Corner Mixed-Use
For Sale
$2,100,000
53 Summit Ave, Summit, NJ 07901
Corner property with ground-floor commercial space and three upstairs residences plus flexible lower-level space with direct exterior access.
Property Size4,200 SF
Days on Market62
Property Features for 53 Summit Ave
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$19,783
Building Details
Building Size
4,200 SF
Year Built
9999
Stories
2
Units
5
Listing Agency:
KELLER WILLIAMS REALTY
(908) 233-8502
Listed By:
BARBARA LEWIS
Source:
Elliman
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 9 at 9:08AM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This corner mixed-use property combines commercial and residential components with a lower level designed for flexible use. The ground floor includes commercial space, while the second level provides three residential apartments: one one-bedroom unit and two studio apartments. A dedicated private entrance is provided for residential tenants from Franklin Place. The lower level offers expansive flexible space with direct exterior access, which can support storage, operations, creative workspace, or supplemental uses depending on the tenant or buyer’s plan.
Located in the heart of Downtown Summit at 53 Summit Ave, the property is positioned within a walkable commuter setting. It is described as being just steps from the Summit Parking Garage and the NJ Transit train station, which offers direct service to New York City. Surrounding amenities include boutique shopping and dining, along with everyday conveniences that serve both residents and commuters.
The configuration can fit a range of ownership and operating approaches, including investors seeking mixed-use income, an owner-user looking for a downtown presence with residential support, or a developer considering adaptability for ground-floor commerce and a lower-level space plan. Residential access is separated from the commercial entry experience, and the direct exterior access to the lower level supports practical, operational flexibility.
Located in the heart of Downtown Summit at 53 Summit Ave, the property is positioned within a walkable commuter setting. It is described as being just steps from the Summit Parking Garage and the NJ Transit train station, which offers direct service to New York City. Surrounding amenities include boutique shopping and dining, along with everyday conveniences that serve both residents and commuters.
The configuration can fit a range of ownership and operating approaches, including investors seeking mixed-use income, an owner-user looking for a downtown presence with residential support, or a developer considering adaptability for ground-floor commerce and a lower-level space plan. Residential access is separated from the commercial entry experience, and the direct exterior access to the lower level supports practical, operational flexibility.
Key Highlights
- Corner mixed‑use building in Downtown Summit with ground‑floor commercial space
- Three residential apartments on the second level: one 1‑bedroom and two studio apartments
- Lower level offers expansive flexible space with direct exterior access
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
$64,865
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
3.09%
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%
$1,297,300
$1.3M
Cap Rate 7%
$926,643
$926.6K
Cap Rate 9%
$720,722
$720.7K
Market Conditions
NOI Build-Up for 4,200 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
$113.4K $27.00/SF
− Vacancy
−$13.6K −$3.24/SF
EGI
$99.8K $23.76/SF
− OpEx
−$34.9K −$8.32/SF
NOI
$64.9K $15.44/SF
Area
Union County, NJ
Vacancy
12.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,297,300
Cap Rate 7%
$926,643
Cap Rate 9%
$720,722
Alternative Uses
Best Use
Flex RnD
$926.6K
$810.8K – $1.08M
NOI $64,865 @ 7.0% cap · market cap 3.09%
Second Best
Office B
$918.0K
$803.3K – $1.07M
NOI $64,260 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$1.10M
$959.6K – $1.28M
NOI $76,769 @ 7.0% cap · market cap 3.66%
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
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 07901, NJ
24,199
Population
9,477
Households
2.6
Avg Household Size
40
Median Age
72%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
3,841
Density / Sq Mi
$177,986
Median Household Income
$87,088
Median Earnings
$2,209
Median Rent
$958,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property with ground-floor commercial space and three upstairs residences plus flexible lower-level space with direct exterior access.
Where is this mixed-use property located?
The property is located at 53 Summit Ave Summit, NJ.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Corner mixed‑use building in Downtown Summit with ground‑floor commercial space; Three residential apartments on the second level: one 1‑bedroom and two studio apartments; Lower level offers expansive flexible space with direct exterior access
