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    20 Franklin Pl Summit, NJ 07901

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    For Sale
    Contact for pricing

    Four buildings totaling 12,765 SF on approximately 1 acre.

    Property size:
    12,765 SF
    Lot size:
    0.94 Acres

    Property Features for 20 Franklin Pl

    General Information

    Size
    12,765 SF
    Lot size
    0.94 Acres

    Source: The Blau & Berg Company Agent Ashley Rosa

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

    Overview

    Downtown Commercial Redevelopment Opportunity

    This property features four buildings, with a total area of approximately 12,765 square feet. Three of the buildings are currently occupied. Building A has an area of approximately 3,665 square feet. Building B contains approximately 6,130 square feet, including approximately 3,920 square feet on the main floor and approximately 2,210 square feet of upstairs storage space. Building C has an area of approximately 1,890 square feet, while Building D contains approximately 1,080 square feet. Existing tenants include an auto repair shop and other commercial trades. The lot size is approximately 1 acre, identified as Block 3401, Lot 18. The land use is designated for commercial buildings. Zoned R5, the site allows single-family use, and all existing commercial uses are compliant and permitted to remain. This site presents a unique redevelopment opportunity, subject to local approval, for heavy commercial use in the downtown area. The property taxes for 2023 were $26,126.30.
    Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Union
    State
    New Jersey
    Longitude
    -74.3526901
    Latitude
    40.7165101

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    FAQs

    What type of property is this?
    Office building - Four buildings totaling 12,765 SF on approximately 1 acre.
    Where is this office building located?
    The property is located at 20 Franklin Pl Summit, NJ.
    What are key features of this property?
    This property features: - Rare opportunity for heavy commercial use in a downtown area.; - Property consists of 4 buildings (3 occupied) totaling ±12,765 SF.; - Zoned R5, allowing single-family use and existing commercial uses to remain (CO'd).
    (973) 379-6644
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    20 Franklin Pl Summit, NJ 07901
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    Summit, NJ 07901
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    Realmo Value Estimation

    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.

    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.

    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
    20 Franklin Pl Summit, NJ 07901
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