19 Hopkins Ave. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A local private investor has sold a 15-unit apartment building in Jersey City for $2.3 million, in a newly announced deal by Marcus & Millichap.
According to a news release, the firm’s Jonathan Zamora represented the seller in the transaction at 19 Hopkins Ave. He also procured the buyer, 19 Hopkins Ave LLC, noting that the property’s on-site parking and box-style floorplans created additional interest compared to other buildings in Hudson County.
“The deal generated tremendous interest despite today’s challenging environment, thanks to our thorough marketing process, which secured the seller an in-place 4.5 percent cap rate due to attractive assumable debt and value-add components,” said Zamora, a first vice president of investments in Marcus & Millichap’s New Jersey office. “The buyer plans to renovate the apartments upon turnover, capturing the upside in the below-market rents.”
In announcing the deal, Marcus noted that the property has a mix of studio, one-bedroom and two-bedroom units. Renters are minutes from the Hudson-Bergen Light Rail’s Congress Street station and the Journal Square PATH station, which provides 24-hour access to the World Trade Center and Midtown Manhattan.
