Renovated Three-Unit
For Sale
$910,000
345 Summer Ave, Newark, NJ 07104
Multi-Family, 3-Three Story, Newark City, NJ
Property Size2,040 SF
Lot Size0.06 Acres
Price / SF$446.08
Days on Market201
Property Features for 345 Summer Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking
3
Interior features
Carbon Monoxide Detector, Marble Floors, Smoke Detector, Track Lighting, Walk-In Closet
Exterior features
Curbs
Directions
Between Broadway and Mount Prospect off of 2nd Avenue
Standard status
Active
Size
2,040 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5118
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
3
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
REALTY EXECUTIVES EXCEPTIONAL · Realty Executives International
(973) 696-8800
Listed By:
JOAN LAGRECA
Added: Feb 9
Changed: Aug 19
Last Checked: Aug 29 at 6:06PM
MLS# 4009158
Copyright © 2026 Garden State MLS, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential income property at 345 Summer Ave includes approximately 2,040 square feet on a 0.06-acre lot. The principal residences feature eat-in kitchens, designated dining areas, bedrooms, full bathrooms, and combined living and dining rooms. A finished attic adds a private room and full bath, while the finished lower level provides two rooms, a stall bath, and laundry hookups. Gas-fired baseboard heat serves the property, which is offered in as-is condition.
A private rear driveway provides off-street parking. The property has public water and public sewer service, a shingle roof, and exterior curbs. Interior features include marble floors, walk-in closets, track lighting, smoke detectors, and a carbon monoxide detector. Located in Newark, New Jersey, the building offers a three-level configuration with varied living and bonus spaces.
A private rear driveway provides off-street parking. The property has public water and public sewer service, a shingle roof, and exterior curbs. Interior features include marble floors, walk-in closets, track lighting, smoke detectors, and a carbon monoxide detector. Located in Newark, New Jersey, the building offers a three-level configuration with varied living and bonus spaces.
Key Highlights
- Three‑unit property with approximately 2,040 square feet of building area
- Situated on a 0.06‑acre lot at 345 Summer Ave, Newark City, NJ 07104‑2810
- Finished attic includes a private room and full bath
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Renovated residential income property with multiple living areas, private rear parking, and finished attic and lower-level space.
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: Three‑unit property with approximately 2,040 square feet of building area; Situated on a 0.06‑acre lot at 345 Summer Ave, Newark City, NJ 07104‑2810; Finished attic includes a private room and full bath
