New Construction Triplex with Rooftop
For Sale
$2,367,000
1003 SUMMIT AVE, Jersey City, NJ 07307
3-4 Family, Multi-Level, Jersey City, NJ
Property Size4,618 SF
Price / SF$512.56
Days on Market49
Property Features for 1003 SUMMIT AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
7
Full bathrooms
6
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bedroom 9, Bedroom 8, Bedroom 7, Bedroom 3, Bathroom 4, Bathroom 6, Bathroom 5, Bathroom 7, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 1, Bathroom 2
Directions
Bowers & Charles Street
Subdivision
JC, Heights
Standard status
Active
Amenities
private backyard
deck
private rooftop deck
in-unit washer/dryer
central air conditioning
forced hot air heating
Building Details
Architectural style
Other
Listing Agency:
NEST SEEKERS NEW JERSEY LLC
(201) 225-8655
Listed By:
MARC BRENNER · License #0017898
(201) 225-2655
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 9 at 9:06AM
MLS# 260014563
Copyright © 2026 Realty MLS, Inc. 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 newly constructed three-family property at 1003 Summit Ave includes approximately 4,618 square feet, nine bedrooms, and 6.5 bathrooms. The residences are arranged with open living areas, high ceilings, wide-plank white oak flooring, oversized windows, and kitchens equipped with Bosch stainless steel appliances, quartz counters, custom cabinetry, and islands. In-unit LG washer and dryers, central air conditioning, and forced hot air heating serve each residence.
Outdoor features include a private backyard, a 300-square-foot deck, and a private rooftop deck. The property is one block from Central Avenue in Jersey City Heights, with access to restaurants, cafes, boutiques, parks, NJ Transit, the Hudson-Bergen Light Rail, and PATH service. The location provides connections to Hoboken, Downtown Jersey City, and Manhattan.
Outdoor features include a private backyard, a 300-square-foot deck, and a private rooftop deck. The property is one block from Central Avenue in Jersey City Heights, with access to restaurants, cafes, boutiques, parks, NJ Transit, the Hudson-Bergen Light Rail, and PATH service. The location provides connections to Hoboken, Downtown Jersey City, and Manhattan.
Key Highlights
- Newly constructed three‑family property with approximately 4,618 square feet
- Nine bedrooms and 6.5 bathrooms across the property
- Private backyard, 300‑square‑foot deck, and private rooftop deck
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,806
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,096,120
$2.1M
Cap Rate 7%
$1,497,229
$1.5M
Cap Rate 9%
$1,164,511
$1.2M
Market Conditions
NOI Build-Up for 4,618 SF
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.
Gross rent
$157.9K $34.20/SF
− Vacancy
−$8.2K −$1.78/SF
EGI
$149.7K $32.42/SF
− OpEx
−$44.9K −$9.73/SF
NOI
$104.8K $22.70/SF
Area
Jersey City, NJ
Vacancy
5.20%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,096,120
Cap Rate 7%
$1,497,229
Cap Rate 9%
$1,164,511
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $104,806 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,011 @ 7.0% cap · market cap 3.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,754
Businesses Nearby
Explore this area
Business Placement
Demographics for 07307, NJ
44,247
Population
18,762
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
23,288
Density / Sq Mi
$80,745
Median Household Income
$52,729
Median Earnings
$1,708
Median Rent
$574,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences offer contemporary finishes, private outdoor areas, and individual laundry, heating, and cooling systems.
Where is this triplex located?
The property is located at 1003 SUMMIT AVE Jersey City, NJ.
What is the asking price?
The asking price for this property is $2,367,000.
What are key features of this property?
This property features: Newly constructed three‑family property with approximately 4,618 square feet; Nine bedrooms and 6.5 bathrooms across the property; Private backyard, 300‑square‑foot deck, and private rooftop deck
