223 Martin Luther King Jr Dr · Jersey City, NJ 07305-3301

$695,000

8 bd · 3.0 ba · — sqft · MultiFamily · 42 Days on market

Built 1950 Fair condition 1,306 sqft lot

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Appreciation +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Well-maintained mixed-use building featuring a ground-floor commercial storefront with excellent visibility and foot traffic, plus two residential apartments above. The retail space offers a flexible layout ideal for a variety of business uses, with strong street presence. The upper levels include two separate residential units, each offering comfortable living spaces with ample natural light. This property presents a great opportunity for investors or owner-occupants seeking rental income from both commercial and residential streams. Conveniently located near public transportation, shopping, dining, and major commuter routes. A versatile asset in a thriving Jersey City market. Properry wil

Key facts

• Ample natural light
• Flexible layout
• Mixed-use building

Tags

• MIXED-USE BUILDING
• FLEXIBLE LAYOUT
• STRONG STREET PRESENCE
• TWO SEPARATE RESIDENTIAL UNITS
• AMPLE NATURAL LIGHT
• PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Garbage service included
• Financial info: Three-unit property; Gross operating income reported as 7800; Net operating income reported as 7800; Operating expenses listed to include electric, gas, maintenance, and taxes

Exterior

• Parking: Off-street parking
• Security: Smoke detectors; Carbon monoxide detectors; Fire alarm system
• Utilities: Public water; Public sewer; Gas available in street; Cable TV available
• Home design: Three-story multi-unit building (3 units)
• Construction: Aluminum siding and stone exterior; Asphalt shingle roof; Approximate year built
• Exterior features: Curbs and sidewalk; Metal fence; Garbage included (service)

Interior

• Kitchen: Unit 2 includes gas range/oven and refrigerator; Unit 3 includes refrigerator
• Bedrooms: Unit 2 has 4 bedrooms; Unit 3 has 4 bedrooms; Unit 1: studio/1-room unit (see remarks) with storage
• Flooring: Vinyl-linoleum floors
• Bathrooms: Three full bathrooms total; Unit 1 has 1 bathroom; Unit 2 has 2 bathrooms; Unit 3 has 2 bathrooms
• Heating & cooling: Hot water baseboard heating; Natural gas heating fuel; Window A/C units
• Interior features: Vinyl-linoleum floors; Gas water heater; Full unfinished basement; Carbon monoxide detectors; Smoke detectors; Fire alarm system
• Laundry & utility: Owner pays water for all units; tenants pay electric and gas

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $695k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $964 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $695k).
• Recommended offer: $674k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: 1 active listings in the ZIP; 5,310 units permitted in Hudson County in 2024 (4,154 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($5k loan paydown + $21k appreciation (3.0% local appreciation)).
• Hudson County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $195k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($674k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $674,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
189A-191 CLAREMONT Ave	0.25mi	7/3.0 (-1)	—	3mo	$700,000	—	68
268 BERGEN Ave	0.27mi	7/2.0 (-1)	—	2mo	$638,000	—	64
16 STEGMAN Ter	0.42mi	8/4.0	—	1mo	$885,000	—	63
277 VAN NOSTRAND Ave	0.48mi	8/3.0	—	3mo	$881,000	—	63
103 ORIENT Ave	0.31mi	7/4.5 (-1)	—	1mo	$1,280,000	—	61
203 VIRGINIA Ave	0.56mi	8/3.0	—	1mo	$750,000	—	61
157 VIRGINIA Ave	0.50mi	8/4.0	—	1mo	$725,000	—	59
92 WARNER Ave	0.53mi	7/2.0 (-1)	—	2mo	$735,000	—	52
114 OAK St	0.60mi	7/4.0 (-1)	—	1mo	$855,000	—	49
221 CLERK St	0.54mi	8/6.0	—	2mo	$1,250,000	—	49
402 ARMSTRONG Ave	0.62mi	7/2.0 (-1)	—	1mo	$641,600	—	49
19 CLENDENNY Ave Unit 1 & 2	0.71mi	7/4.5 (-1)	—	1mo	$851,000	—	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 13.1%
• Equity multiple: 1.75×
• Total profit: $145,231
• Equity at exit: $312,502

10-year hold

• IRR: 15.0%
• Equity multiple: 3.22×
• Total profit: $431,222
• Equity at exit: $481,603

Cash invested: $194,600 (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 07305-3301

• Active inventory: 1
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $7,300 high
• Mortgage (P&I): −$3,645
• Tax est. 1.5%: −$869 /mo · $10,425/yr
• Insurance: −$290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,533
• Net cashflow: $964

Break-even live

Break-even rent $6,080

Max offer price $695,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,866
1× unit	0	0	$2,433
Total (3 units)			$7,300

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: $173,750
• Closing costs: $20,850
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $695,000 Active 42 DOM
2. 2026-06-17
   days on market $695,000 Active 41 DOM
3. 2026-06-16
   days on market $695,000 Active 40 DOM
4. 2026-06-15
   days on market $695,000 Active 39 DOM
5. 2026-06-13
   days on market $695,000 Active 37 DOM
6. 2026-06-13
   days on market $695,000 Active 36 DOM
7. 2026-06-09
   days on market $695,000 Active 33 DOM
8. 2026-06-08
   days on market $695,000 Active 32 DOM
9. 2026-06-07
   days on market $695,000 Active 31 DOM
10. 2026-06-04
    days on market $695,000 Active 28 DOM
11. 2026-06-03
    days on market $695,000 Active 27 DOM
12. 2026-06-02
    days on market $695,000 Active 26 DOM
13. 2026-06-01
    days on market $695,000 Active 25 DOM
14. 2026-05-31
    days on market $695,000 Active 24 DOM
15. 2026-05-07
    listed $695,000 Active

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

Taxation est. · year 1

• Rental income: $87,600
• − Mortgage interest: −$38,931
• − Property taxes: −$10,425
• − Insurance: −$3,475
• − Repairs & maintenance: −$7,008
• − Management: −$7,008
• − Depreciation: −$20,218
• Taxable income: $535
• Est. tax owed @ 24.0%: −$128
• After-tax cash flow: $11,440/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

A mixed-use building with moderate rehabilitation needs, offering a flexible layout for both commercial and residential use. The property requires exterior painting and appliance replacement to enhance its curb appeal and rental value.

Repairs flagged

• Major Exterior paint — Significant discoloration
• Major Exterior siding — Exposed brick facade
• Minor Kitchen appliances — Standard appliances

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace kitchen appliances — Modernizes the space and increases rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Significant discoloration	Major	$15,000–50,000
Exterior siding · Exposed brick facade	Major	$15,000–50,000
Kitchen appliances · Standard appliances	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace kitchen appliances — Modernizes the space and increases rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-07 Listed $695,000 GSMLS