196 Morgan St 3 Unit Apartment Building £2,963,720 (£987,907/Unit) Jersey City, NJ 07302

INVESTMENT HIGHLIGHTS:
Own a truly one of a kind loft building at the 100% center of Downtown Jersey City. Delivering with 1 residential vacancy. Building is ideal for a boutique residential conversion with expansion of additional floor or a flagship commercially anchored development. 75% upside in rents.
BUILDING AREA:
Existing: ±6,556 GSF | Buildable: ±8,447 GSF
BUILDING SPECIFICS:
Ceiling Height: 15’ | Sprinkler: Wet System
EXECUTIVE SUMMARY:
196 Morgan Street is a rare chance to own and develop a trophy asset in a supply-constrained, high-demand market. To say it is one of the only true loft buildings in Downtown Jersey City is an understatement! Its unique loft aesthetic will guarantee a higher than average rent or sales price compared to other sites in the neighborhood. The property has been owned in the same family for greater than two decades and the rents reflect this at ±75% below market with no rent control. At the core of Downtown’s High Street retail corridor the site sits adjacent to Van Leeuwen, Boots and Bones and Shake Shack. Retailers from across the river and the tri-state area all vie for an opportunity like this and
there is a strong likelihood that the retail space could have an executed LOI before the closing significantly helping with financing options. The marketing plan here will show you the existing condition and income/expense report with a pro forma on the three units as well as a plan based on maximum allowable density and how that will impact your returns if you choose to build it.
ZONING:
The site is positioned inside Morgan Grove Marin Redevelopment Zone located half a block from Grove Street Path Station. It is on the border of the charming Historic Downtown section of Jersey City and it also abuts the sky scraper district with thousands of luxury apartments. As of right you can add an additional floor to the existing structure.