Hi Leo,
If I don't specify -jN, I can see the image under out/target/product/sabresd_6dq/.
drwxrwxr-x 8 dean dean 4096 Mar 27 14:25 ./
drwxrwxr-x 3 dean dean 4096 Mar 27 10:15 ../
-rw-rw-r-- 1 dean dean 14 Mar 27 14:25 android-info.txt
-rw-r--r-- 1 dean dean 4263936 Mar 27 14:25 boot.img
-rw-rw-r-- 1 dean dean 15908 Mar 27 10:44 clean_steps.mk
drwxrwxr-x 4 dean dean 4096 Mar 27 11:28 data/
-rw-rw-r-- 1 dean dean 48870 Mar 27 14:25 installed-files.txt
-rwxr-xr-x 1 dean dean 4093120 Mar 27 10:56 kernel*
drwxrwxr-x 14 dean dean 4096 Mar 27 14:13 obj/
-rw-rw-r-- 1 dean dean 353 Mar 27 10:44 previous_build_config.mk
-rw-rw-r-- 1 dean dean 167791 Mar 27 14:25 ramdisk.img
-rw-rw-r-- 1 dean dean 938487 Mar 27 14:25 ramdisk-recovery.img
drwxrwxr-x 3 dean dean 4096 Mar 27 14:25 recovery/
-rw-r--r-- 1 dean dean 5036032 Mar 27 14:25 recovery.img
drwxrwxr-x 8 dean dean 4096 Mar 27 10:20 root/
drwxrwxr-x 5 dean dean 4096 Mar 27 14:10 symbols/
drwxrwxr-x 11 dean dean 4096 Mar 27 13:44 system/
-rw-r--r-- 1 dean dean 293601280 Mar 27 14:25 system.img
-rwxr-xr-x 1 dean dean 455936 Mar 27 10:22 u-boot-6dl.bin*
-rwxr-xr-x 1 dean dean 456240 Mar 27 10:21 u-boot-6q.bin*
-rwxr-xr-x 1 dean dean 455936 Mar 27 10:22 u-boot.bin*
-rwxr-xr-x 1 dean dean 4093184 Mar 27 10:56 uImage*
-rw-r--r-- 1 dean dean 134217728 Mar 27 14:25 userdata.img