Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Newark City Three-Family Property Title is generated by Realmo AI

    366 Summer Ave, Newark, NJ 07104

    View on Map
    Claim this Listing
    For Sale
    $689,000

    Multi-Family, 3-Three Story, Duplex-Side by Side - Newark City, NJ

    Lot size:
    0.10 Acres
    Added:
    Feb 25, 2026
    Days on Market:
    95
    Last Refresh:
    May 31 at 12:06 am

    Property Features for 366 Summer Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Family Room, Kitchen, Living Room
    Parking
    2
    Parking features
    Paved or Surfaced
    Basement Y/N
    1
    Standard status
    Active
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8813

    Utilities

    Heating system
    Baseboard, Hot Water (Heating)

    Building Details

    Year built
    1881
    Number of units
    3
    Building materials
    Brick, Vinyl Siding
    Roof type
    Asphalt, Composition, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    KEVIN SEAN COLLYMORE

    Listing agent KEVIN SEAN COLLYMORE

    Listing office KELLER WILLIAMS - NJ METRO GROUP 237 LORRAINE AVE, Montclair, NJ

    Listing date Feb 25, 2026

    MLS# 4011422 Listing URL

    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.

    HighLights

    • Strong rental income potential in a convenient location
    • Separate utilities for each unit (tenants pay gas, heat, and electric) for low operating costs
    • Large double back lot offers ample parking and potential for future development (variance required)
    • Updated kitchens and modernized baths in each apartment
    • Recently redone basement and plumbing
    • Low taxes and no oil tank on the property

    Overview

    This well-maintained 3-family property presents an opportunity for owner-occupants or investors. The property is located near transportation, shopping, schools, and houses of worship. Each apartment features updated kitchens and modernized baths. Tenants pay their own gas, heat, and electric, which keeps operating costs low. The basement and plumbing have been recently redone. The large double back lot provides ample off-street parking or potential for a future build or subdivision, variance required. The property has low taxes and no oil tank. The lot size is 0.1 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.16899
    Latitude
    40.7642

    Nearby Similar for Sale

    • $1,500,000
      6,200 SF

      Warehouse and Office in Newark

      Vacant warehouse and office space in Newark's Ironbound district.
      41-43 Malvern St, Newark City, NJ 07105-1510
      View Details
    • $1,900,000
      11,519 SF

      Newark Warehouse with Mechanic Shop

      11,000+ SF warehouse with mechanic shop in Newark City.
      236 Park Ave, Newark City, NJ 07107-2349
      View Details
    • $900,000
      3,516 SF

      Newark City Income Property

      Income-producing commercial boarding house with 15 rentable units.
      464-466 Summer Ave, Newark City, NJ 07104-3773
      View Details
    • $899,999
      4,085 SF

      Newark Multi-Family Renovation Opportunity

      Multi-family property in Newark with value-add potential.
      420 18Th Ave, Newark City, NJ 07108-1633
      View Details
    • $1,695,000
      10,000 SF

      Downtown Newark Mixed-Use Redevelopment Opportunity

      8,000 SF asset with redevelopment potential in Newark's commercial corridor.
      118-122 Market Street, Newark, NJ 07102
      View Details
    • $1,999,000
      6,250 SF

      Newark Commercial Property with Storefronts

      Versatile Newark property with warehouses and high-traffic storefronts for sale.
      34 Foster St, Newark City, NJ 07114-1327
      View Details
    • $1,999,000
      7,450 SF

      Newark Mixed-Use Commercial Opportunity

      Multi-use asset in Newark's promising growth corridor.
      707 Frelinghuysen Ave, Newark City, NJ 07114-1304
      View Details
    • $550,000
      2,540 SF

      Income-Producing Two-Family Property

      Two-family property in developing area with strong rental potential.
      37 Blum Street, Newark, NJ 07103
      View Details
    • $550,000
      2,540 SF

      Newark Two-Family Investment Opportunity

      Income-producing two-family property in a developing Newark neighborhood.
      37 Blum St, Newark City, NJ 07103-2051
      View Details
    • $929,000
      6,000 SF

      Turnkey Newark Three-Family Investment Property

      Updated three-family home in Newark's Weequahic section, ideal for investors.
      349-351 Osborne Terrace, Newark, NJ 07112
      View Details
    • $789,999
      4,238 SF

      Newark Two-Family Home For Sale

      Well-maintained, income-producing two-family home in Newark City, NJ.
      711 S 11Th St, Newark City, NJ 07103-4338
      View Details
    • $925,000
      1,208 SF

      Newark Multifamily Property with Abatement

      New construction duplex with tax abatement and private outdoor space.
      271-273 Schley Street, Newark, NJ 07112
      View Details

    FAQs

    What type of property is this?
    Triplex - Well-maintained 3-family property near transportation, shopping, and schools.
    Where is this triplex located?
    The property is located at 366 Summer Ave Newark, NJ.
    What is the asking price?
    The asking price for this property is $689,000.
    What are key features of this property?
    This property features: Strong rental income potential in a convenient location; Separate utilities for each unit (tenants pay gas, heat, and electric) for low operating costs; Large double back lot offers ample parking and potential for future development (variance required)
    (973) 783-7400
    We can help!
    Listing Contact
    KEVIN SEAN COLLYMORE
    Real Estate License ID: 1968210
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    366 Summer Ave, Newark City, NJ 07104-5283
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!