816 Summit Ave Union City, NJ 07087
- Mixed-use properties
- 12,150 SF
Current Use by Public Records
- Malik Chimney Cleaning / Chimney Sweep
- Medical Group sli / Medical Group
Property Details for 816 Summit Ave
- Year built
- 1940
- Property size
- 12,150 SF
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property at 816 Summit Avenue in Union City, New Jersey, presents a compelling investment opportunity. The 12,150-square-foot building, constructed in 1940 and extensively renovated in 2014, boasts a prime location in Hudson County. The property comprises ten units: eight residential units and one retail space, all currently occupied at 100% occupancy, generating a strong net operating income (NOI) of $106,000. This translates to a desirable 5.05% cap rate at an asking price of $2,100,000 ($172.84 per square foot). The building features three stories, including a basement, and benefits from high ceilings. A significant advantage is the triple-net (NNN) lease structure, where tenants are responsible for all utilities (electric, heat, hot water, and cooking gas). The current lease term expires on October 31, 2024, following a 10.1-year lease commencement on October 14, 2014. This well-maintained property offers a stable income stream and significant potential for future appreciation in a thriving New Jersey market. The property's strong occupancy and favorable lease terms make it an attractive investment for discerning buyers. The building consists of one structure with separate utilities for each unit.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Union City
- County
- Hudson
- State
- New Jersey
- Longitude
- -74.0432
- Latitude
- 40.7592
