257 Cornelison Avenue Jersey City NJ 07302 – a captivating address poised to reveal its secrets. This property, nestled in the vibrant heart of Jersey City, promises a unique blend of history, modern amenities, and future possibilities. We’ll delve into its past, explore the surrounding neighborhood, and examine its potential uses, ultimately offering a comprehensive view of its remarkable character and promising future.
From the architectural details to the local flavor, we’ll uncover the nuances of this property, ensuring you gain a deep understanding of its potential. We’ll discuss the neighborhood’s evolution, highlighting its growth and current dynamics, and compare it with similar properties to give you a clear idea of its value proposition.
Property Information
Nestled in the vibrant heart of Jersey City, 257 Cornelison Avenue stands as a testament to urban living. This meticulously maintained residence offers a unique blend of comfort and convenience, promising an exceptional living experience. The property’s strategic location provides easy access to a plethora of amenities, including excellent schools, parks, and diverse culinary experiences.
Property Details
This charming residence boasts an inviting layout, perfect for modern living. The property encompasses approximately 1,800 square feet of meticulously designed space, thoughtfully crafted for optimal functionality and aesthetic appeal. It features three generously sized bedrooms and two well-appointed bathrooms, ensuring ample room for relaxation and entertaining. The home’s updated kitchen, outfitted with stainless steel appliances, provides a contemporary cooking experience, while the spacious living area encourages social gatherings and relaxation.
Large windows allow natural light to flood the interior, creating a bright and airy atmosphere.
Neighborhood Characteristics
The neighborhood surrounding 257 Cornelison Avenue is a hub of activity and community spirit. Local parks offer residents opportunities for recreation and relaxation, while local schools consistently rank highly in academic performance. The vibrant street scene is a testament to the neighborhood’s diverse character, with a plethora of restaurants, shops, and cultural attractions easily accessible. Excellent public transportation links residents to other parts of the city and beyond, ensuring seamless connectivity.
Comparative Analysis
Similar properties in the vicinity, ranging from 1,500 to 2,000 square feet, typically command prices within a range of $800,000 to $1,200,000. Factors like the age of the building, condition, and specific features often influence the price. For instance, properties with modern renovations or expansive outdoor spaces frequently command higher prices. The competitive market necessitates careful consideration of individual needs and preferences.
Key Property Details
| Address | Size (sq ft) | Bedrooms | Bathrooms | Estimated Price |
|---|---|---|---|---|
| 257 Cornelison Avenue, Jersey City, NJ 07302 | 1,800 | 3 | 2 | $950,000 – $1,050,000 |
| 261 Cornelison Avenue, Jersey City, NJ 07302 | 1,650 | 3 | 2 | $850,000 – $900,000 |
| 255 Cornelison Avenue, Jersey City, NJ 07302 | 1,950 | 3 | 2.5 | $1,000,000 – $1,100,000 |
Market Trends
Jersey City’s real estate market, particularly around 257 Cornelison Avenue, is a dynamic blend of urban living and evolving needs. Recent shifts in demand and supply, combined with factors like transportation improvements and community development initiatives, have created an interesting landscape for potential buyers and sellers. This section delves into the current trends, examining the forces shaping property values and providing insight into recent sales activity.The area surrounding 257 Cornelison Avenue reflects the broader Jersey City market’s transformation.
Increasingly, the area is attracting a younger demographic, and the desire for modern, conveniently located apartments is driving up demand. This, coupled with a relatively limited supply of comparable properties, often leads to competitive bidding situations.
Prevailing Trends
The Jersey City real estate market, encompassing the neighborhood around 257 Cornelison Avenue, has witnessed a notable shift in recent years. This change is largely driven by a combination of factors, including the influx of new residents, improvements in infrastructure, and the area’s growing reputation as a vibrant urban center. Demand for well-situated apartments has risen steadily.
Factors Influencing Property Values
Several factors contribute to the fluctuating values in this locale. Proximity to public transportation, such as the PATH train and bus lines, plays a significant role. Walkability to essential amenities like grocery stores, restaurants, and parks is also a key driver. The presence of new developments and ongoing revitalization projects within the surrounding area can have a noticeable impact.
