Mixed-Use Portfolio | High NOI
3 Properties Online Auction Sale Jersey City, NJ
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INVESTMENT HIGHLIGHTS
- Three-property contiguous mixed-use assemblage consisting of office, specialty, and multifamily units with a high NOI and the ability to add value.
- Opportunity to add value with under market residential rents
- Impeccably maintained portfolio with significant capital investment of $579,000 since 2021, allowing for easy transition to new ownership.
- Incredible Jersey City location in Greenville with access to the New Jersey Turnpike, NJ transit, light rail, and more.
- Surrounded by neighborhood conveniences with local shops, restaurants, and entertainment to national retailers and necessities.
EXECUTIVE SUMMARY
Incredible opportunity to purchase a cash-flowing assemblage on Kennedy Boulevard in Jersey City. Spanning almost the entire frontage on Kennedy Boulevard between Lembeck and Pearsall Avenues, this assemblage consists of three total assets: 1664, 1668, and 1670 Kennedy Boulevard.
1664 Kennedy Boulevard is a fully occupied two-story commercial building. The property is leased to Cross River Physical Therapy, a premier provider of ABA therapy to autistic children. The occupant is a fantastic credit tenant with a long-term lease, mitigating ownership risk.
1668 Kennedy Boulevard is a single-story, state-licensed funeral facility. This building includes a chapel, viewing area, offices, and a morgue. The space was specifically built out as a funeral facility for the Jackson Funeral Residence of JC and is shared by Garret Family Mortuary. The Jackson Funeral Residence of JC is a 50+ year-old multi-generational family business and a cornerstone of the community. These tenants are on a long-term lease and the new owner can expect stability because of the large capital expenditure to open a new facility.
1670 Kennedy Boulevard is a two-story mixed-use building that consists of offices for the funeral home and two, two-bedroom, one-bathroom apartments. This asset also has a driveway with four parking spots with access from Lembeck Avenue.
Upon purchasing these properties, the current owner did significant capital expenditures and renovations, bringing the properties up to modern-day standards and eliminating most, if not all, deferred maintenance. With separate utilities, most of the retail tenants carrying property insurance for their respective buildings, and few needed repairs, this assemblage has an incredible expense ratio of 15% to gross income.
Jersey City is the ultimate place for investment, largely due to solid renter demand, proximity to New York City, and continuing development. Just outside of New York City, Jersey City provides a more affordable rental rate for businesses and individuals alike. With several modes of transportation nearby, travel to and from the area is a breeze, whether it be via highway, public transit, or by foot. Jersey City is seeing more development in real estate and infrastructure, drawing in more people to the area.
With little maintenance, a high net operating income, and some upside in the residential rents with no rent control, this is the perfect high-yielding, low-effort turnkey investment.
Property tours are available by appointment only. Please contact the listing broker to schedule.
1664 Kennedy Boulevard is a fully occupied two-story commercial building. The property is leased to Cross River Physical Therapy, a premier provider of ABA therapy to autistic children. The occupant is a fantastic credit tenant with a long-term lease, mitigating ownership risk.
1668 Kennedy Boulevard is a single-story, state-licensed funeral facility. This building includes a chapel, viewing area, offices, and a morgue. The space was specifically built out as a funeral facility for the Jackson Funeral Residence of JC and is shared by Garret Family Mortuary. The Jackson Funeral Residence of JC is a 50+ year-old multi-generational family business and a cornerstone of the community. These tenants are on a long-term lease and the new owner can expect stability because of the large capital expenditure to open a new facility.
1670 Kennedy Boulevard is a two-story mixed-use building that consists of offices for the funeral home and two, two-bedroom, one-bathroom apartments. This asset also has a driveway with four parking spots with access from Lembeck Avenue.
Upon purchasing these properties, the current owner did significant capital expenditures and renovations, bringing the properties up to modern-day standards and eliminating most, if not all, deferred maintenance. With separate utilities, most of the retail tenants carrying property insurance for their respective buildings, and few needed repairs, this assemblage has an incredible expense ratio of 15% to gross income.
Jersey City is the ultimate place for investment, largely due to solid renter demand, proximity to New York City, and continuing development. Just outside of New York City, Jersey City provides a more affordable rental rate for businesses and individuals alike. With several modes of transportation nearby, travel to and from the area is a breeze, whether it be via highway, public transit, or by foot. Jersey City is seeing more development in real estate and infrastructure, drawing in more people to the area.
With little maintenance, a high net operating income, and some upside in the residential rents with no rent control, this is the perfect high-yielding, low-effort turnkey investment.
Property tours are available by appointment only. Please contact the listing broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financial Statements
- Purchase Agreement
- Rent Roll & Leases
- Misc. Information
PROPERTY FACTS
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Total Building Size | 9,346 SF |
| Total Land Area | 0.12 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT |
|---|---|---|---|
| 1670 John F Kennedy Blvd, Jersey City, NJ 07305 | Office | 6,000 SF | 1900 |
| 1664 John F Kennedy Blvd, Jersey City, NJ 07305 | Retail | 1,762 SF | 1960 |
| 1668 John F Kennedy Blvd, Jersey City, NJ 07305 | Retail | 1,584 SF | 1950 |
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AUCTION CONTACT
Kevin Loudy
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
