Grid Real Estate, LLC has been exclusively retained to manage the sale of 995 Summit Ave (aka 168 Bowers St), Jersey City NJ 07307 a prime multi family investment opportunity located in the heart of The Heights neighborhood in the northern Section of the city. The property offers 14,252 gross square feet across the four-story walk-up. This building does not have an elevator. Situated just West of Central Avenue, a commercial corridor with over 240 businesses the asset is positioned on the corner with 100’ frontage on Bowers St and 50’ frontage on Summit Ave. The building is under rent control which impacts all buildings over 5+ units and results in annual rent increases being capped at 4% or the change in Con- sumer Price Index (CPI) whichever is lower.

The current residential unit mix consists of (1) 3 bedroom, (3) 2 bedroom, (19) 1 bedroom and (1) studio. Roughly 25% of the building has been renovated and has achieved market rents while the remainder of
the building sits with legacy tenancy and the opportunity to execute a value add business plan to achieve up to 37% upside in rents. The building was constructed in 1937 in the peak of art deco architecture and boasts an ornamental brick corbeling the parapet, entryway and common-area mosaic tile floors and crown moldings throughout. Sitting on the corner of Summit Ave the property is drenched in all day sun-light.