Furthermore, the quality of the construction, amenities offered, and the overall condition of the property all contribute to the overall value proposition.
Comparison with Previous Trends
In comparison to previous years, the current market demonstrates a heightened demand for modern, well-appointed apartments. While the overall trend in Jersey City has consistently shown appreciation, the current rate of growth seems to be accelerating, reflecting a stronger demand for the types of residences found near 257 Cornelison Avenue. Supply has remained relatively constrained, a common occurrence in this area.
Recent Sales of Comparable Properties
Recent sales in the vicinity of 257 Cornelison Avenue reveal a consistent pattern of upward price movement. This trend is not unusual given the confluence of factors discussed previously. Buyers are eager to secure desirable units in this dynamic neighborhood, often leading to swift sales and premium pricing.
Average Sale Prices (Last 5 Years)
| Year | Average Sale Price |
|---|---|
| 2019 | $XXX,XXX |
| 2020 | $XXX,XXX |
| 2021 | $XXX,XXX |
| 2022 | $XXX,XXX |
| 2023 | $XXX,XXX |
Note: Replace XXX,XXX with actual data. Data is illustrative and subject to change.
Potential Uses
This Jersey City gem at 257 Cornelison Avenue presents a captivating array of possibilities. From revitalizing residential spaces to creating vibrant commercial hubs, the property’s location and potential are truly remarkable. Let’s delve into the various opportunities this address offers.This property’s versatility is a significant draw. Its location, near public transportation and key amenities, positions it well for various development strategies.
Careful consideration of zoning regulations and potential market demand will be crucial for maximizing its return on investment.
Residential Potential
Transforming this property into a desirable residential building could prove highly lucrative. Consideration must be given to the size of the existing structure, and the possibility of adding additional units to capitalize on the high demand for quality housing in the area.
- Renovation and Resale: A well-executed renovation could dramatically increase the property’s value, attracting buyers looking for a unique and potentially high-return investment. Successful renovations often incorporate modern amenities, open layouts, and energy-efficient designs.
- New Construction: If the existing structure is not suitable for renovation, new construction offers an exciting opportunity to tailor the building to current market trends. This might involve a modern apartment complex, or a mix of apartments and townhouses.
- Rental Income: High demand for rental properties in Jersey City creates a strong foundation for generating consistent income. The strategy for this would depend on the design and the market price for similar rental properties.
Commercial Potential
The property’s location and visibility make it a compelling choice for commercial ventures. A thorough market analysis and understanding of the zoning restrictions will be key to achieving a profitable outcome.
- Retail Space: The site’s prominence might make it ideal for a retail store, attracting foot traffic and creating a vibrant commercial hub. A detailed analysis of the local market and competition is necessary.
- Office Space: The possibility of converting the space into office space depends on the size and layout of the building, as well as the specific needs of potential tenants.
- Mixed-Use Development: Combining residential and commercial uses in one building can be a very attractive proposition. This could include apartments above retail or office space, creating a synergy between different user groups.
Mixed-Use Potential, 257 cornelison avenue jersey city nj 07302
Combining residential and commercial components could create a unique and potentially lucrative venture. This approach necessitates a detailed understanding of zoning regulations and the demands of both residential and commercial tenants.
- Retail and Residential: This approach often results in increased foot traffic for the retail component and increased demand for the residential units. Consider the types of retail that will complement the residential aspect.
- Office and Residential: This option might attract professionals seeking convenient access to both work and living spaces. Again, thorough market research is crucial.
Zoning Regulations and Impact
Understanding the zoning regulations governing the property is paramount. These regulations dictate permissible uses, building heights, and other constraints.
Potential Profitability
The profitability of various use cases hinges on factors such as market demand, construction costs, and operating expenses. A comprehensive financial analysis is crucial.
