Two-Unit Mixed-Use
For Sale
$649,500
199 Summer Ave, Newark, NJ 07104
Two-unit property with a leased ground-floor grocery and a rented 4-bedroom residence above.
Property SizeContact for details
Days on Market64
Property Features for 199 Summer Ave
General Information
Standard status
Active
Property subtype
Commercial
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,573
Amenities
Central air
1 Unit Cooling
1 Unit Heating
Flat Roof
On-Street Parking
Wall A/C Unit(s) Cooling
Building Details
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX PROFESSIONALS I
(973) 450-4000
Listed By:
JEANETTE RODRIGUEZ · License #1757858
Source:
Corcoran
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 9 at 7:39AM
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 RE/MAX PROFESSIONALS I
Investment Insights
Based on property information with market context.
This well-maintained two-unit mixed-use property combines a ground-floor commercial space with a fully rented residential unit on the second floor. The commercial space is occupied by a neighborhood grocery store under a lease with 12 years remaining and 3% annual rent increases. The business is not for sale. The second-floor unit includes 4 bedrooms, 1 full bathroom, and a den/office, and is currently rented on a month-to-month basis.
The property is located on a busy street with strong visibility and consistent foot traffic. It also offers convenient access to major highways, public transportation, shopping, and local amenities, supporting everyday neighborhood needs.
For investors or buyers seeking a turnkey mixed-use structure, the current setup provides immediate, income-generating occupancy: the grocery lease contributes steady commercial rent for the long term, while the residential unit’s month-to-month arrangement offers flexibility for future planning. Current rental income is $3,550/month for the commercial unit and $2,420.50/month for the residential unit. Annual taxes are reported at $9,573.61.
The property is located on a busy street with strong visibility and consistent foot traffic. It also offers convenient access to major highways, public transportation, shopping, and local amenities, supporting everyday neighborhood needs.
For investors or buyers seeking a turnkey mixed-use structure, the current setup provides immediate, income-generating occupancy: the grocery lease contributes steady commercial rent for the long term, while the residential unit’s month-to-month arrangement offers flexibility for future planning. Current rental income is $3,550/month for the commercial unit and $2,420.50/month for the residential unit. Annual taxes are reported at $9,573.61.
Key Highlights
- Two‑unit mixed‑use property built in 1920 with a leased ground‑floor commercial space and a rented residential unit above
- Ground‑floor commercial: neighborhood grocery store tenant has 12 years remaining on the lease; NOT for sale
- Commercial rent is $3,550/month with 3% annual rent escalations
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,962
Businesses Nearby
Explore this area
Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-unit property with a leased ground-floor grocery and a rented 4-bedroom residence above.
Where is this mixed-use property located?
The property is located at 199 Summer Ave Newark, NJ.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: Two‑unit mixed‑use property built in 1920 with a leased ground‑floor commercial space and a rented residential unit above; Ground‑floor commercial: neighborhood grocery store tenant has 12 years remaining on the lease; NOT for sale; Commercial rent is $3,550/month with 3% annual rent escalations
