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57 Park Ave Summit City, NJ 07901
4,300 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,300 sqft
Price per Sqft $441
MLS Listing ID 4016804
Year Built 1910
Annual Tax Amount $15,317
Tax Year 2025
Lot Size 3,484 Sqft
Property Description
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. 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.
Location
State NJ
County Union
Zoning R-5
Rooms
Basement Finished, Storage, Walkout
Interior
Heating Electric, Gas-Natural
Cooling Central Air, Window A/C(s)
Equipment Fire Alarm, Fixtures, Refrigeration Unit, Restrooms - Private, Restrooms - Public, Smoke Detector
Heat Source Electric, Gas-Natural
Exterior
Exterior Feature Brick/Block, Vinyl Siding
Utilities Available See Remarks
Roof Type Flat
Building
Story 2
Sewer Public Sewer
Water Public Water
Others
Ownership Fee Simple
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Listed by HIGHMARK REAL ESTATE
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