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57 Park Ave #57Summit City, NJ 07901

Commercial · 4,300 Sq. ft. | 0.08 Acres
$1,900,000 Active

57 Park Ave #57 Overview

Time on Site:
96 days
Visits:
0

Prime Investment Opportunity 57 Park Ave, Summit, NJ Welcome to an exceptional multi-family property located in the highly sought-after town of Summit. This well-positioned asset features 5 residential units, consisting of two 1-bedroom apartments and three 2-bedroom apartments, offering a solid and diverse rental mix with strong income potential. Situated in a prime location, the property is just minutes from downtown, shopping, dining, and major transportation making it highly desirable for tenants and ensuring consistent demand. What truly sets this property apart is its value-add potential. The basement currently includes an additional 2-bedroom layout, presenting the opportunity for a 6th unit. With proper approvals, including transitioning to 4A zoning, this could significantly increase rental income and overall property value. Highlights 5 Existing Units (2 one-bedrooms, 3 two-bedrooms) Prime Summit Location Strong Rental Demand Area Value-Add Opportunity with Potential 6th Unit Basement Layout Ready for Conversion (subject to approvals) Ideal for Investors Looking to Increase Cash Flow This is a rare chance to acquire a property in one of Union County's most desirable markets with built-in upside. Property also features a well-maintained common laundry area equipped with two coin-operated machines, providing added convenience for tenants and additional income potential.

Listing provided courtesy of HIGHMARK REAL ESTATE- MLS# 4016804MLS ProviderContact Information: 973-625-8175
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57 Park Ave #57 Facts & Features

  • Type Commercial
  • Sq. ft. 4,300
  • Price/Sq.ft. $442
  • Lot 0.08 Acres

Details

General

Listing Information

  • For Sale Or Lease: For Sale

Building Information

  • Num Apts: 5
  • Year Built: 1910

Location/Region

  • County Or Parish: Union
  • Location: Residential Area

Building Exterior/Construction

  • Construction Date/Year Built Des: To Be Built

Tax Information

  • City Tax: *
  • County Tax: *
  • Tax Amount Tax: *
  • Tax Annual Amount: $15,317.00
  • Tax Assessed Value: *
  • Tax Rate Amount: 4.471
  • Tax Rate Year: 2025
  • Tax Year: 2025
  • Tax Year Tax: *

General Information

  • Inclusions: Building & Land
  • Property Sub Type: Apartment Complex
  • Property Type: Commercial
  • Zoning: R-5

Interior

Building Information

  • Available Sq Ft: 4300
  • Equipment Available: Fire Alarm, Fixtures, Refrigeration Unit, Restrooms - Private, Restrooms - Public, Smoke Detector
  • Max Ceiling Height: 11
  • Max Door Height: 8
  • Num 1 Bdrm Units: 2
  • Num 2 Bdrm Units: 3
  • Num 3 Bdrm Units: 0
  • Num 4 Bed Units: 0
  • Num Units w/Full Bath: 5
  • Num Units w/Half Bath: 0
  • Office Sq Ft: 0

Parking Information

  • Garage Spaces: 4

Beds/Baths

  • Bathrooms Total: 5

Building Interior

  • Building Area Total: 4300

General Information

  • Cooling: Central Air, Window A/C(s)
  • Heating: Forced Hot Air
  • Stories: 2

Unit Information

  • Unit Number: 57

Exterior

Building Information

  • Color of Building: Blue
  • Number of Bays: 0
  • Number of Docks: 0

Parking Information

  • Parking Features: Blacktop, See Remarks

Lot Information

  • Approximate Lot Size: 41X87
  • Water Source: Public Water

Building Exterior/Construction

  • Construction Materials: Brick/Block, Formed Concrete
  • Exterior Description: Brick/Block, Vinyl Siding
  • Roof: Flat

General Information

  • Number Of Units Total: 5
  • Sewer: Public Sewer
  • Utilities: See Remarks

57 Park Ave #57 Neighborhood

Community

07901 (SUMMIT) Demographics

40
Median Age
3,688
Population Density (per sq. mile)
75%
College Educated
$142,909
Estimated Median Income
5,878
Estimated Total Home Owners
2,531
Estimated Total Renters
70% / 30%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

57 Park Ave #57 Monthly Cost

$
$ %
%
$
$
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

57 Park Ave #57 Market Data

Based on the last 30 days in this zip code

$1,445,000
Average List Price
$1,489
Average Price per Square Foot
1
Properties Sold
127
Average Days on Market
2
Properties for Sale
Calculations provided by Reliance Network

57 Park Ave #57 History

Date Event Value Agent
4/10/2026Source: Garden State MLS Price Reduction
$1,900,000 -9.5%
3/25/2026Source: Garden State MLS Added to Database
March 25, 2026
7/23/2024Source: Garden State MLS Status Change
Sold
5/19/2024Source: Garden State MLS Status Change
Under Contract
5/13/2024Source: Garden State MLS Added to Database
May 13, 2024