180 THORNE St · Jersey City, NJ 07307

$1,299,000

35 bd · 25.0 ba · — sqft · MultiFamily · 94 Days on market

Built 1890

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Turn-key investment opportunity! Legal 5-family corner property with strong income-producing potential. The building consists of four (4) 1-bedroom, 1-bathroom units and one (1) spacious 3-bedroom, 1-bathroom unit, offering a desirable mix that appeals to a variety of tenants. All utilities are separately metered, helping reduce owner expenses and simplify property management. The property is equipped with gas baseboard heating in all units. Additional features include a garage and parking for up to 3 vehicles. Situated on a desirable corner lot with convenient access to transportation, shopping, and local amenities. Ideal for investors seeking consistent cash flow, low operating expenses,

Key facts

• Multi-family asset
• Local amenities
• Corner lot

Tags

• SEPARATELY METERED UTILITIES
• GAS BASEBOARD HEATING
• CORNER LOT
• LOCAL AMENITIES
• MULTI-FAMILY ASSET

Property features AI

Finance

• Other: Lot number 23

Exterior

• Parking: Detached garage with space for 3+ cars
• Home design: Multi-unit property (multiple kitchens and living rooms)
• Construction: Lead paint form: Yes
• Exterior features: Aluminum/Vinyl and stucco exterior

Interior

• Kitchen: Kitchens included in each unit
• Bedrooms: Three bedrooms in the basement unit; One bedroom on each of Levels 1, 2, 3 and 4
• Bathrooms: Five full bathrooms (one per unit)
• Heating & cooling: Window A/C units; Baseboard heating; Gas heating
• Interior features: Unfinished basement; Five kitchens (one per unit); Five living rooms (one per unit); Five other rooms (total)

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.28M (1.2% below list).
• Recommended offer: $1.18M (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 1.8% in Jersey City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#116 in NJ, #2,955 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Jersey City Public Schools (urban): math 16% / reading 38% proficiency, ranked #369 of 472 in NJ (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.0%/yr); 287 active listings in the ZIP; solid renter incomes; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).
• At $12,829/mo this rent would consume 185% of the median local household income ($83k/yr) (locally 2550% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $1.30M implies a 623% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,182,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.04% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.68×
• Total profit: $-116,837
• Equity at exit: $193,685

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $20,333
• Equity at exit: $112,314

Cash invested: $363,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 6 Strongly Tenant-Friendly
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City Jersey City: 6 Strongly Tenant-Friendly · D+34

Rent Control Ordinance covers buildings 4+ units pre-1986.

Methodology + full state rankings →

ZIP-level market 07307

• Rents YoY: 3.0%
• Active inventory: 287
• Price-to-rent: 44.2×

Monthly cashflow live

• Estimated rent: $12,829 high
• Mortgage (P&I): −$6,812
• Tax from tax record: −$1,319 /mo · $15,831/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,694
• Net cashflow: $1,462

Break-even live

Break-even rent $10,978

Max offer price $1,299,000

Occupancy floor 84%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$9,796
1× unit	3	1	$3,034
Total (5 units)			$12,829

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,299,000 Active 94 DOM
2. 2026-06-17
   days on market $1,299,000 Active 93 DOM
3. 2026-06-16
   days on market $1,299,000 Active 92 DOM
4. 2026-06-15
   days on market $1,299,000 Active 91 DOM
5. 2026-06-13
   days on market $1,299,000 Active 89 DOM
6. 2026-06-13
   days on market $1,299,000 Active 88 DOM
7. 2026-06-09
   days on market $1,299,000 Active 85 DOM
8. 2026-06-08
   days on market $1,299,000 Active 84 DOM
9. 2026-06-07
   days on market $1,299,000 Active 83 DOM
10. 2026-06-04
    days on market $1,299,000 Active 80 DOM
11. 2026-06-03
    days on market $1,299,000 Active 79 DOM
12. 2026-06-02
    days on market $1,299,000 Active 78 DOM
13. 2026-06-01
    days on market $1,299,000 Active 77 DOM
14. 2026-05-31
    days on market $1,299,000 Active 76 DOM
15. 2026-03-16
    listed $1,299,000 Active
16. 2023-07-27
    soldstatus $179,747
17. 1996-02-20
    soldstatus $130,000
18. 1986-01-10
    soldstatus $50,000
19. 1984-11-01
    soldstatus $50,000
20. 1984-04-01
    soldstatus $33,000
21. 1984-01-01
    soldstatus $30,000
22. 1981-11-01
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $15,831 · $1,319/mo
• Projected year-2 tax: $24,088 · $2,007/mo
• Expected delta: +$8,257/yr (+$688/mo · 52.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $153,948
• − Mortgage interest: −$72,764
• − Property taxes: −$15,831
• − Insurance: −$6,495
• − Repairs & maintenance: −$12,316
• − Management: −$12,316
• − Depreciation: −$37,789
• Taxable loss: −$3,563
• Est. tax savings @ 24.0%: +$855
• After-tax cash flow: $18,403/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Jersey City Public Schools
• NCES district ID: 3407830
• Math proficiency: 16% ▼ -17.00%
• Reading proficiency: 38% ▼ -11.00%
• Median HH income: $58,431
• Composite: 24.43/100
• National rank: #7678
• State rank: #369 of 472 in NJ

Livability — Jersey City

• Score: 77/100
• State rank: #116
• US rank: #2955

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A- Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jersey City, NJ
• County: Hudson County · 718,323 people
• City population: 294,078
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 42,645
• Household income: $83,297
• Rent vs Own: 64.4% rent · 35.6% own
• Severe rent burden: 2550.0

Population outlook (Hudson County) Hauer SSP2

• Today (2025): 771,834 people
• By 2030: 818,028 · +6.0%
• By 2040: 907,866 · +17.6%
• By 2050: 994,480 · +28.8%
• By 2075: 1,163,301 · +50.7%
• By 2100: 1,254,703 · +62.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 42% White 27% Asian 24% Two or more races 18% Black 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 12% Cuban 2% Dominican 9% Salvadoran 1%
• Common ancestry: Romanian 2% Scotch-Irish 1%
• Foreign-born: 43% · Canada, Jamaica, China
• Languages at home: 41% English-only · Spanish 32% Other Indo-European 16% Other Asian/Pacific 4%

Political lean MEDSL · Hudson

• 2024 margin: Strong D (+28.1) · D 62.6% · R 34.6% · Other 2.8%
• 2008→2024 swing: -18.7pp toward R · 2008: 46.7pp · 2024: 28.1pp
• All cycles: 2024: D+28.1 2020: D+46.2 2016: D+51.8 2012: D+55.7 2008: D+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -271.12%
• Current HPI: 471.33
• Rent YoY: ▲ 3.04%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+5096.0% since first listed

8 events — show timeline

• 2026-03-16 Listed $1,299,000 HCMLS
• 2023-07-27 Sold (Public Records) $179,747 Public Records
• 1996-02-20 Sold (Public Records) $130,000 Public Records
• 1986-01-10 Sold (Public Records) $50,000 Public Records
• 1984-11-01 Sold (Public Records) $50,000 Public Records
• 1984-04-01 Sold (Public Records) $33,000 Public Records
• 1984-01-01 Sold (Public Records) $30,000 Public Records
• 1981-11-01 Sold (Public Records) $25,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $15,831 · +4.6% YoY. Source: county tax records.