Four-Story Corner Apartment
For Sale
Contact for pricing
995 Summit Ave, Jersey City, NJ 07307
Corner-positioned walk-up with renovated units, rent-controlled tenancy, and original Art Deco detailing.
Property Size14,252 SF
Price / SF$298.20
Days on Market210
Property Features for 995 Summit Ave
General Information
Standard status
Active
Size
14,252 SF
Class
B
Elevators
No
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$228,519
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR, 3 x 2BR, 19 x 1BR, 1 x studio
Multifamily Units
24
Building Details
Year Built
1937
Year Renovated
2025
Buildings
1
Stories
4
Units
24
Construction
art deco
Listing Agency:
Grid Real Estate LLC
(973) 610-5145
Listed By:
Gregory Edgell · License #NJ 1541991
Source:
Crexi
Added: Feb 2
Changed: Aug 31
Last Checked: Aug 31 at 1:53AM
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 Grid Real Estate LLC
Investment Insights
Based on property information with market context.
This four-story walk-up apartment building contains 14,252 gross square feet and was constructed in 1937. The residential mix includes one three-bedroom unit, three two-bedroom units, 19 one-bedroom units, and one studio. Approximately 25% of the building has been renovated, while original period elements include ornamental brick corbeling, mosaic tile flooring in the entryway and common areas, and crown molding. The building does not have an elevator.
The corner property provides 100’ of frontage on Bowers St and 50’ on Summit Ave, just west of Central Avenue, a commercial corridor with over 240 businesses. The asset is subject to rent control, with annual rent increases capped at 4% or the change in CPI, whichever is lower. Journal Square Transportation hub is approximately 1.3 miles away, while the 9th St/Congress Street Hudson-Bergen Light Rail station is approximately 0.7 miles away.
The corner property provides 100’ of frontage on Bowers St and 50’ on Summit Ave, just west of Central Avenue, a commercial corridor with over 240 businesses. The asset is subject to rent control, with annual rent increases capped at 4% or the change in CPI, whichever is lower. Journal Square Transportation hub is approximately 1.3 miles away, while the 9th St/Congress Street Hudson-Bergen Light Rail station is approximately 0.7 miles away.
Key Highlights
- 14,252 gross square feet across a four‑story walk‑up apartment building
- Unit mix includes 1 three‑bedroom, 3 two‑bedroom, 19 one‑bedroom, and 1 studio
- Corner frontage totals 100’ on Bowers St and 50’ on Summit Ave
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
$290,136
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
6.83%
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%
$5,802,720
$5.8M
Cap Rate 7%
$4,144,800
$4.1M
Cap Rate 9%
$3,223,733
$3.2M
Market Conditions
NOI Build-Up for 14,252 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
$554.1K $38.88/SF
− Vacancy
−$26.6K −$1.87/SF
EGI
$527.5K $37.01/SF
− OpEx
−$237.4K −$16.66/SF
NOI
$290.1K $20.36/SF
Area
Jersey City, NJ
Vacancy
4.80%
Lease Rate
$38.88 /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%
$5,802,720
Cap Rate 7%
$4,144,800
Cap Rate 9%
$3,223,733
Alternative Uses
Best Use
Apartment 5plus
$4.14M
$3.63M – $4.84M
NOI $290,136 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.62M
$4.04M – $5.39M
NOI $323,451 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,754
Businesses Nearby
Explore this area
Business Placement
Demographics for 07307, NJ
44,247
Population
18,762
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
87%
High-School Grad
1.9 sq mi
ZIP Area
23,288
Density / Sq Mi
$80,745
Median Household Income
$52,729
Median Earnings
$1,708
Median Rent
$574,000
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?
Apartment building - Corner-positioned walk-up with renovated units, rent-controlled tenancy, and original Art Deco detailing.
Where is this apartment building located?
The property is located at 995 Summit Ave Jersey City, NJ.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 14,252 gross square feet across a four‑story walk‑up apartment building; Unit mix includes 1 three‑bedroom, 3 two‑bedroom, 19 one‑bedroom, and 1 studio; Corner frontage totals 100’ on Bowers St and 50’ on Summit Ave
