169-175 Ocean Ave. Sold by Cervelli Real Estate & Property Management
Since 1983, Cervelli Real Estate & Property Management has served as one of New Jersey’s most experienced specialists in commercial investment real estate and property management. Headquartered in North Bergen, NJ, we proudly serve clients across Hudson, Bergen, Essex, Union, and Passaic counties. We recently sold a great property in Jersey City, NJ. Learn more about the transaction and our services at Cervelli Real Estate & Property Management.
About 169-175 Ocean Ave. in Jersey City, NJ
With three continuous buildings, the property consists of 36 units, including one commercial store. After a fire, part of the building suffered a total loss, but this presented a huge opportunity for the buyer. The property traded for $4,900,000 cash (at a 4.2% capitalization rate).
According to our management team, the low cap rate was not indicative of the market at the time, given lending conditions. However, the upside presented in the vacancies was extraordinarily strong, signaling continued interest in Jersey City multifamily properties.
Boundless Opportunity for Commercial Investors
Jersey City is a lively New York City suburb, just minutes across the Hudson River via car, train, or boat. A huge draw to Jersey City is not only its proximity to the Big Apple but also its gorgeous waterfront areas and bustling urban environment. From bakeries offering delicious NJ bagels to vibrant nightclubs, Jersey City has something for everyone, and more families want to make Jersey City home. The following are just some unique sites in Jersey City:
- Ellis Island
- Statue of Liberty and Museum
- Liberty State Park
- Empty Sky 9/11 Memorial
- Liberty Science Center
- Jennifer Chalsty Planetarium
- Hudson River Waterfront Walkway
- Jersey City Mural Arts Program
- The Colgate Clock
- Lincoln Park Fountain
- Lincoln the Mystic Memorial
You’ll also find one-of-a-kind amenities and things to do in neighboring areas like East Newark, North Bergen, Weehawken, Bayonne, and Hoboken.
Whether you’re seeking a multi-family property to house tenants or a commercial location for a new business, Jersey City boasts a strong economy and presents a great opportunity for real estate investors. For instance, at the end of 2022, the average monthly rent for a Jersey City one-bedroom apartment was $3,035. This figure represents a 52% increase from 2021.
Hot Listings in the Gold Coast Area of New Jersey
Cervelli Real Estate & Property Management is a trusted real estate partner to countless commercial investing clients, and our team is here to help you buy or sell your next property in New Jersey. To get an idea of what’s available, inquire about our featured properties, MLS, and off-market listings.
Why Partner With Cervelli Real Estate & Property Management?
With specialized agents in specific market segments, we take a different approach than large franchises to provide a tailored experience. Advantages of working with Cervelli Real Estate & Property Management include:
Experience You Can Trust
Our team-based operation has a combined 80 years of experience in management, construction, accounting, and other relevant fields. Always at the forefront of the industry, we are among the top-producing firms in investment sales thanks to our commitment to better business plans.
Personalized Tactics
We place a strong emphasis on customer satisfaction, and it all begins by personalizing your experience with our team. You’ll work with our diverse team of experienced veterans and young minds adept with emerging technology, meaning we’re able to modify our methods to meet any customer type or need.
Property Management Services
Aside from real estate, we also act as exclusive management agents for those seeking a sole proprietor for property management needs. We have more than 80 properties in our portfolio, and our main goal is to minimize risk and maximize cash flow for private owners, nonprofit organizations, family offices, and other types of clients.
For more information, browse our client testimonials or contact us today to speak with a Cervelli Real Estate & Property Management team member.
