Four-Unit Victorian
New
For Sale
$1,800,000
2 Hillside Ave, Summit, NJ 07901
MULTI_FAMILY - Summit City, NJ
Property Size4,239 SF
Lot Size0.17 Acres
Price / SF$424.63
Days on Market5
Property Features for 2 Hillside Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 1, Basement, Bathroom 2, Bathroom 4, Bedroom 6, Bathroom 5, Bedroom 4, Bedroom 2, Bathroom 1
Parking
4
Patio and Porch features
Deck, Porch
Interior features
Carbon Monoxide Detector, Fire Alarm Sys, Skylight, Smoke Detector, Tile Floors, Walk-In Closet, Wood Floors
Exterior features
Curbs, Deck, Open Porch(es), Sidewalk, Thermal Windows/Doors
Subdivision
Northside
Lot features
Corner, Level Lot
Elementary school
Lincoln-Hubbard
Middle school
Summit MS
High school
Summit HS
Directions
Woodland Ave to Right on Cresent Ave to Left on Hillside Home on Right #2, corner of Hillside Ave and DeForest Ave
Standard status
Active
Size
4,239 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17852
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Steam, Electric (Heating), Other (Heating), Baseboard
Water source
Public
Amenities
covered front porch
shared pay-per-use laundry
detached garage
stained glass
decorative fireplaces (as-is)
Building Details
Year built
1890
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS METROPOLITAN · Keller Williams Realty
(973) 539-1120
Listed By:
KEVIN KARCICH
(973) 539-1120
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 16 at 10:06PM
MLS# 4046563
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1890 Victorian quadplex contains 4,239 square feet with four apartments totaling 7 bedrooms and 5 full baths. The unit mix includes two 1-bedroom apartments, one 2-bedroom apartment, and one 3-bedroom apartment. Kitchens and bathrooms were improved during 2023-2024, while decorative fireplaces, stained glass, wood floors, and a covered front porch retain historic character. Fireplaces are offered as-is.
Three apartments are occupied under leases extending into 2027, and the owner occupies the remaining 1-bedroom unit. Each apartment includes dedicated basement storage and one off-street parking space. The property also has a detached garage, shared pay-per-use laundry, an approximately 5-year-old boiler, two water heaters installed in 2020, and an approximately 10-year-old shingle roof.
Located 0.3 miles from downtown Summit, the property is across the street from the Farmers Market and near NJ Transit, restaurants, and shopping. Public water and public sewer serve the property, which is zoned R-10 on a 0.17-acre lot.
Three apartments are occupied under leases extending into 2027, and the owner occupies the remaining 1-bedroom unit. Each apartment includes dedicated basement storage and one off-street parking space. The property also has a detached garage, shared pay-per-use laundry, an approximately 5-year-old boiler, two water heaters installed in 2020, and an approximately 10-year-old shingle roof.
Located 0.3 miles from downtown Summit, the property is across the street from the Farmers Market and near NJ Transit, restaurants, and shopping. Public water and public sewer serve the property, which is zoned R-10 on a 0.17-acre lot.
Key Highlights
- Four apartments with 7 bedrooms and 5 full baths in a 4,239‑square‑foot 1890 Victorian
- Unit mix includes two 1‑bedroom, one 2‑bedroom, and one 3‑bedroom apartment
- Three units have leases extending into 2027; owner occupies the remaining 1‑bedroom unit
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
$70,945
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
3.94%
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%
$1,418,900
$1.4M
Cap Rate 7%
$1,013,500
$1.0M
Cap Rate 9%
$788,278
$788.3K
Market Conditions
NOI Build-Up for 4,239 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
$108.3K $25.56/SF
− Vacancy
−$7.0K −$1.65/SF
EGI
$101.3K $23.91/SF
− OpEx
−$30.4K −$7.17/SF
NOI
$70.9K $16.74/SF
Area
Union County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,418,900
Cap Rate 7%
$1,013,500
Cap Rate 9%
$788,278
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$886.8K – $1.18M
NOI $70,945 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$931.2K
$814.8K – $1.09M
NOI $65,187 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$1.11M
$968.5K – $1.29M
NOI $77,482 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,972
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated kitchens and baths complement original period details across four apartments near downtown Summit.
Where is this quadplex located?
The property is located at 2 Hillside Ave Summit, NJ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Four apartments with 7 bedrooms and 5 full baths in a 4,239‑square‑foot 1890 Victorian; Unit mix includes two 1‑bedroom, one 2‑bedroom, and one 3‑bedroom apartment; Three units have leases extending into 2027; owner occupies the remaining 1‑bedroom unit