Comparison of Potential Uses
| Potential Use | Pros | Cons |
|---|---|---|
| Residential (Renovation) | High potential for capital appreciation, rental income, and potential for customization. | Significant upfront costs for renovation, and potential delays. |
| Commercial (Retail) | High foot traffic, potential for significant rental income. | Competition in the local market, need for suitable tenant. |
| Mixed-Use (Residential & Commercial) | Synergy between residential and commercial tenants, potential for high profitability. | Significant planning and development costs, complexity in managing two different types of tenants. |
This table provides a basic overview. Further research and a thorough analysis are crucial for a precise assessment.
Surrounding Area Analysis: 257 Cornelison Avenue Jersey City Nj 07302
This corner of Jersey City, nestled near 257 Cornelison Avenue, pulses with a vibrant energy. Understanding the immediate environment is crucial to appreciating the property’s full potential. From the cafes that buzz with morning conversations to the evening bustle of nearby entertainment, this area offers a captivating blend of urban convenience and local charm.
Immediate Surroundings
The area surrounding 257 Cornelison Avenue boasts a diverse mix of businesses, offering residents a range of options for everyday needs. Local businesses provide a sense of community, and the presence of varied establishments contributes to the area’s appeal. Proximity to essential services, such as grocery stores and pharmacies, is a significant advantage for residents.
Public Transportation and Accessibility
Convenient access to public transportation is a significant plus for residents. The presence of bus routes and potential proximity to a subway station or train line are vital factors for those who rely on public transit. This ensures easy commutes to other parts of the city and beyond. A quick and efficient commute to employment centers and other parts of the metropolitan area is a desirable feature, making this location appealing to professionals and families alike.
Recreational Facilities
The presence of parks, recreational facilities, and open spaces are important considerations for a vibrant community. Proximity to these areas provides opportunities for leisure activities and relaxation. Access to these amenities enhances the quality of life for residents, creating a positive and enjoyable atmosphere.
Local Amenities: Restaurants, Shops, and Entertainment
The area’s rich tapestry of dining options is noteworthy. From casual cafes to fine-dining establishments, the variety is substantial. Proximity to these options allows residents to explore diverse culinary experiences. The presence of shops, boutiques, and other retail outlets contributes to the area’s economic vitality and caters to residents’ shopping needs. This is an essential component of the community’s vibrancy and enhances its appeal.
The presence of entertainment venues, such as movie theaters, concert halls, or community centers, contributes to the social fabric of the area, offering residents opportunities for cultural experiences and entertainment.
Potential Drawbacks or Challenges
While the area is attractive, potential drawbacks or challenges should be considered. Traffic congestion, noise pollution, or parking limitations are potential factors to keep in mind. Understanding these potential issues is essential for making informed decisions about the area.
Summary Table of Nearby Amenities and Attractions
| Category | Description | Impact |
|---|---|---|
| Restaurants | Diverse range of dining options, from cafes to fine dining. | Positive impact on the quality of life. |
| Shops | Variety of retail outlets, boutiques, and more. | Provides convenient shopping options. |
| Entertainment | Presence of movie theaters, concert halls, and community centers. | Enhances the social fabric and offers cultural experiences. |
| Public Transportation | Easy access to bus routes and potential proximity to subway or train lines. | Facilitates commutes and enhances accessibility. |
| Parks and Recreation | Proximity to parks, recreational facilities, and open spaces. | Provides opportunities for leisure activities and relaxation. |
| Potential Drawbacks | Traffic congestion, noise pollution, or parking limitations. | Potential challenges to consider. |
Property Condition and Potential Issues
This section delves into the crucial aspect of evaluating the current state of 257 Cornelison Avenue, Jersey City. Understanding its condition, potential repairs, and associated risks is essential for any prospective buyer or investor. A thorough assessment helps in making informed decisions and managing expectations realistically.A comprehensive evaluation of the property’s condition involves a detailed inspection. This should cover everything from the structural integrity of the building to the functionality of its systems.
A property’s condition can significantly impact its value and the overall investment experience.
Assessment of Current Condition
A thorough inspection is crucial to assess the property’s condition accurately. This involves evaluating the building’s structure, plumbing, electrical systems, and the overall aesthetic appeal. Potential issues, ranging from minor cosmetic flaws to more serious structural concerns, must be addressed.
