Corner Mixed-Use
For Sale
$2,100,000
53 Summit Ave #53, Summit, NJ 07901
Downtown property combines upper-level residences with commercial space and an independently accessed lower level.
Property Size4,200 SF
Days on Market83
Property Features for 53 Summit Ave #53
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Zoning
CBD
Site & Location
Corner Location
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR, 2 x studio
Multifamily Units
3
Building Details
Building Size
4,200 SF
Year Built
9999
Stories
2
Units
5
Listing Agency:
Keller Williams Realty
(908) 273-2991
Listed By:
Barbara Lewis
(908) 273-2991
Source:
Betterhomerealestate
Added: Jun 9
Changed: Aug 29
Last Checked: Aug 29 at 7:57PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This corner mixed-use property in Downtown Summit includes three apartments on the second floor: one one-bedroom unit and two studios. Commercial space occupies the ground floor, while the lower level provides flexible area with its own exterior access. Residents enter through a private entrance from Franklin Place. The property is zoned CBD.
The address is near the Summit Parking Garage and NJ Transit rail station, which offers direct service to New York City. Boutique retail, restaurants, and daily services are also within the surrounding downtown area. The property sits along Franklin Place near a luxury townhome development and benefits from a walkable urban setting with pedestrian activity.
The address is near the Summit Parking Garage and NJ Transit rail station, which offers direct service to New York City. Boutique retail, restaurants, and daily services are also within the surrounding downtown area. The property sits along Franklin Place near a luxury townhome development and benefits from a walkable urban setting with pedestrian activity.
Key Highlights
- Three second‑floor apartments: one one‑bedroom residence and two studio apartments
- Ground‑floor commercial space within a mixed‑use building
- Lower level offers flexible space with direct exterior access
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
$64,588
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
3.08%
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%
$1,291,760
$1.3M
Cap Rate 7%
$922,686
$922.7K
Cap Rate 9%
$717,644
$717.6K
Market Conditions
NOI Build-Up for 4,200 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
$126.0K $30.00/SF
− Vacancy
−$8.6K −$2.04/SF
EGI
$117.4K $27.96/SF
− OpEx
−$52.8K −$12.58/SF
NOI
$64.6K $15.38/SF
Area
Union County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,291,760
Cap Rate 7%
$922,686
Cap Rate 9%
$717,644
Alternative Uses
Best Use
Apartment 5plus
$922.7K
$807.4K – $1.08M
NOI $64,588 @ 7.0% cap · market cap 3.08%
Second Best
Retail
$856.4K
$749.4K – $999.1K
NOI $59,948 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$1.10M
$959.6K – $1.28M
NOI $76,769 @ 7.0% cap · market cap 3.66%
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
2,957
Businesses Nearby
Explore this area
Business Placement
Demographics for 07901, NJ
24,199
Population
9,477
Households
2.6
Avg Household Size
40
Median Age
72%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
3,841
Density / Sq Mi
$177,986
Median Household Income
$87,088
Median Earnings
$2,209
Median Rent
$958,700
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?
Mixed-use property - Downtown property combines upper-level residences with commercial space and an independently accessed lower level.
Where is this mixed-use property located?
The property is located at 53 Summit Ave #53 Summit, NJ.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Three second‑floor apartments: one one‑bedroom residence and two studio apartments; Ground‑floor commercial space within a mixed‑use building; Lower level offers flexible space with direct exterior access
