaning $ 1, 200 Repair and Maint $ 2, 940 Pets control $ 960 Total Expenses $ 54, 788 NOI $ 85, 744 - Price $ 2, 200, 000 To raise rents in Jersey CityEvery $100 spent on renovations, you get $1.35 in the first $5, 000. After $5, 000 you get $1.55 for every $100 spent per month. (Vacancy Capital Improvment) VCI application, costs $125 per unit.