Side-by-Side
81 Summit Ave, Chatham, NJ 07928
For Sale
$925,000
Two residences have separate driveways and utilities, with R-3 zoning.
Property Size3,372 SF
Price / SF$274.32
Days on Market83
Property Features for 81 Summit Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Additional Details
Multifamily Units
Amenities
Carbon Monoxide Detector
Carpeting
Fire Extinguisher
Smoke Detector
Wood Floors
Sidewalk
FencVnyl
FencWood
Building Details
Building Size
Year Built
Units
Listing Agency:
J Graham Realty LLC
Listed By:
Jerome Graham
(973) 540-1232
Source:
Culturaunitedrealty
Added: Aug 18
Changed: Nov 8
Last Checked: Nov 7 at 2:25PM
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 J Graham Realty LLC
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Investment Insights
Based on property information with market context.
This side-by-side duplex contains 3,372 square feet and was built in 1900. Each residence has its own driveway and utilities, providing separate site access and services. The property is zoned R-3.
Located in town in Chatham Borough, the property offers access to local destinations.
Located in town in Chatham Borough, the property offers access to local destinations.
Key Highlights
- 3,372‑square‑foot side‑by‑side duplex
- Separate driveways and utilities for each residence
- R‑3 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,434
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,128,680
$1.1M
Cap Rate 7%
$806,200
$806.2K
Cap Rate 9%
$627,044
$627.0K
Market Conditions
NOI Build-Up for 3,372 SF
Gross rent
$86.2K $25.56/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$80.6K $23.91/SF
− OpEx
−$24.2K −$7.17/SF
NOI
$56.4K $16.74/SF
Area
Morris County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,128,680
Cap Rate 7%
$806,200
Cap Rate 9%
$627,044
Alternative Uses
Best Use
Multifamily LT 5
$806.2K
$705.4K – $940.6K
NOI $56,434 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$740.8K
$648.2K – $864.3K
NOI $51,855 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$880.5K
$770.4K – $1.03M
NOI $61,635 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,210
Businesses Nearby
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Business Placement
Demographics for 07928, NJ
19,778
Population
6,837
Households
2.9
Avg Household Size
42
Median Age
83%
College-Educated
99%
High-School Grad
9.3 sq mi
ZIP Area
2,127
Density / Sq Mi
$236,000
Median Household Income
$101,563
Median Earnings
$2,441
Median Rent
$965,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Duplexes in Morris County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences have separate driveways and utilities, with R-3 zoning.
Where is this duplex located?
The property is located at 81 Summit Ave Chatham, NJ.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 3,372‑square‑foot side‑by‑side duplex; Separate driveways and utilities for each residence; R‑3 zoning
