Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    53 Summer St Passaic, NJ 07055

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,500 /Mo

    Modern, renovated 2-bedroom apartment near highways, shopping, and restaurants.

    Lot size:
    0.12 Acres

    Property Features for 53 Summer St

    General Information

    Lot size
    0.12 Acres

    Building Details

    Year built
    9999

    We can help!

    Listing Contact
    DAWN MCCULLOUGH
    DAWN MCCULLOUGH
    Source: Elliman

    Listing Agent: DAWN MCCULLOUGH

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

    Learn more

    Overview

    Renovated Apartment Near Amenities

    This fully renovated first-floor apartment features a sleek, modern design. The layout includes a living room, dining room, eat-in kitchen, two bedrooms, and a full bath. The property is conveniently located near highways, shopping, and restaurants.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Gym & Fitness Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.13031
    Latitude
    40.869556

    Nearby Similar for Lease

    • $2,910 /Mo
      6,970 SF

      Passaic City Ground-Floor Office Space

      Ground-floor office with open layout and convenient parking.
      54 Main Ave, Passaic, NJ 07055
      View Details
    • Contact for pricing
      7,405 SF

      Passaic City Commercial Space Available

      Commercial space with freight elevator and potential parking options.
      2 Aspen Pl, Passaic, NJ 07055
      View Details
    • $2,200 /Mo

      Spacious Two-Bedroom Apartment in Passaic

      Bright 2-bedroom apartment near Downtown Passaic, available now.
      177 Ninth St, Passaic, NJ 07055
      View Details
    • $16 SF/Yr
      22,000 SF

      Central Ave Warehouse Space

      Spacious Warehouse, Ideal Location
      53 Central Ave, Passaic, NJ 07055
      View Details
    • Contact for pricing
      31,335 SF

      Prime Passaic Executive Office Space

      7,833 SF Vacant Office in Passaic, NJ
      656 Main Ave, Passaic, NJ 07055
      View Details
    • $875,000

      Remodeled Mixed-Use Property For Rent

      Turnkey, income-producing mixed-use property with commercial and residential units.
      45 Parker Ave, Passaic, NJ 07055
      View Details
    • $12 SF/Yr

      Former School Building For Rent

      33,500 SF former school building with classrooms and amenities.
      123 Jefferson St, Passaic, NJ 07055
      View Details
    • $2,650 /Mo

      Spectacular Two-Level Apartment For Rent

      Bright, airy two-level apartment with top-of-the-line finishes.
      196 Burgess Pl, Passaic, NJ 07055
      View Details
    • $2,300 /Mo

      Renovated Apartment Near Amenities

      Move-in ready, renovated apartment near shopping, transportation, and schools.
      29 Broadway 2, Passaic, NJ 07055
      View Details
    • $2,250 /Mo

      Renovated Apartment with Modern Kitchen

      Move-in ready apartment near shopping, transportation, and schools.
      29 Broadway 3, Passaic, NJ 07055
      View Details
    • $2,525 /Mo

      Spacious 2 Bedroom Apartment

      Large 2 bedroom apartment with den in Passaic.
      30 Howe Ave, Passaic, NJ 07055
      View Details
    • $2,700 /Mo

      Passaic NJ 4-Bedroom Apartment

      Four-bedroom apartment near transportation, shopping, and amenities.
      208 4Th St, Passaic, NJ 07055
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Modern, renovated 2-bedroom apartment near highways, shopping, and restaurants.
    Where is this multifamily property located?
    The property is located at 53 Summer St Passaic, NJ.
    What are key features of this property?
    This property features: - Fully renovated first-floor apartment; - Modern, sleek design throughout; - Convenient location near highways, shopping, and restaurants
    (888) 501-6953
    Request Owner's contact information
    53 Summer St Passaic, NJ 07055
    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.
    53 Summer St
    Passaic, NJ 07055
    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
    53 Summer St Passaic, NJ 07055
    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

    We can help!
    Listing Contact
    DAWN MCCULLOUGH
    DAWN MCCULLOUGH
    Real Estate License ID: 0559558
    (888) 501-6953
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.