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499 Martin Luther King Jr Dr 3 Unit Apartment Building $678,141 CAD ($226,047 CAD/Unit) 7.61% Cap Rate Jersey City, NJ 07304
Investment Highlights
- 499 MLK sits at the heart of this emerging corridor, perfectly positioned to benefit from the neighborhood’s continued transformation
Executive Summary
This property offers a prime opportunity to reimagine and reposition it for 2026. The surrounding neighborhood is undergoing steady revitalization, fueled by significant growth along Martin Luther King Drive. Residents enjoy exceptional convenience with all major city services just a short walk away at Jackson Square, and seamless connectivity via the nearby Light Rail, linking the area to the rest of Hudson County.
After a thoughtful renovation, the property has the potential to deliver a projected 7.8% cap rate, supported by modern systems and finishes that can result in minimal maintenance expenses for many years.
499 MLK sits at the heart of this emerging corridor, perfectly positioned to benefit from the neighborhood’s continued transformation
After a thoughtful renovation, the property has the potential to deliver a projected 7.8% cap rate, supported by modern systems and finishes that can result in minimal maintenance expenses for many years.
499 MLK sits at the heart of this emerging corridor, perfectly positioned to benefit from the neighborhood’s continued transformation
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $678,141 CAD | Property Subtype | Apartment |
| Price Per Unit | $226,047 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.61% | Lot Size | 0.04 AC |
| Sale Condition | Build to Suit | Building Size | 3,000 SF |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Zoning | N/Av, Jersey City | ||
| Price | $678,141 CAD |
| Price Per Unit | $226,047 CAD |
| Sale Type | Investment |
| Cap Rate | 7.61% |
| Sale Condition | Build to Suit |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 3,000 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Zoning | N/Av, Jersey City |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 2 | $2,038 CAD | - |
1 1
Walk Score®
Very Walkable (88)
Transit Score®
Excellent Transit (76)
Property Taxes
| Parcel Number | 06-18504-0000-00026 | Total Assessment | $573,634 CAD |
| Land Assessment | $83,578 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $490,055 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
06-18504-0000-00026
Land Assessment
$83,578 CAD
Improvements Assessment
$490,055 CAD
Total Assessment
$573,634 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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499 Martin Luther King Jr Dr
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