Located in an Opportunity Zone, this property features 8 2 Bedroom Apartments / 4 store fronts with parking located on 4 tax lots. Situated minutes to the Staten Island Ferry, Bay Street, Shopping and multiple points of transportation, 491-497 Jersey Street is strategically located to insure high occupancy rates. Built in 2014, with block construction, 491-497 Jersey Street has been kept in incredible condition and presents a turn-key investment opportunity with upside. Each apartment is a large 2 bedroom unit with open floor plan and separate utilities. Currently, with a corporate tenant until July 2023 who handles the day to day maintenance, 491- 497 Jersey Street is low cost building to operate and create cash flow. If the lease expires, there is over $ 40,000 in gross rental increases available in units they occupy. With an effective gross income of $243,696.00 and a Net Operating Income of $202,243.80 and coming to market at $2,888,000 priced at a 7% cap rate, 491-497 is a compelling opportunity at an attractive valuation for the investor seeking cash flow without looking to tie up cash in capital improvements
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