The opportunity at 320-322 Central Avenue “320C/322C” is located at the 100% center of Jersey City Heights! Positioned on the East side of the avenue, the opportunity offers up two mixed-use properties, development rights, and significant upside upon closing!
“320C” is a four story brick building built in the mid 20th century featuring eight (8) apartments over one (1) retail space and an antenna array. Ownership gut renovated the entire second floor (±2,400SF) and turned it into four luxury apartments with brand new appliances, new MEPs, HVAC, on demand water boilers and windows. See floor plan here.
The third and fourth floor each offer ±2,400GSF with significant value add potential veiled behind 3 and 4 bedrooms legacy apartments. Discount Furniture occupies a total of ±3,600GSF, which takes up the entire first floor of 320C and connects to 322C from behind Verizon’s space. Repositioning the oversized retail space into two smaller spaces, capturing more frontage on Griffith St is another value add opportunity. “322C” is a two story brick building with two renovated apartments over a Verizon franchise. They have been very successful in their current location and have a 5-year renewal option.
320C currently has four vacant units that were used for Air B&B and are ready for full term leases. The NOI will jump ±$90,000 as soon as they rent. In addition 322C has development potential allowing up to 8 units over retail space via the Neighborhood Commercial as of right zoning. The buildings are drenched in sunlight, wrapped in windows with four sides of exposure. A brand new boiler was installed for 320C as well as new gas and electrical meters. There is an above ground decommissioned oil tank on premise.
320-322 Central Avenue
320-322 Central Ave, United States, New Jersey
Two mixed use buildings
±9,375GSF of development rights
Vacant renovated units ready for lease up
Value add potential across top floors