Sherman Court - Jersey City, NJ

36 Sherman Pl Jersey City NJ-112

VALUE-ADD OPPORTUNITY

43 Units
87 % Upside in rents
8.35% Pro forma Cap Rate
Owner financing of 75% LTV at 5% IO
Average rent is $1,008 - the market is $1,858 ($850+ difference on turnover)
18% - Estimated ROI on reno cost

36 Sherman Pl Jersey City NJ-69

BUILDING HIGHLIGHTS

Owned by the same family for 40+ years
Oversized lot at 60 X 198
Features marble stairs & walls, large tiled hallways & two separate
2019 - Fire escapes repaired and painted
2019 - New boiler
2021 - Water boiler replaced with tank
2022 - Brick repointing on front
Oversized apartments to possibly add converted to add an extra bedroom

36 Sherman Pl Jersey City NJ-67

CONVENIENT TRANSPORTATION

The building is approximately a 2-minute walk to the Central Ave at Franklin

St bus stop which provides a 20-minute trip into Midtown Manhattan
±1.5 miles to the Journal Square Path Station with direct access to NYC