65 Martin Luther King Drive in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A private investor has purchased a six-unit apartment building in Jersey City for $1.025 million, according to a brokerage team with Cervelli Real Estate & Property Management.
In a news release, the firm said 65 Martin Luther King Drive generates a net income of roughly $82,000, providing an attractive in-place return and durable cash flow. Each unit has its own boiler and water heaters, allowing for reduced landlord expenses and more predictable income, and the now-former owner recently completed electrical system upgrades.
Cervelli Real Estate represented both parties.
“This transaction demonstrates the continued appetite for smaller, well-located multifamily properties that offer both stability and upside,” said Christopher Cervelli, broker of record at Cervelli Real Estate. “Our team remains committed to providing owners and investors with the market knowledge and strategic guidance needed to minimize risk and maximize after-tax cash flow.”
