Residential Income Property with Central
245 Summit Ave, Jersey City, NJ 07304
For Sale
$1,198,000
Two-story configuration with finished space and walk-out access, plus central air and ceiling fans.
Property Size2,984 SF
Price / SF$460.77
Days on Market85
Property Features for 245 Summit Ave
General Information
Standard status
Size
Property subtype
Zoning
Taxes and HOA fees
Annual Taxes
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
Year Built
Stories
Listed By:
homecoin.com Minerick
(888) 400-2513
Source:
Evrealestate
Added: Aug 17
Changed: Nov 8
Last Checked: Nov 8 at 5:49AM
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 Minerick
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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 / Yr
$52,930
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
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
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 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 4.42%
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 4.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Location Intelligence
Trade Area within ½ mile
3,755
Businesses Nearby
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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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Market
Properties on Market for Residential income properties in Jersey City
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 $1,198,000.
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
