186-188 Kensington Ave. in Jersey City — Courtesy: eXp Realty
By Joshua Burd
The owner of a 12-unit luxury apartment building at the edge of a sprawling park in Jersey City has listed the property for sale, according to brokers with eXp Realty.
Built in 2022, the development at 186-188 Kensington Ave. is fully leased and currently generates a scheduled gross income of some $355,620 from rental units, parking and pet fees, the listing team said. The elevator building is directly east of Lincoln Park, the largest county park in Hudson County, which includes two sections with a combined 273 acres and amenities such as athletic facilities, children’s areas, historic monuments and trails, among others.
The eXp group led by Minni Chalana called the property “ideal for (a 1031 like-kind exchange) or investors looking to invest in turnkey properties with less repair and maintenance and no rent control.” The team also described the offering, which is being priced at $5 million, as a “safer investment in a constantly appreciating market over decades (and) low risk over hospitality, office or retail.”
The building, which has garage parking, a rooftop, private backyards and other features, is a five-minute walk from NJ Transit bus service at John F. Kennedy Boulevard and Kensington Avenue, eXp said. Residents also have easy access to Citi Bikes at Lincoln Park and are just over a mile from the Journal Square Transportation Center.
The firm added that existing maintenance contracts and leases can be transferred, while the seller’s current mortgage rate at 5.63 percent is assumable.
