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57 Park Ave
Summit, NJ 07901
Multifamily Property For Sale
·
5 Units
Executive Summary
Fully occupied five-family multifamily investment property offered for sale, featuring four 2-bedroom units and one 1-bedroom unit. The property also offers strong upside potential with a fully built-out basement currently configured as a 2-bedroom unit with kitchen and full bath, presenting the possibility of adding a sixth unit (buyer to verify). All apartments are separately metered for utilities, providing efficient operations and reduced owner expenses. The property generates approximately $92,000 in NOI and is offered at a 4.38% cap rate, making it an attractive opportunity for investors, including those seeking a 1031 exchange.
Property Facts
| Price Per Unit | $575,009 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 4.38% | Building Size | 3,612 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1910 |
| Apartment Style | Low-Rise | Parking Ratio | 1.1/1,000 SF |
| Zoning | R-5 - Governs single-family residential development on relatively small lots. | ||
| Price Per Unit | $575,009 CAD |
| Sale Type | Investment |
| Cap Rate | 4.38% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 3,612 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1910 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | R-5 - Governs single-family residential development on relatively small lots. |
Amenities
Site Amenities
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 903 |
Property Taxes
| Parcel Number | 18-04003-0000-00022 | Improvements Assessment | $376,768 CAD |
| Land Assessment | $92,275 CAD | Total Assessment | $469,043 CAD |
Property Taxes
Parcel Number
18-04003-0000-00022
Land Assessment
$92,275 CAD
Improvements Assessment
$376,768 CAD
Total Assessment
$469,043 CAD
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