169-175 Ocean Ave. in Jersey City — Courtesy: Cervelli Real Estate
By Joshua Burd
A longtime owner has sold a three-building, 36-unit apartment property in Jersey City for $4.9 million, in a newly announced deal by Cervelli Real Estate.
According to the brokerage firm, which represented the undisclosed seller, part of the complex at 169-175 Ocean Ave. recently suffered a total loss due to a fire. That created a major upside for the buyer, which public records list as GG Ocean Realty LLC in Monroe, New York.
Cervelli said the property, which includes one commercial space, traded at a 4.2 percent capitalization rate.
“The low cap rate was not indicative of the current market given lending conditions, but the upside presented in the vacancies was very strong and signals at the continued interest in Jersey City multifamily,” said the firm’s Chris Cervelli, who brokered the deal.
