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98 Wayne St 15 Unit Apartment Building $4,845,750 CAD ($323,050 CAD/Unit) 6.30% Cap Rate Jersey City, NJ 07302
INVESTMENT HIGHLIGHTS
- Jersey City's Van Vorst Park Neighborhood
- Value Add Potential Upon Turnover (30%+ Upside)
- Strong Demographics Exceed over $200K Household Income in .5Mile Radius
- Diverse Unit Mix
- 1.5 Blocks to Grove St PATH
EXECUTIVE SUMMARY
Investment Highlights – 98 Wayne Street, Jersey City (Van Vorst Park)
• Asking Price: $3,500,000
• Unit Mix: (2) Studios, (8) One-Bedrooms, (5) Two-Bedrooms
• CAP Rate (Yr 1): 6.3%
• Price/Unit: $233,333
Unbeatable Downtown Location & Transit Access
• 2 blocks to Grove Street PATH Station — 10 min to World Trade Center, ~20 min to Midtown Manhattan
• Minutes to Exchange Place & Newport PATH, light rail, and ferry terminals
• Steps to Van Vorst Park, local cafes, dining, retail, and waterfront
Strong In-Place Cash Flow with Upside
• Current rents are 30%+ below market
• Opportunity to bring rents to $2,300–$2,600+ per unit with minor upgrades and turnovers
• High-income demographic: $200K+ avg household income within 0.5 miles
Condo Exit Strategy Potential
• Ideal layout, location, and unit mix for a condo conversion in one of Jersey City’s highest-demand neighborhoods
• Comparable condo sales in the area are averaging $900–$1,100 per SF, pointing to a significant potential premium on a sellout
• Asking Price: $3,500,000
• Unit Mix: (2) Studios, (8) One-Bedrooms, (5) Two-Bedrooms
• CAP Rate (Yr 1): 6.3%
• Price/Unit: $233,333
Unbeatable Downtown Location & Transit Access
• 2 blocks to Grove Street PATH Station — 10 min to World Trade Center, ~20 min to Midtown Manhattan
• Minutes to Exchange Place & Newport PATH, light rail, and ferry terminals
• Steps to Van Vorst Park, local cafes, dining, retail, and waterfront
Strong In-Place Cash Flow with Upside
• Current rents are 30%+ below market
• Opportunity to bring rents to $2,300–$2,600+ per unit with minor upgrades and turnovers
• High-income demographic: $200K+ avg household income within 0.5 miles
Condo Exit Strategy Potential
• Ideal layout, location, and unit mix for a condo conversion in one of Jersey City’s highest-demand neighborhoods
• Comparable condo sales in the area are averaging $900–$1,100 per SF, pointing to a significant potential premium on a sellout
PROPERTY FACTS
| Price | $4,845,750 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $323,050 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.30% | Building Size | 16,000 SF |
| No. Units | 15 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment |
| Price | $4,845,750 CAD |
| Price Per Unit | $323,050 CAD |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 16,000 SF |
| No. Stories | 4 |
| Year Built | 1900 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- Controlled Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 8 | - | - |
| 2+1 | 5 | - | - |
1 1
Walk Score®
Walker's Paradise (100)
Transit Score®
Excellent Transit (82)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 06-12705-0000-00024 | Improvements Assessment | $771,138 CAD |
| Land Assessment | $1,363,547 CAD | Total Assessment | $2,134,686 CAD |
PROPERTY TAXES
Parcel Number
06-12705-0000-00024
Land Assessment
$1,363,547 CAD
Improvements Assessment
$771,138 CAD
Total Assessment
$2,134,686 CAD
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98 Wayne St
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