348 Kearny Ave, Kearny, NJ 07032

This multi-unit asset presents a significant income generation opportunity, designed to maximize revenue per square foot. The property comprises individual rooms, two studio apartments, and one one-bedroom apartment, offering a diverse revenue stream. It is currently operating below full occupancy, indicating immediate potential for revenue expansion without the need for substantial structural alterations. The strategic positioning of this property allows for immediate value-add through increased occupancy.

Recent capital improvements totaling over $100,000 have been invested in the property, including permitting and license remediation. These upgrades feature new vinyl flooring and fresh paint applied across multiple units, enhancing the interior appeal and readiness for occupancy. The current assessed taxes are maintained at a relatively low level, contributing to a reduced fixed overhead while operational restabilization is underway. This focus on turnkey interior upgrades ensures a more attractive offering for prospective tenants.

The property is situated in Kearny, Hudson County, New Jersey, placing it directly within key NYC commuting corridors. Its location offers convenient proximity to major New Jersey hubs such as Newark, Paterson, and Jersey City. The area boasts a Walk Score of 80/100 and a Transit Score of 90/100, highlighting its accessibility. It is located approximately one mile from the Harrison PATH station and is close to NJ Transit rail services at Newark Broad Street, providing direct access to Manhattan.

The demand for workforce and student housing in this vicinity is robust, with major employment and educational centers nearby. Rutgers-Newark is located 1.5 miles away, and other institutions such as NJIT, Essex County College, and Saint Michael’s Medical Center are also in close proximity. This alignment with high local demand for affordable housing and the presence of significant university populations positions the property favorably for consistent tenant occupancy. The zoning also provides flexibility for potential long-term repositioning or unit-mix optimization, subject to municipal allowances.