Residential Income Property with Central
For Sale
$1,229,000
245 Summit Ave, Jersey City, NJ 07304
Two-story configuration with finished space and walk-out access, plus central air and ceiling fans.
Property Size2,984 SF
Price / SF$472.69
Days on Market40
Property Features for 245 Summit Ave
General Information
Standard status
Active
Size
2,984 SF
Property subtype
Residential Income
Zoning
R-2
Taxes and HOA fees
Annual Taxes
$19,380
Amenities
Ceiling Fan(s), Central Air
Electric, Forced Air, Natural Gas
Finished, Full, Walk-Out Access
Electric Water Heater
Walk-In Closet(s)
Concrete, Shared Driveway, On Street
2-Two Story, See Remarks
Building Details
Building Size
2,984 SF
Year Built
1844
Stories
2
Listing Agency:
homecoin.com
Listed By:
JONATHAN MINERICK · License #01523060
(888) 400-2513
Source:
Evrealestate
Added: Aug 17
Changed: Sep 24
Last Checked: Sep 24 at 2:28PM
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 homecoin.com
Investment Insights
Based on property information with market context.
This two-story residential income property at 245 Summit Ave has central air, ceiling fans, and finished space with full walk-out access. Interior features also include a walk-in closet and an electric water heater. Forced-air heating is powered by natural gas, and the property is zoned R-2.
Built in 1844, the property has a shared driveway and on-street parking.
Built in 1844, the property has a shared driveway and on-street parking.
Key Highlights
- Two‑story residential income property built in 1844
- Central air and ceiling fans
- Finished space with full walk‑out access
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
$52,930
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
4.31%
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%
$1,058,600
$1.1M
Cap Rate 7%
$756,143
$756.1K
Cap Rate 9%
$588,111
$588.1K
Market Conditions
NOI Build-Up for 2,600 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
$101.1K $38.88/SF
− Vacancy
−$4.9K −$1.87/SF
EGI
$96.2K $37.01/SF
− OpEx
−$43.3K −$16.66/SF
NOI
$52.9K $20.36/SF
Area
Jersey City, NJ
Vacancy
4.80%
Lease Rate
$38.88 /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%
$1,058,600
Cap Rate 7%
$756,143
Cap Rate 9%
$588,111
Alternative Uses
Best Use
Apartment 5plus
$756.1K
$661.6K – $882.2K
NOI $52,930 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$843.0K
$737.6K – $983.5K
NOI $59,007 @ 7.0% cap · market cap 4.80%
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
3,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 07304, NJ
48,681
Population
21,211
Households
2.3
Avg Household Size
35
Median Age
40%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
23,181
Density / Sq Mi
$68,432
Median Household Income
$47,673
Median Earnings
$1,572
Median Rent
$489,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story configuration with finished space and walk-out access, plus central air and ceiling fans.
Where is this residential income property located?
The property is located at 245 Summit Ave Jersey City, NJ.
What is the asking price?
The asking price for this property is $1,229,000.
What are key features of this property?
This property features: Two‑story residential income property built in 1844; Central air and ceiling fans; Finished space with full walk‑out access
