Marcus & Millichap lists a fully approved 0.15-acre development site in Jersey City for $4 million, designed for a 51-unit age-restricted apartment building.
A development site located at 216 Palisade Ave. in Jersey City has hit the market, offering a fully approved plan for a 51-unit, age-restricted senior housing facility. The 0.15-acre parcel is listed for $4 million, or approximately $78,000 per unit, through Marcus & Millichap.
The proposed project is slated to provide 35,657 rentable square feet and is projected to generate roughly $1.24 million in net operating income once stabilized. Planned amenities include a rooftop deck, a fitness center, and 11 parking spaces equipped with mechanical lifts and electric vehicle charging. The property is situated within the Jersey City medical district, providing proximity to retail, health care, and transit links including the Hoboken PATH station and Interstate 78.
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