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57 Park Ave 5 Unit Apartment Building $2,100,000 ($420,000/Unit) 4.38% Cap Rate Summit, NJ 07901
Executive Summary
Fully occupied five-family multifamily investment property offered for sale, featuring four 2-bedroom units and one 1-bedroom unit. The property also offers strong upside potential with a fully built-out basement currently configured as a 2-bedroom unit with kitchen and full bath, presenting the possibility of adding a sixth unit (buyer to verify). All apartments are separately metered for utilities, providing efficient operations and reduced owner expenses. The property generates approximately $92,000 in NOI and is offered at a 4.38% cap rate, making it an attractive opportunity for investors, including those seeking a 1031 exchange.
Property Facts
| Price | $2,100,000 | Building Class | B |
| Price Per Unit | $420,000 | Lot Size | 0.08 AC |
| Sale Type | Investment | Building Size | 3,612 SF |
| Cap Rate | 4.38% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-5 - Governs single-family residential development on relatively small lots. | ||
| Price | $2,100,000 |
| Price Per Unit | $420,000 |
| Sale Type | Investment |
| Cap Rate | 4.38% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 3,612 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1910 |
| Parking Ratio | 1.1/1,000 SF |
| Zoning | R-5 - Governs single-family residential development on relatively small lots. |
Amenities
Site Amenities
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 903 |
1 1
Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Number | 18-04003-0000-00022 | Improvements Assessment | $275,200 |
| Land Assessment | $67,400 | Total Assessment | $342,600 |
Property Taxes
Parcel Number
18-04003-0000-00022
Land Assessment
$67,400
Improvements Assessment
$275,200
Total Assessment
$342,600
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Baldo Dattolo
57 Park Ave
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