Description
Welcome to 347 Palisade! This quintessential investment property is excellent for buy and hold as well as fix and flip investors. 2005 built, Two Family income producing contemporary house, with a potential to turn it into three family(as of right) by merely adding a kitchenette on the ground floor, currently offers three story living, two individual units (duplex on ground and 1st floor, second unit on the top floor), a total of nine bedrooms, five full bathrooms, two kitchen, two open-concept living and dining rooms, one garage parking and a large backyard for year-round entertainment delight. The property is in excellent condition and generating a gross annual income of approx. 101,280 USD (approx. 6.24% CAP, July 2022 onwards) with a potential upside from three family conversion and 6.72% future CAP. Property sits on a 25' x 100' lot in R-2D zoning district (typically allows for 4 residential units with home office or commercial space on ground) on one of the prestigious blocks of Palisade Avenue, in the Heights section of Jersey City. The house is surrounded by many new construction condominium projects, which makes it great for developers looking for their next condominium project to add to their portfolio. Riverview Park, the Famous Franklin, the Supremo Food Market, Fox and Crow, all are at your doorsteps. Located at a walking distance of 8 mins to 2nd street Light Rail, 1 min to buses 84, 86, 87, 123, and 15 minutes drive to Midtown or Lower Manhattan (via Lincoln or Holland Tunnel respectively), makes it very convenient for the New York City and New Jersey Commuters! Where location meets the right price, this property is a gem in Jersey City Heights.
