351 Central Ave. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold an 18-unit apartment building in Jersey City for nearly $4.3 million, brokers with Marcus & Millichap announced last week.
Located in the Jersey City Heights neighborhood, the property at 351 Central Ave. also includes three ground-floor commercial spaces. The transaction by David Ferber, an investment specialist in Marcus & Millichap’s New Jersey office, equated to $4.25 million or an average of $202,000 per unit, with a capitalization rate of 5.2 percent.
Ferber added that he brokered 14 residential transactions for a combined $64 million in 2022.
“I continue to see incredible demand in Jersey City from both local and out-of-market investors who are looking for opportunities in Jersey City due to its proximity to (New York City) and very strong rent growth compared to other markets,” he said. “This deal closed in a very uncertain market where strong financing was not easy to obtain. The process, long-term relationships and commitment to the deal brought it to the finish line.”
