Former Dormitory Ready for Full Renovation | 146 Glenwood Ave
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Former Dormitory Ready for Full Renovation 146 Glenwood Ave
Online Auction Sale Jersey City, NJ 07306
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Investment Highlights
- Take advantage of this opportunity to acquire a completely gutted student housing asset that is ready for a full conversion renovation to multifamily.
- 146 Glenwood Avenue presents investors with a rare value-add opportunity at well-below replacement cost.
- Jersey City is an ideal location to invest, supported by an affluent population earning an average household income of $130,000 in a 5-mile radius.
- Located in a dense urban area near Lincoln Park and Jersey City’s historic downtown, the project will be a welcomed restoration in the neighborhood.
- New ownership will benefit from the property’s renovation-ready condition, minimizing capital expenditure and the completion timeline.
- 75% of households are renter occupied and 72% are one- and two-person occupied, signifying strong demand for small rental units in the immediate area.
Executive Summary
146 Glenwood Avenue is a former 53-unit student dormitory located in the heart of Jersey City, New Jersey. Current ownership has fully gutted the 39,862-square-foot building, providing investors with a blank slate for a full renovation. A buyer has the opportunity to renovate and rent out the property at a very attractive cap rate or convert the building into condos and sell them individually as there is a limited supply of renovated condos in the area.
This four-story, U-shaped building features a classic brick exterior façade that is in prime condition. Future residents will enjoy a very transit-accessible location close to a significant amenity base. There are multiple bus stops within walking distance, providing convenient access to the light rail station, which services Newark, Lower Manhattan, and beyond.
Saint Peter’s University is across the street, offering exceptional potential for future student housing. The university offers a world-class education with 50+ undergraduate programs, 13 graduate programs, and Division I athletics. Saint Peter’s University has an enrollment of nearly 4,000 undergraduate and graduate students, with the highest enrollment in 25 years accomplished for the 2023 to 2024 academic year.
With a remarkable legacy as the country’s Golden Door, Jersey City is aptly located near the iconic Ellis Island and Statue of Liberty. It stands out as one of the most diverse cities in the nation, with a population exceeding 265,000 residents. Jersey City is acknowledged as one of New Jersey’s most contemporary cities while also being notably the oldest due to its deep-rooted Dutch tradition, emphasis on religious freedom, diverse cultural influence, and industrial heritage. This historical background positions Jersey City as not only the oldest but also one of the most significant cities globally. Located in Hudson County, Jersey City is regarded as one of the top places to reside in the state. Residents of Jersey City enjoy an urban atmosphere, with the majority opting to rent their homes. The city boasts numerous bars, restaurants, coffee shops, and parks for its residents to enjoy.
Property tours are available by appointment only. Please contact the listing broker to schedule.
For Financing Inquiries, please contact Brian Banilivy at 516-447-0111 or email them at bbanlilivy@danskergroup.com.
This four-story, U-shaped building features a classic brick exterior façade that is in prime condition. Future residents will enjoy a very transit-accessible location close to a significant amenity base. There are multiple bus stops within walking distance, providing convenient access to the light rail station, which services Newark, Lower Manhattan, and beyond.
Saint Peter’s University is across the street, offering exceptional potential for future student housing. The university offers a world-class education with 50+ undergraduate programs, 13 graduate programs, and Division I athletics. Saint Peter’s University has an enrollment of nearly 4,000 undergraduate and graduate students, with the highest enrollment in 25 years accomplished for the 2023 to 2024 academic year.
With a remarkable legacy as the country’s Golden Door, Jersey City is aptly located near the iconic Ellis Island and Statue of Liberty. It stands out as one of the most diverse cities in the nation, with a population exceeding 265,000 residents. Jersey City is acknowledged as one of New Jersey’s most contemporary cities while also being notably the oldest due to its deep-rooted Dutch tradition, emphasis on religious freedom, diverse cultural influence, and industrial heritage. This historical background positions Jersey City as not only the oldest but also one of the most significant cities globally. Located in Hudson County, Jersey City is regarded as one of the top places to reside in the state. Residents of Jersey City enjoy an urban atmosphere, with the majority opting to rent their homes. The city boasts numerous bars, restaurants, coffee shops, and parks for its residents to enjoy.
Property tours are available by appointment only. Please contact the listing broker to schedule.
For Financing Inquiries, please contact Brian Banilivy at 516-447-0111 or email them at bbanlilivy@danskergroup.com.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
- Financing Available
- Plan Set
Market Analytics Click Here to Access
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Market Sale Price per Unit
New York - NY USA
Market Cap Rate
New York - NY USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Lot Size | 0.40 AC |
| Sale Conditions | Auction Sale | Building Size | 39,862 SF |
| Property Type | Residential | Average Occupancy | 0% |
| Property Subtype | Dormitory | Number of Floors | 4 |
| Apartment Style | Mid Rise | Year Built | 1900 |
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Residential |
| Property Subtype | Dormitory |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 39,862 SF |
| Average Occupancy | 0% |
| Number of Floors | 4 |
| Year Built | 1900 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Smoke Free
- Smoke Detector
Walk Score ®
Walker's Paradise (92)
Transit Score ®
Excellent Transit (75)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £8,184,473 | |
| Land Assessment | £471,152 | Total Assessment | £8,655,624 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£471,152
Improvements Assessment
£8,184,473
Total Assessment
£8,655,624
Sale Advisor
Sale Advisor
Levi Rezai, Broker Associate
(201) 424-2338
Contact
Levi, a native of Jersey City and son of a prominent broker and general contractor in Downtown Jersey City, has been immersed in real estate development and sales since childhood. Initially focused on construction, Levi later expanded his expertise to include marketing, event coordination, and project management. In 2011, while studying for his bachelor's degree in economics and statistics at Rutgers University in New Brunswick, Levi obtained his real estate license. He was inspired to help his peers navigate the rental process and negotiate with landlords, which ultimately led him to become a realtor. Upon returning to Jersey City, Levi continued to build the family business, HudsonGold, with his father's company, Nader Rezai Real, focusing on the real estate market in Hudson County and surrounding areas. Levi is dedicated to serving his clients' best interests and providing exceptional customer service. His mission is to guide his clients through the real estate market by helping buyers and renters find their dream homes or investment properties and assisting sellers in achieving their goals.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Derek Rudd
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
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MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Former Dormitory Ready for Full Renovation | 146 Glenwood Ave
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