Victorian Quadplex with Updated
For Sale
$1,800,000
Pending
2 Hillside Ave, Summit, NJ 07901
Multi-Family, Fourplex, Summit City, NJ
Property Size4,239 SF
Lot Size0.17 Acres
Days on Market85
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 6, Bathroom 2, Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 5, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 2, Basement
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
Pending
Size
4,239 SF
Lot size
0.17 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17852
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Steam, Baseboard, Other (Heating)
Water source
Public
Amenities
shared laundry
covered front porch
dedicated basement storage
Building Details
Year built
1890
Number of units
4
Roof type
Shingle
Architectural style
Other
Buildings
1
Listing Agency:
KELLER WILLIAMS METROPOLITAN · Keller Williams Realty
Listed By:
KEVIN KARCICH
(973) 539-1120
Added: Aug 12
Changed: Oct 28
Last Checked: Nov 4 at 9:06AM
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.
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Investment Insights
Based on property information with market context.
This 1890 Victorian quadplex contains 4,239 square feet arranged as four apartments: two 1-bedroom units, one 2-bedroom unit, and one 3-bedroom unit. The property includes 7 bedrooms and 5 full baths, with kitchens and bathrooms renovated during 2023-2024. Three apartments have tenants with leases extending into 2027, while the remaining 1-bedroom apartment is owner occupied. Residents have individual basement storage, one off-street parking space per apartment, and access to shared pay-per-use laundry. Building systems include a boiler approximately 5 years old, two water heaters installed in 2020, and an approximately 10-year-old shingle roof.
Located 0.3 miles from downtown Summit, the property is near NJ Transit, restaurants, shopping, the Farmers Market, sidewalks, and other downtown amenities. Period features include stained glass, decorative fireplaces offered as-is, a covered front porch, wood floors, and a detached garage. The property is served by public water and public sewer and is zoned R-10.
Located 0.3 miles from downtown Summit, the property is near NJ Transit, restaurants, shopping, the Farmers Market, sidewalks, and other downtown amenities. Period features include stained glass, decorative fireplaces offered as-is, a covered front porch, wood floors, and a detached garage. The property is served by public water and public sewer and is zoned R-10.
Key Highlights
- Four‑apartment layout with two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit
- 4,239 square feet on a 0.17‑acre lot
- Kitchens and baths updated during 2023‑2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,945
Cap Rate
3.94%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,972
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four apartments pair refreshed kitchens and baths with original architectural details and dedicated storage.
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‑apartment layout with two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit; 4,239 square feet on a 0.17‑acre lot; Kitchens and baths updated during 2023‑2024
