386 Bergen Avenue Jersey City, NJ 07304
386 Bergen Avenue Jersey City, NJ 07304
7-Unit Value-Add Multi-family Opportunity in Bergen-Lafayette
Turnkey, fully renovated multi-family asset positioned in one of Jersey City’s fastest-evolving neighborhoods. 386 Bergen Avenue offers immediate cash flow with a clear path to significant upside through strategic value-add execution and mark-to-market opportunities.
Asking Price: $1,450,000
7 Residential Units
5.74% Current Cap Rate
7.27% Pro Forma Cap Rate
$207,143 Price Per Door
33’ x 100’ Lot
Investment Overview
386 Bergen Avenue is a comprehensively renovated 7-unit multi-family building located in the rapidly transforming Bergen-Lafayette neighborhood of Jersey City.
Originally purchased in 2015 for $410,000, the current ownership fully overhauled the property to create modern, functional apartments designed for long-term tenant demand and operational stability.
The building combines stabilized in-place income with multiple identifiable value-add opportunities, making it an attractive acquisition for investors seeking immediate cash flow alongside measurable NOI growth potential.
The property features renovated unit interiors, central HVAC, hardwood flooring throughout, shared laundry, basement storage, and a recently repaired roof. In addition, several units remain below market rent, creating embedded upside without requiring major capital expenditure.
Property Highlights
Property Highlights
Fully renovated 7-unit multi-family building
Located in Jersey City’s Bergen-Lafayette neighborhood
Four 2-bedroom / 2-bath units
Three 2-bedroom / 1-bath units
Approximately 1,000 SF per unit
Central heat and air conditioning throughout
Hardwood flooring in all units
Renovated kitchens and bathrooms
Shared laundry facilities
Separate basement storage room
Recently repaired roof
On-site superintendent in Unit 2L
Vacant adjacent lot allows substantial natural light
Large-format BK Foxx mural completed in 2019
Strong existing rental income with future upside potential
The Value-Add Opportunity
386 Bergen Avenue offers investors a rare combination of turnkey condition and clearly defined value-add execution.
The property is already producing stable cash flow while presenting multiple opportunities to increase revenue and long-term asset value.
1. Mark-to-Market Upside
Two long-term tenants currently pay significantly below market rent, including the basement unit and the superintendent’s apartment in Unit 2L.
Natural turnover or negotiated transition of these units creates immediate income growth potential with minimal additional investment.
Estimated NOI Increase:
+$8,400 Annually
2. Cosmetic Enhancement Strategy
The town has already approved elevated allowable rents based on prior capital improvements completed by ownership.
Targeted kitchen, bathroom, and common-area updates can support higher rents while improving the building’s positioning within the local rental market.
Estimated NOI Increase:
+$5,400 Annually
3. Backyard Privatization Opportunity
The shared rear yard presents an opportunity to create premium private outdoor space for Units 1L and 1R.
Private outdoor amenities remain highly desirable in Jersey City’s multi-family market and may command meaningful rental premiums.
Estimated NOI Increase:
+$6,000 Annually
Financial Highlights
Current Performance
Current Gross Scheduled Rent: $153,000
Current NOI: $83,173
Current Cap Rate: 5.74%
Pro Forma Performance
Pro Forma Gross Rent: $176,940
Pro Forma NOI: $105,458
Pro Forma Cap Rate: 7.27%
Additional Metrics
7 Residential Units
$207,143 Per Door
33.1’ x 100’ Lot
Approximately 3,310 SF Lot Size
Unit Highlights
Every apartment within 386 Bergen Avenue has been renovated with finishes designed for durability, functionality, and tenant appeal.
Interior Features Include:
Hardwood flooring throughout
Renovated kitchens
Renovated bathrooms
Stainless steel appliances
White shaker cabinetry
Exposed brick accents
Central HVAC systems
Large windows with abundant natural light
Spacious floorplans
Modern layouts optimized for shared living & professional tenants
About The location
Bergen-Lafayette | Jersey City, NJ
Bergen-Lafayette has emerged as one of Jersey City’s most rapidly evolving residential and investment submarkets.
Located near the Hudson-Bergen Light Rail, Liberty State Park, Berry Lane Park, and major commuter connections into Manhattan, the neighborhood continues to attract renters, developers, and institutional capital.
The area has experienced significant growth in rental demand, multi-family development activity, and neighborhood retail expansion.
Neighborhood Highlights
25–35 minute commute to Manhattan
Close proximity to Liberty State Park
Near Berry Lane Park
Walking distance to Hudson-Bergen Light Rail
Growing restaurant and retail corridor
Strong renter demographics
Institutional development activity nearby
Continuous neighborhood appreciation trends
Presented By
Erik Goldfarb
Broker – Salesperson · Align
(973) 309-5869
[email protected]
Meghan Perih
REALTOR® · HBB Group Powered by Align
(570) 780-9336
[email protected]
We are committed to providing a website that is accessible to the widest possible audience, regardless of technology or ability. If you encounter any accessibility barriers or require assistance, please contact us at EXITO AGENTS and we will promptly assist you.