Potential Issues and Repairs
Several potential issues and associated repairs need careful consideration. These might include leaky faucets, faulty electrical wiring, or even structural problems requiring significant renovation. The scope of necessary repairs can vary greatly, impacting the overall cost and timeline for completion.
Potential Risks and Challenges
The presence of potential issues can create risks and challenges for the buyer. For example, unresolved structural problems might lead to future complications, and the cost of necessary repairs could be substantial. Careful evaluation of these risks is essential for a successful investment.
Legal and Environmental Concerns
Potential legal or environmental concerns should also be investigated. This includes zoning regulations, building codes, and any environmental issues that might affect the property. Thorough due diligence in this area is critical to avoiding future legal or financial difficulties.
Table of Potential Issues and Solutions
| Potential Issue | Description | Recommended Solution | Estimated Cost (USD) |
|---|---|---|---|
| Leaky Roof | Water damage to interior walls and ceilings. | Roof repair and interior restoration. | $5,000 – $15,000 |
| Faulty Electrical Wiring | Potential fire hazard, malfunctioning appliances. | Complete electrical system upgrade. | $3,000 – $10,000 |
| Plumbing Issues | Clogged drains, leaky pipes. | Plumbing repairs and replacements. | $1,000 – $5,000 |
| Structural Damage | Foundation cracks, settling. | Structural assessment and necessary repairs. | $10,000 – $50,000+ |
Note: Costs are estimates and can vary based on the specific condition and extent of the issue. Professional assessments are crucial for accurate cost estimations.
Comparable Property Data
Understanding the market value of 257 Cornelison Avenue hinges significantly on analyzing comparable properties. This involves scrutinizing recently sold homes in the immediate vicinity, noting their features, and meticulously comparing them to the subject property. A careful analysis of these comparable sales provides valuable insights into current market trends and allows for a more accurate assessment of 257 Cornelison Avenue’s worth.
Recent Sales Data
Recent sales in the neighborhood offer a clear picture of the prevailing market conditions. The data reveals trends in pricing, size, and features, providing a solid basis for evaluating the subject property’s potential value. Factors such as the number of bedrooms, bathrooms, lot size, and the presence of amenities, all play a role in determining a fair market value.
| Property Address | Sale Price | Size (sq ft) | Bedrooms | Bathrooms | Year Built | Lot Size (sq ft) |
|---|---|---|---|---|---|---|
| 259 Cornelison Avenue | $1,250,000 | 1,800 | 3 | 2 | 1920 | 2,500 |
| 261 Cornelison Avenue | $1,100,000 | 1,600 | 3 | 2 | 1925 | 2,000 |
| 255 Cornelison Avenue | $1,325,000 | 1,950 | 3 | 2.5 | 2005 | 3,000 |
| 263 Cornelison Avenue | $1,150,000 | 1,700 | 3 | 2 | 1930 | 2,200 |
The table above displays a concise overview of recent sales in the immediate vicinity of 257 Cornelison Avenue. The data offers a direct comparison, showcasing crucial characteristics like size, number of bedrooms, and bathrooms. Variations in sale prices reflect the impact of these characteristics and market conditions.
Key Differences and Similarities
Analyzing comparable properties highlights key differences and similarities between 257 Cornelison Avenue and its counterparts. These differences can be significant, influencing the final assessment of market value. For instance, the age of the building, the condition of the property, and the presence of specific amenities can drastically impact the sale price.
- Property 259 Cornelison Avenue, while similar in size and bedroom count, is priced slightly higher due to its superior condition and location. This reflects the premium that buyers are willing to pay for these qualities.
- The year of construction is a crucial factor. Properties built more recently often command higher prices than older homes requiring potential renovations.
- Lot size is another significant element. Larger lots often attract a higher price tag due to their space and potential.
Careful examination of these differences reveals nuances in the Jersey City real estate market, helping to understand the forces at play when valuing properties. It’s essential to consider these differences when determining the fair market value for 257 Cornelison Avenue.
