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    24 Franklin Place Summit, NJ 7901

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    For Sale
    $1,888,000

    Well-maintained four-unit multifamily home near Summit Train Station.

    Type:Multi Family / 3-Three Story
    Property size:
    721 SF
    Added:
    Nov 28, 2025
    Days on Market:
    139
    Last Refresh:
    Mar 13 at 1:40 pm

    Property Features for 24 Franklin Place

    General Information

    Standard status
    Active
    Size
    721 SF
    Property subtype
    Multi Family / 3-Three Story

    Building Details

    Year Built
    1898

    We can help!

    Listing Contact
    ARLENE GORMAN GONNELLA

    Listing agent ARLENE GORMAN GONNELLA License #210443

    Listing office WEICHERT REALTORS

    Listing date Nov 28, 2025

    Source Compass

    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 WEICHERT REALTORS

    Overview

    Sun-Filled Multifamily Home in Summit

    This sun-filled and well-maintained four-unit multifamily home features a front lawn and backyard. Located in the heart of Summit, it is a short walk to the Summit Train Station and downtown area. The property is ideal for owners or renters who commute to Manhattan and Wall Street. The first floor contains two one-bedroom apartment units. Unit A includes one bedroom, one bath, and a living room with a panoramic bay window. The living room and bedroom are separated by a French door. Apartment B has one bedroom, one living room, a bath, and a large oversized kitchen with a large dining area. The entire second floor is a newly remodeled three-bedroom unit with a large living room. The remodeled kitchen and new wood floors in the living room complement the three bedrooms. The unit also features a coffered ceiling and two bathrooms. The third floor houses the remodeled fourth unit with new hardwood floors, a comfortable bedroom, and a spacious living room. The new kitchen has new appliances. The property has 8 parking spaces. There is potential for conversion to 5 units, and condo plans have been drawn up by an architect. The property size is 721 square feet.
    Location Intelligence

    Current Use by Public Records

    CCM Water Emergency ... Hardware & Home Improvement The Popular Mechanic Auto Repair Shop Parker's Petals (Bike/Boat/Book/etc) Store Hg Edwards Hardware & Home Improvement

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Union
    State
    New Jersey
    Longitude
    -74.3529136
    Latitude
    40.716497

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    FAQs

    What type of property is this?
    Quadplex - Well-maintained four-unit multifamily home near Summit Train Station.
    Where is this quadplex located?
    The property is located at 24 Franklin Place Summit, NJ.
    What is the asking price?
    The asking price for this property is $1,888,000.
    What are key features of this property?
    This property features: Three vacant units offer immediate rental income or owner‑occupancy flexibility.; Prime location: short walk to Summit Train Station and Downtown, ideal for commuters to Manhattan/Wall Street.; Highly rated Summit schools enhance property value and appeal to families.
    (973) 376-4545
    We can help!
    Listing Contact
    ARLENE GORMAN GONNELLA
    Real Estate License ID: 210443
    Learn More
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    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
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