Renovated Multi-Unit
345 Summer Ave Newark, NJ 07104
345 Summer Ave, Newark, NJ, 07104
$910,000
For Sale
$910,000
MULTI_FAMILY - Newark City, NJ
Property Size2,040 SF
Lot Size0.06 Acres
Price / SF$446.08
Days on Market163
Property Features for 345 Summer Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bathroom 3, Bedroom 5, Bedroom 1, Basement, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bathroom 4, Bedroom 4
- Parking
- 3
- Interior features
- Carbon Monoxide Detector, Marble Floors, Smoke Detector, Track Lighting, Walk-In Closet
- Exterior features
- Curbs
- Standard status
- Active
- Size
- 2,040 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 5118
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Floors in Building
- 3
- Number of units
- 3
- Roof type
- Shingle
- Architectural style
- Other
Listing agency
REALTY EXECUTIVES EXCEPTIONAL
(973) 696-8800
Listed by
JOAN LAGRECA
Added: Feb 9 Updated: Jul 7 at 4:40PM Checked: Jul 22 at 6:06AM
MLS# 4009158
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated multi-level, multi-unit residence is offered as a three-level home with additional finished living space. The first residence includes an eat-in kitchen with a separate formal dining area, spacious bedrooms, a full bath, and an open living/dining-room layout. The second-level residence features two private entrances, an eat-in kitchen with a dedicated dining area, two bedrooms, a full bath, and a bright living-room/dining-room combination. Additional finished space includes a fully finished attic with a private room and a full bath, plus a finished lower-level bonus unit with two rooms/bedrooms, a stall bath, and laundry hookups for a stackable washer/dryer (washer/dryer not included). Gas baseboard heating serves the home.
Located in Newark City, Essex County, the property includes a private rear driveway providing off-street parking. The property is being offered sold as-is with no known issues reported by the seller, and it will be delivered vacant.
For buyers or operators seeking a renovated, multi-level rental setup, the configuration supports a variety of occupancy options across the main floor, second level, attic, and finished lower-level bonus unit. The presence of private entrances on the second-level residence can support flexible tenant use and day-to-day functionality, while the off-street parking helps limit reliance on on-street spaces.
Located in Newark City, Essex County, the property includes a private rear driveway providing off-street parking. The property is being offered sold as-is with no known issues reported by the seller, and it will be delivered vacant.
For buyers or operators seeking a renovated, multi-level rental setup, the configuration supports a variety of occupancy options across the main floor, second level, attic, and finished lower-level bonus unit. The presence of private entrances on the second-level residence can support flexible tenant use and day-to-day functionality, while the off-street parking helps limit reliance on on-street spaces.
Key Highlights
- Multi‑unit home with finished attic bonus room and full bath, plus a finished lower‑level bonus unit with two rooms/bedrooms
- 5+ bedrooms and 4+ bathrooms across multiple living spaces, including separate entrances for the second‑level residence
- Eat‑in kitchens in multiple units, including a dedicated dining area and an open living/dining layout on the main level
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.1k | $25.56 |
| − Vacancy | −$2.5k | −$1.24 |
| EGI | $49.6k | $24.32 |
| − OpEx | −$14.9k | −$7.30 |
| NOI | $34.7k | $17.03 |
2,040 SF · lease $25.56/SF/yr · vacancy 4.84% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$496.2K
$434.2K – $578.9K
NOI $34,733 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$456.3K
$399.3K – $532.4K
NOI $31,943 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$645.3K
$564.6K – $752.8K
NOI $45,170 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Renovated multi-level income property with multiple finished living areas and private rear off-street parking.
Where is this triplex located?
The property is located at 345 Summer Ave Newark, NJ.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: Multi‑unit home with finished attic bonus room and full bath, plus a finished lower‑level bonus unit with two rooms/bedrooms; 5+ bedrooms and 4+ bathrooms across multiple living spaces, including separate entrances for the second‑level residence; Eat‑in kitchens in multiple units, including a dedicated dining area and an open living/dining layout on the main level
