Located in an Opportunity Zone, this propertyfeatures 8 2 Bedroom Apartments / 4 store frontswith parking located on 4 tax lots. Situated minutesto the Staten Island Ferry, Bay Street, Shoppingand multiple points of transportation, 491-497Jersey Street is strategically located to insure highoccupancy rates.Built in 2014, with block construction, 491-497 JerseyStreet has been kept in incredible condition andpresents a turn-key investment opportunity withupside. Each apartment is a large 2 bedroom unitwith open floor plan and separate utilities.Currently, with a corporate tenant until July 2023who handles the day to day maintenance, 491-497 Jersey Street is low cost building to operate andcreate cash flow. If the lease expires, there is over$ 40,000 in gross rental increases available in unitsthey occupy.With an effective gross income of $243,696.00 and aNet Operating Income of $202,243.80 and comingto market at $2,888,000 priced at a 7% cap rate,491-497 is a compelling opportunity at an attractivevaluation for the investor seeking cash flow withoutlooking to tie up cash in capital improvements
Courtesy of Cornerstone Realty
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