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

    1513 Summit Ave Union City, NJ 07087

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Multifamily property featuring 22 units, including 4 renovated units.

    Property size:
    14,700 SF

    Property Features for 1513 Summit Ave

    General Information

    Standard status
    Active
    Size
    14,700 SF

    We can help!

    Listing Contact
    David Ferber
    Source: Crexi

    Listing Agency: Matthews Listing Agent: David Ferber

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

    Learn more

    Overview

    22-Unit Multifamily Property For Sale

    This multifamily property features a brick building containing 22 units, including 4 units that have been gut renovated. The property encompasses a total size of 14,700 square feet.
    Location Intelligence

    Current Use by Public Records

    5 Star Personal ... Loan Service

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Union City
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0401077
    Latitude
    40.7638168

    Nearby Similar for Sale

    • $750,000

      Union City Commercial Building For Sale

      Versatile commercial building in Union City, minutes from NYC.
      510 43Rd St, Union City, NJ 07087
      View Details
    • New
      $850,000
      3,900 SF

      Union City Multifamily Investment Opportunity

      Six-unit multifamily property in Union City, near Bergenline Avenue.
      208 38Th St, Union City, NJ 07087
      View Details
    • $120,000
      700 SF

      Established Beauty Salon on Bergenline

      Turnkey beauty salon with loyal clientele on Bergenline Avenue.
      1708 Bergenline Ave, Union City, NJ 07087
      View Details
    • $815,000
      3,150 SF

      Union City Multifamily Investment Property

      Renovated 4-family property in Union City with immediate rental income.
      505 5Th St, Union City, NJ 07087
      View Details
    • $150,000

      Union City Pizzeria Business

      Turnkey pizzeria business for sale in a prime location.
      2601 Bergenline Ave, Union City, NJ 07087
      View Details
    • $799,000

      Union City Two-Family Home

      Well-maintained two-family home in Union City near transportation.
      1612 West St, Union City, NJ 07087
      View Details
    • $815,000
      0.06 Acres

      Renovated Fourplex in Union City

      Newly renovated four-family property with immediate rental income in Union City.
      505 5Th St, Union City, NJ 07087
      View Details
    • $875,000

      Union City Multifamily Investment Property

      Well-maintained 7-unit building in Union City, offering stable income.
      514 11Th St, Union City, NJ 07087
      View Details
    • $699,000

      Mixed-Use Property in Union City

      Mixed-use property with commercial storefront and residential apartment near transportation.
      1303 Summit Ave, Union City, NJ 07087
      View Details
    • $699,777

      Union City Mixed-Use Building

      Mixed-use building with daycare and residential unit in Union City.
      725 17Th St, Union City, NJ 07087
      View Details
    • $2,200,000

      Union City Industrial Warehouse

      Industrial warehouse in Union City, NJ, ideal for various operations.
      109-11 45Th St, Union City, NJ 07087
      View Details
    • $1,450,000
      1,500 SF

      Mixed-Use Property in Union City

      Mixed-use property with apartments, retail space, and garages.
      4312 Kennedy Blvd, Union City, NJ 07087
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily property featuring 22 units, including 4 renovated units.
    Where is this apartment building located?
    The property is located at 1513 Summit Ave Union City, NJ.
    What are key features of this property?
    This property features: - 4 Gut Renovated Units offer modern living.; - 22 Units in total, presenting a substantial investment opportunity.; - Brick Building providing classic appeal.
    Request Owner's contact information
    1513 Summit Ave Union City, NJ 07087
    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.
    1513 Summit Ave
    Union City, NJ 07087
    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
    1513 Summit Ave Union City, NJ 07087
    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
    David Ferber
    Real Estate License ID: 1974915
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!