Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    102 Summer St Passaic, NJ 7055

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $840,000

    Three-unit automotive repair shop with value-add potential.

    Property size:
    7,400 SF
    Price / SF:
    $113/SF
    Added:
    Jun 2, 2025
    Days on Market:
    329
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 102 Summer St

    General Information

    Standard status
    Active
    Size
    7,400 SF

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    GABRIEL SAJIUN

    Listing agent GABRIEL SAJIUN

    Listing office ARENA COMMERCIAL BROKERAGE LLC

    Listing date Jun 2, 2025

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of ARENA COMMERCIAL BROKERAGE LLC

    Overview

    Three-Unit Automotive Repair Shop

    This is a three-unit automotive repair facility with 7,400 square feet of building space on a 14,050 square foot lot. Each of the three individual repair bays is equipped with its own private half bathroom, making the units self-contained. One unit, the largest, is located at 102 Summer Street and is rented for $3,400 per month. The other two units are located at 95 Burgess Street; the smaller unit is rented for $1,800 per month, and the larger side is rented for $2,700 per month. The total current monthly rent is $7,900. Two of the three leases have expired, presenting an immediate opportunity for lease renewal at market rates or replacement with new tenants. The third lease is set to expire on September 30, 2025. The property has an 8% cap rate based on current income and strong value-add potential by increasing below-market rents. It features a functional layout with individual restrooms and clear bay separation. This property is located in Passaic City, NJ, and offers both steady cash flow and upside potential through improved lease terms. It is an excellent opportunity for an owner-user or investor in a high-demand commercial sector.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Food Market Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Tow Truck New Jersey — 615 Main Ave Suite #1, Passaic, NJ 07055
    • Metro Petro Inc — 92 Broadway, Passaic, NJ 07055
    • Garfield Tire — 25 Ann St, Clifton, NJ 07013
    • R&Y Towing — 60 Broadway, Passaic, NJ 07055
    • Chris Lordi Auto Body Inc — 200-202, 200 Howe Ave, Passaic, NJ 07055

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1331
    Latitude
    40.8694

    Nearby Similar for Sale

    • $900,000

      Spacious 6-Bedroom Home with Parking

      Expansive Passaic residence with ample parking and versatile living spaces.
      38 Stewart Street, Passaic, NJ 07055
      View Details
    • $950,000

      Renovated Mixed-Use Property, Passaic

      Fully leased, renovated mixed-use property with separate utilities.
      142 PASSAIC ST, Passaic, NJ 07055
      View Details
    • $69,900
      600 SF

      Established Salon Business Opportunity

      Thriving salon for sale in Passaic City, New Jersey.
      481 Paulison Ave, Passaic City, NJ 07055-3152
      View Details
    • $875,000

      Spacious Multi-Level Home in Passaic

      Multi-level home with flexible living arrangements and generous parking.
      342 Sherman St, Passaic City, NJ 07055-3130
      View Details
    • $585,000

      Well-Maintained Two-Family House

      Two-family house with finished basement, attic, and parking.
      383 Highland Ave, Passaic City, NJ 07055-3210
      View Details
    • $689,900

      Passaic City Multi-Family Home

      Two-story multi-family home with garage and backyard.
      35 7Th Ave, Passaic City, NJ 07055-2135
      View Details
    • $719,999

      Passaic City Multi-Family Opportunity

      Multi-family property in Passaic City, great investment or owner-occupant.
      16 Krueger Pl, Passaic City, NJ 07055-2325
      View Details
    • $159,900
      1,200 SF

      Established Flower Franchise for Sale

      Turnkey 1-800-Flowers franchise with warehouse and growth potential.
      343 Monroe St, Passaic City, NJ 07055-4115
      View Details
    • $1,250,000
      4,000 SF

      Passaic City Commercial Opportunity

      Commercial building in downtown Passaic City with retail and office spaces.
      51 Central Ave, Passaic City, NJ 07055-8406
      View Details
    • $799,000
      5,100 SF

      Commercial - Passaic City, NJ

      111 Lexington Ave, Passaic City, NJ 07055-5246
      View Details
    • $399,000

      Passaic City Parking Lot

      13-spot parking lot in Passaic City, New Jersey.
      98 Lexington Ave, Passaic City, NJ 07055-5245
      View Details
    • $799,900
      3,000 SF

      All-Brick Place of Worship

      Move-in ready, furnished place of worship with parking.
      181 Lexington Ave, Passaic City, NJ 07055
      View Details

    FAQs

    What type of property is this?
    Auto shop - Three-unit automotive repair shop with value-add potential.
    Where is this auto shop located?
    The property is located at 102 Summer St Passaic, NJ.
    What is the asking price?
    The asking price for this property is $840,000.
    What are key features of this property?
    This property features: High 8% Cap Rate based on current income.; Strong value‑add potential through increasing below‑market rents.; Three self‑contained units, each with a private half bathroom.
    We can help!
    Listing Contact
    GABRIEL SAJIUN
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!