Marcus & Millichap Inc.
09/03/2024 | Press release | Archived content
Marcus & Millichap Announces Sale of 15-Unit Multifamily Property in Jersey City for $2.3 Million
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Marcus & Millichap Announces Sale of 15-Unit Multifamily Property in Jersey City for $2.3 Million
September 03, 2024
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JERSEY CITY, N.J., Sept. 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today sale of a 15-unit multifamily property in Jersey City, New Jersey, for $2.3 million.
"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% cap rate due to attractive assumable debt and value-add components," said Jonathan Zamora, 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."
Zamora had the exclusive listing to market the property on behalf of a local private investor and procured the buyer, 19 Hopkins Ave LLC.
Built in 1910, 19 Hopkins Avenue offers 15 apartments, including studio, one-bedroom, and two-bedroom units with parking on site. All units are box-style, which are in higher demand than the typical railroad-style apartments found in Hudson County. The property is just minutes from the Congress Street Light Rail and Journal Square PATH station, providing 24-hour access to the World Trade Center and Midtown Manhattan.
"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% cap rate due to attractive assumable debt and value-add components," said Jonathan Zamora, 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."
Zamora had the exclusive listing to market the property on behalf of a local private investor and procured the buyer, 19 Hopkins Ave LLC.
Built in 1910, 19 Hopkins Avenue offers 15 apartments, including studio, one-bedroom, and two-bedroom units with parking on site. All units are box-style, which are in higher demand than the typical railroad-style apartments found in Hudson County. The property is just minutes from the Congress Street Light Rail and Journal Square PATH station, providing 24-hour access to the World Trade Center and Midtown Manhattan.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.