Renovated Triplex with
For Sale
$910,000
345 Summer Ave, Newark, NJ 07104
Three-unit residential property with updated interiors, finished bonus areas, gas baseboard heat, and private off-street parking.
Property Size2,040 SF
Price / SF$446.08
Days on Market34
Property Features for 345 Summer Ave
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
9999
Buildings
1
Stories
3
Listing Agency:
REALTY EXECUTIVES EXCEPTIONAL
(973) 575-6700
Listed By:
JOAN LAGRECA
Source:
Goldstandardrealty
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 29 at 12:05PM
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 REALTY EXECUTIVES EXCEPTIONAL
Investment Insights
Based on property information with market context.
This renovated triplex at 345 Summer Ave includes three residential levels with varied living arrangements. The first residence has an eat-in kitchen, separate dining room, spacious bedrooms, a full bathroom, and an open living and dining layout. The second-level residence offers two private entrances, an eat-in kitchen, dedicated dining area, two bedrooms, a full bathroom, and a combined living and dining room. A finished attic adds a private room and full bathroom, while the finished lower level provides two additional rooms, a stall bathroom, and laundry hookups. PropertySize is 2,040 square feet.
Gas-fired baseboard heating serves the property. A private rear driveway provides off-street parking. The property is offered as-is and will be delivered vacant.
Gas-fired baseboard heating serves the property. A private rear driveway provides off-street parking. The property is offered as-is and will be delivered vacant.
Key Highlights
- Triplex with 2,040 square feet of property area
- Renovated interiors across three residential levels
- Second‑level residence includes 2 bedrooms and 2 private entrances
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
$34,733
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
3.82%
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%
$694,660
$694.7K
Cap Rate 7%
$496,186
$496.2K
Cap Rate 9%
$385,922
$385.9K
Market Conditions
NOI Build-Up for 2,040 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
$52.1K $25.56/SF
− Vacancy
−$2.5K −$1.24/SF
EGI
$49.6K $24.32/SF
− OpEx
−$14.9K −$7.30/SF
NOI
$34.7K $17.03/SF
Area
ZIP 07104
Vacancy
4.84%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$694,660
Cap Rate 7%
$496,186
Cap Rate 9%
$385,922
Alternative Uses
Best Use
Multifamily LT 5
$496.2K
$434.2K – $578.9K
NOI $34,733 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$456.3K
$399.3K – $532.4K
NOI $31,943 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$645.3K
$564.6K – $752.8K
NOI $45,170 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 07104, NJ
54,051
Population
21,762
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
71%
High-School Grad
2.5 sq mi
ZIP Area
21,620
Density / Sq Mi
$51,199
Median Household Income
$36,139
Median Earnings
$1,343
Median Rent
$337,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with updated interiors, finished bonus areas, gas baseboard heat, and private off-street parking.
Where is this triplex located?
The property is located at 345 Summer Ave Newark, NJ.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: Triplex with 2,040 square feet of property area; Renovated interiors across three residential levels; Second‑level residence includes 2 bedrooms and 2 private entrances
