4-Unit Residential
For Sale
$1,800,000
Pending
2 Hillside Ave, Summit, NJ 07901
R-10-zoned property with baseboard heating and a natural gas water heater.
Property Size4,239 SF
Days on Market52
Property Features for 2 Hillside Ave
General Information
Standard status
Pending
Size
4,239 SF
Property subtype
Residential Income
Zoning
R-10
Taxes and HOA fees
Annual Taxes
$17,852
Amenities
Baseboard, Natural Gas
Unfinished, Walk-Out Access
Gas Water Heater
Walk-In Closet(s)
Off Street, Detached
Fourplex
Building Details
Building Size
4,239 SF
Year Built
1890
Listing Agency:
Keller Williams Realty Metropolitan
Listed By:
KEVIN KARCICH
(862) 432-3409
Source:
Evrealestate
Added: Aug 12
Changed: Sep 30
Last Checked: Oct 1 at 10:59AM
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 Metropolitan
Investment Insights
Based on property information with market context.
This fourplex, built in 1890, includes baseboard heat and a gas water heater. Interior features include a walk-in closet and an unfinished area with walk-out access. The property also has off-street parking and a detached feature noted in the exterior details.
The property is at the corner of Hillside Avenue and DeForest Avenue in Summit, New Jersey, and is zoned R-10.
The property is at the corner of Hillside Avenue and DeForest Avenue in Summit, New Jersey, and is zoned R-10.
Key Highlights
- Fourplex residential property
- Built in 1890
- R‑10 zoning
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
$65,187
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
3.62%
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%
$1,303,740
$1.3M
Cap Rate 7%
$931,243
$931.2K
Cap Rate 9%
$724,300
$724.3K
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
$127.2K $30.00/SF
− Vacancy
−$8.6K −$2.04/SF
EGI
$118.5K $27.96/SF
− OpEx
−$53.3K −$12.58/SF
NOI
$65.2K $15.38/SF
Area
Union County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,303,740
Cap Rate 7%
$931,243
Cap Rate 9%
$724,300
Alternative Uses
Best Use
Apartment 5plus
$931.2K
$814.8K – $1.09M
NOI $65,187 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
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
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - R-10-zoned property with baseboard heating and a natural gas water heater.
Where is this residential income property 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: Fourplex residential property; Built in 1890; R‑10 zoning
