Mixed-Use Property with
For Sale
$1,499,999
913 Summit Ave, Union City, NJ 07087
Four apartments and leased commercial space support a combination of residential and business uses.
Property Size4,290 SF
Price / SF$349.65
Days on Market47
Property Features for 913 Summit Ave
General Information
Standard status
Active
Size
4,290 SF
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Building Details
Year Built
1910
Buildings
2
Tenancy
Multi
Listing Agency:
WEICHERT REALTORS
Listed By:
NIREN SAKARIA · License #1431626
(973) 970-8292
Source:
Luminancerealty
Added: Aug 10
Changed: Sep 17
Last Checked: Sep 24 at 2:42PM
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 WEICHERT REALTORS
Investment Insights
Based on property information with market context.
Built in 1910, this mixed-use property at 913 Summit Ave includes four one-bedroom apartments and two street-level commercial storefronts measuring approximately 700 SF each. Both storefronts include basement storage and are occupied by established tenants—a CBD store and salon—under annual leases. The apartments are primarily occupied by month-to-month residents. A separate rear auxiliary structure has been gutted and carries city-approved approvals for an additional residential unit, with a proposed two-bedroom layout and potential for three bedrooms.
The property has upgraded electric and gas meters, separate gas and electric utilities, public water, public sewer, and natural gas service. Tenants pay their own utilities. Union City access to New York City is described as being minutes away, with a 97 walk score, 75 bike score, and 70 transit score.
The property has upgraded electric and gas meters, separate gas and electric utilities, public water, public sewer, and natural gas service. Tenants pay their own utilities. Union City access to New York City is described as being minutes away, with a 97 walk score, 75 bike score, and 70 transit score.
Key Highlights
- Four one‑bedroom residential apartments
- Two street‑level storefronts of approximately 700 SF each, with basement storage
- Separate rear structure approved for an additional residential unit
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
$70,785
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
4.72%
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%
$1,415,700
$1.4M
Cap Rate 7%
$1,011,214
$1.0M
Cap Rate 9%
$786,500
$786.5K
Market Conditions
NOI Build-Up for 4,290 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
$128.7K $30.00/SF
− Vacancy
−$15.4K −$3.60/SF
EGI
$113.3K $26.40/SF
− OpEx
−$42.5K −$9.90/SF
NOI
$70.8K $16.50/SF
Area
Hudson County, NJ
Vacancy
12.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,415,700
Cap Rate 7%
$1,011,214
Cap Rate 9%
$786,500
Alternative Uses
Best Use
Mixed Use
$1.01M
$884.8K – $1.18M
NOI $70,785 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$942.5K
$824.7K – $1.10M
NOI $65,972 @ 7.0% cap · market cap 4.40%
Theoretical Best
Warehouse
$1.55M
$1.36M – $1.81M
NOI $108,742 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,960
Businesses Nearby
Explore this area
Business Placement
Demographics for 07087, NJ
68,611
Population
27,442
Households
2.5
Avg Household Size
36
Median Age
28%
College-Educated
77%
High-School Grad
1.3 sq mi
ZIP Area
52,778
Density / Sq Mi
$65,369
Median Household Income
$35,041
Median Earnings
$1,489
Median Rent
$446,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four apartments and leased commercial space support a combination of residential and business uses.
Where is this mixed-use property located?
The property is located at 913 Summit Ave Union City, NJ.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Four one‑bedroom residential apartments; Two street‑level storefronts of approximately 700 SF each, with basement storage; Separate rear structure approved for an additional residential unit
