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91 Romaine Ave 7 Unit Apartment Building $2,182,784 CAD ($311,826 CAD/Unit) 4.58% Cap Rate Jersey City, NJ 07306
Executive Summary
Tenant occupied. Showing Unit 2, 6 on Thursday, Jan 1 between 12 - 2pm; Saturday Jan 3, from 11am - 12pm.
Multifamily Investors or Developers Delight! Welcome to 91 Romaine Ave, a premium 3 story, 7-unit residential building in the heart of Journal Square, on an oversized 3,337 SQFT Oversized lot in R3 Zone. Unit mix includes spacious 2 or 3 bedroom, 1 bathroom units. Property is fully occupied with below market rents, with current gross rental income of $109,056, offering an upside with a potential gross income of ~ $180,000, at market rents.
Property is in excellent condition, four of the seven units have been recently renovated. Each unit comes with sub-metered utilities including individual heat and hot water boilers as well as PSEG meters. Landlord pays for cold water, sewer, common electric, trash removal and pest control. Great long-term Investment with high appreciation in an excellent location. Current R3 Zoning allows for a 4 story building. The land alone is valued at 1.3M+. Collect rents while the land and property continues to appreciates at 8% - 10% yearly rate, in the fastest redeveloping neighborhood of Jersey City, Prime Journal Square sub-market. 10 minute walk to Journal Square Path Train, with direct trains to NYC Downtown and Midtown.
Multifamily Investors or Developers Delight! Welcome to 91 Romaine Ave, a premium 3 story, 7-unit residential building in the heart of Journal Square, on an oversized 3,337 SQFT Oversized lot in R3 Zone. Unit mix includes spacious 2 or 3 bedroom, 1 bathroom units. Property is fully occupied with below market rents, with current gross rental income of $109,056, offering an upside with a potential gross income of ~ $180,000, at market rents.
Property is in excellent condition, four of the seven units have been recently renovated. Each unit comes with sub-metered utilities including individual heat and hot water boilers as well as PSEG meters. Landlord pays for cold water, sewer, common electric, trash removal and pest control. Great long-term Investment with high appreciation in an excellent location. Current R3 Zoning allows for a 4 story building. The land alone is valued at 1.3M+. Collect rents while the land and property continues to appreciates at 8% - 10% yearly rate, in the fastest redeveloping neighborhood of Jersey City, Prime Journal Square sub-market. 10 minute walk to Journal Square Path Train, with direct trains to NYC Downtown and Midtown.
Financial Summary (Actual - 2024) 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 - 2024) 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 Under Contract
| Price | $2,182,784 CAD | Property Subtype | Apartment |
| Price Per Unit | $311,826 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.58% | Lot Size | 0.08 AC |
| Gross Rent Multiplier | 16 | Building Size | 5,400 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1913 |
| Zoning | N/Av | ||
| Price | $2,182,784 CAD |
| Price Per Unit | $311,826 CAD |
| Sale Type | Investment |
| Cap Rate | 4.58% |
| Gross Rent Multiplier | 16 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 5,400 SF |
| No. Stories | 3 |
| Year Built | 1913 |
| Zoning | N/Av |
Amenities
Unit Amenities
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 950 |
| 1+1 | 1 | - | 800 |
| 3+1 | 2 | - | 800 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 06-10502-0000-00047 | Total Assessment | $1,098,357 CAD (2025) |
| Land Assessment | $339,384 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $758,973 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
06-10502-0000-00047
Land Assessment
$339,384 CAD (2025)
Improvements Assessment
$758,973 CAD (2025)
Total Assessment
$1,098,357 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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91 Romaine Ave
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