Commercial space For Sale in Jersey City, NJ
MLS# : 240011989
PROPERTY DETAILS
PROPERTY DESCRIPTION
Welcome to 507 Martin Luther King Drive, a unique mixed-use property in the heart of Jersey City, NJ. This versatile building presents an excellent opportunity for investors and visionaries seeking a project with great potential. First Floor: The ground level features a spacious commercial unit offering flexible usage options. Whether you envision a storefront to attract foot traffic or an office space tailored to your business needs, this area is ready for your creative touch. Its open layout provides the ideal canvas for customization and transformation. Second and Third Floors: Above the commercial space, you’ll find two distinct residential units, each currently configured as two-bedroom apartments. However, with some renovation, each unit has the potential to be reimagined into three bedrooms, accommodating tenants or maximizing rental income. Mixed-use zoning allows for a wide range of applications, from retail to office to residential. With some updates, the property can be transformed to meet modern standards and increase its value. Situated on Martin Luther King Drive, this property benefits from high visibility and easy access to local amenities and public transportation. 507 Martin Luther King Drive offers a canvas brimming with possibilities. Don’t miss out on this chance to shape a space that fits your vision and capitalizes on the growing Jersey City market.
Amenities
This listing is a courtesy of REALMART REALTY
732-727-2280 office, listing agent FARHAN MALIK
About Jersey City, NJ Real Estate Market
Jersey City currently serves as a prime hub for distribution and transportation terminus for the Port of New York and New Jersey. Ever since the redevelopment of the Jersey City Waterfront happened, Jersey City became a major hub for banking and finance in the United States of America. All these developments in these years also resulted in the development of Hudson County real estate in the city.
Consisting of most of the parts of Ellis Island, Jersey City also surrounds Liberty City through its waters in the Upper New York Bay. Thanks to its proximity and easy connectivity to Manhattan, Jersey City is also considered the sixth borough of New York City. Jersey City has some of the earliest European settlements in North America, which played a crucial role in the development of various sections of the city.
| Population: | 267,345 |
| Total Housing Units: | 104,018 |
| Single Family Homes: | 36,684 |
| Apartments: | 67,334 |
| General Tax Rate (2021): | 1.603% |
| Effective Tax Rate (2021): | 1.402% |
| Compare To Other Towns |
Jersey City Market Indicators
PRICE INDEX
| Average Price* (12mo): | $682,828 |
| Homes Sold* (12mo): | 213 |
SINGLE FAMILY HOME SALES
Jersey City, NJ
PRICE INDEX
| Average Price* (12mo): | $650,849 |
| Apatments Sold* (12mo): | 1,025 |
APARTMENT SALES
Jersey City, NJ
REAL ESTATE TAXES
| General Tax Rate (2021): | 1.603% |
| Effective Tax Rate (2021): | 1.402% |
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MADISON ADAMSTM
Ridgewood, NJ 07450
201-760-1100 (office)
201-760-1102 (fax)
| Homes : | $349,000 - 3,495,000 | 84 avail |
| Condos : | $148,000 - 6,995,000 | 431 avail |
| Co-ops : | $415,000 - 419,000 | 2 avail |
| Twnhs : | $549,000 - 2,100,000 | 10 avail |
| 2-4 Fam : | $469,999 - 3,495,000 | 144 avail |
| 5+ Fam : | $1,100,000 - 2,999,999 | 3 avail |
| Land : | $200,000 - 9,500,000 | 18 avail |
| Rentals : | $1,550 - 7,250 | 60 avail |
| Mixd Use : | $475,000 - 3,500,000 | 7 avail |
| Com S : | - | |
| Com L : | - | |
| Biz : | $65,000 - 1,250,000 | 7 avail |
