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37 Thorne St #3L
Jersey City, NJ

37 Thorne St #3L

$525,000
2 bd • 2 ba • 845 sf

This analysis was generated by artificial intelligence on 1/18/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$525,000

Price/Sq.Ft

$621

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This property excels with its modern, stylish design and prime location in Jersey City Heights. The open and airy living space with rich hardwood floors throughout adds significant value. The chef-inspired kitchen, featuring stainless steel appliances, custom cabinetry with copper accents, and a waterfall countertop, is a major selling point. Both bathrooms offer luxurious finishes, including a glass-enclosed shower and a soothing tub. The unit's price of $621.30/sqft is competitive for the area, considering the high-end finishes. The property's location in a boutique 6-unit condo building with on-site storage is attractive for those seeking a more intimate living environment. At 845 sqft, the space is efficiently designed to accommodate 2 bedrooms and 2 bathrooms, making it suitable for small families or professionals. The inclusion of a washer/dryer in the unit adds convenience and value.

The Bad

The property's severe flood risk (8/10) is a significant concern, potentially leading to high insurance costs and future damages. The wind risk is also major (6/10), which could further impact insurance premiums. The heat risk is severe (7/10), with temperatures reaching 98°F on hot days, which may lead to increased cooling costs. The property relies on wall unit(s) for climate control, which may be less efficient than central HVAC systems. The HOA fee, while including water, is not specified, which could be a hidden cost. The local public high school (William L. Dickinson High School) has a low rating of 2/10, which may be a concern for families with school-age children.

The Ugly

The SEVERE flood risk (8/10) is a major red flag, potentially leading to significant insurance costs and future property damage. The property's location in FEMA Zone X_UNSHADED suggests it's outside the 100-year floodplain, but still at risk. The combination of severe flood risk, major wind risk, and severe heat risk could make this property challenging to insure at reasonable rates. The reliance on wall units for climate control in a region with severe heat risk could lead to comfort issues and high energy bills. The unknown year built raises concerns about potential hidden issues related to the building's age and construction quality. The low-rated nearby high school (2/10) could negatively impact long-term property value and make it less attractive to families with children.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for young professionals or couples without children who prioritize modern design, urban living, and proximity to amenities. It's ideal for those with a household income around $175,000+ (based on a 28% front-end DTI ratio for a $525,000 property). The property would appeal to buyers who value a stylish, low-maintenance lifestyle and don't mind the trade-offs of condo living. It's also suitable for investors looking for rental properties, as the two-bedroom layout could command around $2,088/month based on local rental rates, potentially yielding a gross rent multiplier of about 21.

Not For

This property is not suitable for large families needing more than two bedrooms or extensive living space. It's also not ideal for buyers with a strong aversion to flood and climate risks, as the severe flood and heat risks may cause ongoing stress and potential financial burdens. Those sensitive to high insurance costs should be cautious. Buyers seeking top-rated public schools for high school students should look elsewhere due to the low-rated nearby high school. The property may not be suitable for those with limited mobility, as it's a third-floor unit (3L) and the building's elevator status is unknown.
Demographics
Area Median Income

$69,124

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Risk Assessment

Climate Risks

floodSEVERE

FEMA Zone: X_UNSHADED

Insurance: Required

heatSEVERE

7 extreme heat days per year

98th percentile: 98°F

windMAJOR

Insurance: Required

airMODERATE

5 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

The severe flood risk (8/10) is the most pressing concern, potentially leading to high insurance costs, future property damage, and difficulties in resale. The major wind risk (6/10) compounds the insurance concerns. The severe heat risk (7/10) could lead to increased cooling costs and potential comfort issues, especially given the reliance on wall units for climate control. The unknown year built raises concerns about potential hidden issues related to the building's age, such as outdated wiring, plumbing, or structural problems. The low-rated nearby high school could negatively impact long-term property value. The boutique nature of the 6-unit condo building might lead to higher per-unit costs for major repairs or improvements. The HOA fee structure and potential for special assessments should be carefully examined. The property's days on market (8) is relatively low, which could lead to hasty decision-making in a competitive market.
Insurance
Annual Cost

$1,890

$158 per month

Financials

Monthly Costs
Market Rent (2 bed)

$2,088

Get a detailed rental estimate on Zillow®
HOA Fee

$290

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Frequently Asked Questions

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