III Zw 2 was first discovered by Fritz Zwicky via a 48-inch Schmidt survey as a stellar object with faint wisps. However, it was confirmed to have a Seyfert morphology with classical broadline characteristic based on further spectroscopic studies. It was also included in Palomar Green quasar sample.
III Zw 2 contains a supermassive black hole of 7.4 × 108M⊙. The black hole is responsible for producing an ionized wind outflow with a velocity of km s−1. Approximately every five years the galaxy emits dramatic radio outbursts.