186 - 188 Kensington Ave

Description

Remarkable new construction multifamily opportunity with stunning views of Lincoln Park in the prime location of Jersey City. 186 " 188 Kensington is a Class A, low maintenance, high CAP, fully stabilized/100% leased asset, comprising of 12 condominium quality construction units, on approx. 5,000 SQFT of land ready for its ownership. Elevator, Rooftop, Garage Parking, Sprinkler Systems, Camera Security, Secured key-fob access, Generator, In-unit and On-site Laundry, In-unit Central AC and tankless Hot Water Boilers, Sub-Metered Utilities, European Cabinetry, Samsung Appliances, Quartz Countertops, Hardwood flooring, Private backyards and much more. Location is excellent for NYC commuters. Bus 119 at JFK and Kensington Ave, at a 5-minute walk, takes you directly into NY Port Authority Bus Terminal. Enjoy the ride at Lincoln Park with Citi Bike located around the block. Be a part of the Journal Square community, the fastest redeveloping area with most new development projects planned throughout Jersey City. Asset is currently generating a scheduled gross income of approx. $355,620 including apartments, parking and pet fees, with a pro-forma SGI income of approx. $508,842 in 2026 and 7.21% CAP. Existing maintenance contracts and leases can be transferred. Seller's Current Mortgage rate at 5.63% is assumable, LLC can be transferred or members can be added. Ideal for 1031 exchange or investors looking to invest in turn-key properties with less repair & maintenance, and NO RENT CONTROL. Safer investment in a constantly appreciating market over decades, low risk over hospitality, office or retail, low vacancy. Buy and hold for cash flow and long term appreciation, or sell as individual condos for short term capital gains. New construction condominiums in the area are selling between $550 - $700 per livable square foot.