Three-unit, tenant-occupied property steps from transit and Lincoln Park
Sales comparison approach using recent multi-family sales in the area. Adjusted for size, condition, and location. Income approach supports rental income potential.
This sturdy brick two‑story on Delaware Avenue delivers a rare combination: turn‑key rental income and classic early 20th‑century character in Jersey City’s Journal Square. Built in 1910 and configured as two primary units plus a finished basement suite, 202 Delaware Avenue totals approximately 2,585 square feet across a 2,025‑sqft lot with a 20.25‑ft frontage. From the street you’ll notice the original masonry and a simple, well‑maintained façade that signals low‑maintenance construction and long-term curb appeal.
Inside, the property reads as a functional multi‑family asset. Unit 1 is a 3‑bed/1‑bath residence currently yielding $1,995/month; Unit 2 offers three bedrooms, one bath and an additional den; and the finished basement contains a one‑bed/one‑bath suite—useful for either rental income or as flexible owner space. Heating is provided by radiators and cooling by window units; the roof is flat and the building shows an overall “average” condition consistent with a century‑old brick home that has been cared for without full modernization.
Investors will appreciate the current tenant occupancy and the estimated monthly gross rent of roughly $5,500 (market‑informed), producing a reported gross rental yield near 9.5%. Annual property taxes for 2025 are $6,286 (assessed total $281,500). The property sits on a level lot with on‑street parking only—there is no on‑site garage. Zoning is R‑1 (one‑ and two‑family housing), so buyers should confirm intended use and any renovation plans with the city.
Journal Square’s commuter orientation is a standout: the PATH and multiple bus routes are about a mile away, and Lincoln Park is only half a mile from the front door for quick access to green space. Nearby anchors include Hudson Mall and St. Peter’s University, supporting steady rental demand from students, commuters and local workers. Given the building’s age and the finished basement unit, interested buyers should verify permits and arrange a thorough inspection of the roof, mechanicals and any permitted upgrades. With steady neighborhood appreciation and solid occupancy, this property is positioned for an owner‑occupant who wants rental offset or an investor seeking an income asset in a commuter‑friendly Jersey City location.
202 Delaware Avenue, Jersey City, NJ 07306
Journal Square is a lively, transit-oriented neighborhood with a mix of long-standing residents, students and commuters. The area centers around the PATH and bus corridors, offering direct access to Manhattan and regional job centers. Nearby Lincoln Park provides open green space while Hudson Mall and local retail support everyday needs. The neighborhood’s diversity and steady development attract investors and renters alike, creating consistent demand for multi-family properties within walking distance of transit and services.
Excellent immediate access to Lincoln Park (0.5 miles) plus neighborhood parks and greenways; Journal Square transit and local shopping are within a short walk or quick transit ride.
Journal Square is currently a balanced-to-slightly seller‑friendly market. Area metrics show roughly 3.5 months of inventory and an average days on market near 58 — conditions that support stable pricing without overheated competition. Median sale price in the neighborhood is about $660,000, with year‑over‑year appreciation around 5% and a five‑year rise near 25%, indicating steady long‑term gains rather than volatile spikes. Multi‑family properties remain in demand thanks to consistent rental interest from commuters, students, and local workers; income properties in this corridor typically attract investors seeking predictable cash flow. For this listing specifically, the building is tenant‑occupied with an estimated monthly rent roll near $5,500 and a reported gross yield close to 9.5%, reinforcing its income potential. Buyers should weigh that upside against typical risks here: aging infrastructure (1910 build), reliance on street parking, and the need to confirm permits for the finished basement unit. In short, the present market offers a favorable window for buyers focused on rental income and long‑term appreciation, provided due diligence is completed on systems and compliance.
Assessed value is kept visually separate from the CompCasa market-value estimate.
Routine buyer due diligence items; these are not known defects.
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