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1303 Summit Ave 1,900 SF 100% Leased Retail Building Union City, NJ 07087 $699,000 ($367.89/SF) 7.26% Cap Rate
Executive Summary
Exceptional mixed-use property in a highly desirable location. The first floor features a commercial storefront complete with a full basement, half bathroom, and small private outdoor space — ideal for a variety of business uses or rental income. The second floor offers a spacious 3-bedroom, 2-bath apartment featuring a kitchen, living room, dining area, and central air conditioning for added comfort. Conveniently located just minutes from NYC transportation and NJ Transit, this property is perfect for investors or owner-occupants seeking strong income potential in a prime location. #1 $2,900 #2 $2,500
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$64,800
|
$34.11
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$64,800
|
$34.11
|
| Taxes |
$9,998
|
$5.26
|
| Operating Expenses |
$5,000
|
$2.63
|
| Total Expenses |
$14,998
|
$7.89
|
| Net Operating Income |
$49,802
|
$26.21
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $64,800 |
| Annual Per SF | $34.11 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $64,800 |
| Annual Per SF | $34.11 |
| Taxes | |
|---|---|
| Annual | $9,998 |
| Annual Per SF | $5.26 |
| Operating Expenses | |
|---|---|
| Annual | $5,000 |
| Annual Per SF | $2.63 |
| Total Expenses | |
|---|---|
| Annual | $14,998 |
| Annual Per SF | $7.89 |
| Net Operating Income | |
|---|---|
| Annual | $49,802 |
| Annual Per SF | $26.21 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
1,900 SF
Building Class
C
Year Built
2001
Price
$699,000
Price Per SF
$367.89
Cap Rate
7.26%
NOI
$50,747
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.45
Lot Size
0.03 AC
Zoning
C
Frontage
22’ on Summit Ave
Amenities
- Bus Line
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- La Belle Talent Agency
- -
- -
- -
- -
- Labelle Town School
- Educational Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| La Belle Talent Agency | - | - | - | - | ||
| Labelle Town School | Educational Services | - | - | - |
Walk Score®
Walker's Paradise (96)
Nearby Major Retailers
Property Taxes
| Parcel Number | 10-00068-0000-00009 | Total Assessment | $540,300 (2025) |
| Land Assessment | $195,000 (2025) | Annual Taxes | $9,998 ($5.26/SF) |
| Improvements Assessment | $345,300 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
10-00068-0000-00009
Land Assessment
$195,000 (2025)
Improvements Assessment
$345,300 (2025)
Total Assessment
$540,300 (2025)
Annual Taxes
$9,998 ($5.26/SF)
Tax Year
2024
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1303 Summit Ave
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