Plans for a 0.15-acre site at 216 Palisade Ave. in Jersey City call for a 51‑unit, age‑restricted apartment building. — Rendering courtesy: Marcus & Millichap
A development site with approvals for a 51‑unit, age‑restricted apartment building has hit the market in Jersey City, in a newly announced listing by Marcus & Millichap.
Brokers say the property, 216 Palisade Ave., can support a project with 35,657 rentable square feet and the potential to generate roughly $1.24 million in net operating income upon stabilization, according to a news release. Plans also call for a rooftop amenity deck, a second-floor fitness center, bike storage, private balconies on select rear-facing units with downtown Jersey City and Manhattan skyline views and 11 on-site parking spaces with mechanical lifts, electric vehicle charging and ADA compliance…