995 Summit Ave 24 Unit Apartment Building $5,803,928 CAD ($241,830 CAD/Unit) 5.38% Cap Rate Jersey City, NJ 07307

Grid Real Estate, LLC has been exclusively retrained to manage the sale of 995 Summit Ave (aka 168 Bowers St), Jersey City NJ 07307 a prime multi family investment opportunity  located in the heart of The Heights Neighborhood in the northern Section of the city. The property offers 14,252 gross square feet across the four story walk up. This building does not have an elevator. Situated just West of Central Avenue, a commercial corridor with over 240 businesses the asset is positioned on the corner with 100’ frontage on Bowers St and 50’ frontage on Summit Ave. The building is under rent control which impacts all buildings over 5+ units and results in an annual rent increases being capped at 4% or the change in Consumer Price Index (CPI) whichever is lower. 
The current residential unit mix consists of (1) three bedroom, (3) two bedroom, (19) one bedroom and (1) studio. Roughly 25% of the building has been renovated and have achieved market rents while the remainder of the building sits with legacy tenancy and the opportunity to execute a value add business plan to achieve up to 37% upside in rents. The building was constructed in 1937 in the peak of art deco architecture and boasts an ornamental brick corbeling pm the parapet, entryway and common area mosaic tile floors and crown moldings throughout. Sitting on the corner of Summit Ave the property is drenched in all day sunlight.
The building is positioned approximately 1.3 miles (25 minute walk) to Journal Square Transportation hub which provides access directly into 33rd St / Penn Station or World Trade Center as well as direct access to Newark and Harrison respectively. Similarly the building is approximately 0.7 miles from the 9th St/Congress Street Hudson Bergen Light Rail station which brings you to Hoboken Terminal, Newport, Exchange place and more.  
Value Add Opportunity:
• 4% Rental Increases Approved Building Wide By City (2026)
• 24 Units
• Total Building Area: 14,252SF
• 37% Upside in rents
• Average Rent : $1,311 
• Market Rent: $2,000
• Cap Rate: 5.25%
• Unit Mix: (1) 3 Bed (3) 2 Bed (19) 1 Bed (1) Studio
Building Highlights:
• Brand New Boiler (2023)
• Corner Property Art Deco Architecture 
• Mosaic Tile Common Areas
• New Electrical Meters 
• 25% Of Units Renovated
• Transit Oriented 
• Tenant Pays Cooking Gas and Electric
• Landlord Pay Heat and Hot Water