Multifamily Apartment
2705 Summit Avenue Union City, NJ 07087
2705 Summit Avenue, Union City, NJ, 07087
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For Sale
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Residential income property available for sale in Union City, suitable for investors seeking a multifamily asset.
Property Size11,200 SF
Price / SF$225.54
Days on Market48
Property Features for 2705 Summit Avenue
General Information
- Standard status
- Active
- Size
- 11,200 SF
- Property subtype
- Multifamily
Listing Agency
Matthews
Listed by
David Ferber · License #1974915
Source
Crexi
Added: Jun 2 Checked: Jul 17 at 6:48 am
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 Matthews
Investment Insights
Based on property information with market context.
This offering is a multifamily apartment building in Union City, New Jersey, presented for sale as a residential income property. The property is listed with a total size of 11,200 (per the provided information), offering an asset structure designed to support multiple rental occupants under one ownership.
The building is located at 2705 Summit Avenue in Union City (07087). As a Union City multifamily asset, it is positioned for buyers looking to own residential income real estate within the local housing market.
For investors and owner-operators, a multifamily apartment building can provide a straightforward platform for managing rental housing as part of a portfolio. This listing is best suited for buyers specifically seeking a multifamily residential income property and those who want to evaluate the asset’s income-producing characteristics based on their own underwriting and due diligence.
The building is located at 2705 Summit Avenue in Union City (07087). As a Union City multifamily asset, it is positioned for buyers looking to own residential income real estate within the local housing market.
For investors and owner-operators, a multifamily apartment building can provide a straightforward platform for managing rental housing as part of a portfolio. This listing is best suited for buyers specifically seeking a multifamily residential income property and those who want to evaluate the asset’s income-producing characteristics based on their own underwriting and due diligence.
Key Highlights
- Multifamily income property for sale in Union City
- Listed with a 7.25% cap rate
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $336.0k | $30.00 |
| − Vacancy | −$22.8k | −$2.04 |
| EGI | $313.2k | $27.96 |
| − OpEx | −$140.9k | −$12.58 |
| NOI | $172.2k | $15.38 |
11,200 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,234 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.06M
$3.55M – $4.73M
NOI $283,894 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Residential income property available for sale in Union City, suitable for investors seeking a multifamily asset.
Where is this apartment building located?
The property is located at 2705 Summit Avenue Union City, NJ.
What is the asking price?
The asking price for this property is $2,526,000.
What are key features of this property?
This property features: Multifamily income property for sale in Union City; Listed with a 7.25% cap rate
