450 Palisade Ave, Jersey City, NJ 07307

Rare opportunity to own two contiguous buildings located on the Riverview Park block. Simply the best location in Jersey City Heights with community garden on one side, park on the other and with direct Manhattan views - there's no better location! This highly sought after neighborhood is quiet and secluded yet is in the center of all Jersey City has to offer. Walking distance to all shops, restaurants, cafes and all conveniences of this vibrant neighborhood. Prime location only 25 min to Port Authority/NYC with bus stop at its doorstep. 3 blocks to 100 steps to Hoboken and 2nd Street Light Rail station and only 4 blocks to elevator at Congress Street Light Rail station. Park will undergo $2M renovations this year and will become even greater local magnet with regular Farmer Markets, fairs, yoga and pilates sessions. Park serves as a center of designated Riverview Arts District that is destined to be next Williamsburg. Zoning R-2D Palisade Mixed allows commercial space on the ground floor and up to 5 story buildings. There's a lot of construction in the area and new condos are sold-out at $600/sf. Area is experiencing tremendous growth and revitalization. Buildings are not rent-controlled and are fully occupied. This presents an opportunity for investors to earn ROI while preparing plans for rebuilding or rehabbing. Most tenants are on month-to-month leases. Large backyard is perfect for tenant amenities and can easily fit a BBQ area or a pool. Total land 4,500sf 25.47X100 - 450 Palisade - $970K 19.46X100 - 452 Palisade - $850K Each unit is 1,000sf for 6,000sf total area $1,820,000 / 6000 = $303/sf 2000 sf basement has private storage bays and a fenced off mechanical room. There's enough space to fit laundry room or a bike storage. Roof was recently redone and can fit a large observation deck with magnificent views. This is a perfect investment for a visionary who can reposition this rental property to market rents of $2,800+ or sell updated condominium units individually. Income and Expenses available upon request. This property is part of a 2 building package, total asking price $1.820 Million and cannot be sold individually.