Prime Investment Opportunity ? 57 Park Ave, Summit, NJ Welcome to an exceptional multi-family property located in the highly sought-after town of Summit. This well-positioned asset features 5 residential units, consisting of two 1-bedroom apartments and three 2-bedroom apartments, offering a solid and diverse rental mix with strong income potential.… Read More Situated in a prime location, the property is just minutes from downtown, shopping, dining, and major transportation?making it highly desirable for tenants and ensuring consistent demand. What truly sets this property apart is its value-add potential. The basement currently includes an additional 2-bedroom layout, presenting the opportunity for a 6th unit. With proper approvals, including transitioning to 4A zoning, this could significantly increase rental income and overall property value. Highlights 5 Existing Units (2 one-bedrooms, 3 two-bedrooms) Prime Summit Location Strong Rental Demand Area Value-Add Opportunity with Potential 6th Unit Basement Layout Ready for Conversion (subject to approvals) Ideal for Investors Looking to Increase Cash Flow This is a rare chance to acquire a property in one of Union County?s most desirable markets with built-in upside. Property also features a well-maintained common laundry area equipped with two coin-operated machines, providing added convenience for tenants and additional income potential. Read Less
Courtesy of HIGHMARK REAL ESTATE.
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Square Ft.
4,300
Lot Size
0.08 Acres
Year Built
1910
MLS Number
4016408
30 Days Snapshot Of 07901
$1.31M
+11%
(avg) sold price
8
+60%
homes sold
50
-44%
(avg) days on market
Snapshot
Area Map
Additional Details
Basement
Finished, Storage, Walkout, Yes
Building
Built in 1910
Cooling
Central Air, Window A/C(s)
Exterior Features
Brick/Block, Vinyl Siding
Garage
4 garage spaces
Water Features
Public Water
Heating
Electric, Gas-Natural, Forced Hot Air
Lot
Approximate Lot Size: 41X87, 0.08 acres
Property
4,300 sqft building, 5 units
Roof
Flat
Sewer
Public Sewer
Taxes
Annual Tax Amount: $15,317, Tax Rate: 4.471
Utilities
See Remarks
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All information contained herein deemed reliable but not guaranteed. Buyers should personally verify all information. GSMLS Data provided via Home Junction, Inc.
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