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851 Summer Avenue

Newark, NJ 07104
  • $774,000
  • STATUS: Active
  • ON SITE: 36 Days
  • MLS #: 22416078
UPDATED: 63 min ago
$774,000
  • 5
    BEDS
  • 0.04
    ACRES
  • 2
    BATHS
  • 3
    1/2 BATHS
  • 3,294
    SQFT
  • $235
    $/SQFT
Type:
Multi-Family
Built:
1940
County:
Area:

School Ratings & Info

Description

Calling all investors! Welcome to an exceptional investment opportunity in the prime Forest Hill section of Newark, NJ. This recently renovated corner property features 3 mixed use units (3 bedroom, 2 bedroom, commercial) fully occupied month-to-month with long term tenants. Commercial space is home to a well-established social club, a fixture in the community for 40+ years. New roof installed 4/24 and interior renovation in 2019. This property is an excellent addition to any investment portfolio with a solid ROI at nearly 7%. Assumable FHA mortgage for qualified buyer at a highly desirable interest rate with 25 years remaining, seller financing options open for discussion. Significant potential for high rental yields. Easy commute to the PATH train to NYC & close to Branch Brook Park

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© 2024 Monmouth-Ocean MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS or Corcoran Baer & McIntosh. Data last updated 2024-07-14T19:22:59.853.
www.baerhomes.com/homes/151437834
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851 Summer Avenue Newark, NJ 07104

  • Price: $774,000
  • Status: Active
  • On Site: 36 Days
  • Updated: 63 min ago
  • MLS #: 22416078
5
Beds
2
Baths
3
½ Baths
0.04
Acres
3,294
SQFT
$235
$/SQFT
1940
Built
County:
Essex
Area:
Newark (NEW)
Property Description
Calling all investors! Welcome to an exceptional investment opportunity in the prime Forest Hill section of Newark, NJ. This recently renovated corner property features 3 mixed use units (3 bedroom, 2 bedroom, commercial) fully occupied month-to-month with long term tenants. Commercial space is home to a well-established social club, a fixture in the community for 40+ years. New roof installed 4/24 and interior renovation in 2019. This property is an excellent addition to any investment portfolio with a solid ROI at nearly 7%. Assumable FHA mortgage for qualified buyer at a highly desirable interest rate with 25 years remaining, seller financing options open for discussion. Significant potential for high rental yields. Easy commute to the PATH train to NYC & close to Branch Brook Park
Exterior Features

Attached Garage YN No Garage YN No Parking Features On Street Roof Shingle Waterfront YN No Waterview No

Interior Features

Basement Full Cooling Other Cooling YN Yes Fireplaces Total 0 Heating 3+ Zoned Heat Heating YN Yes Unit2 Gas Stove Yes Unit2 Refrigerator Yes

Property Features

Lot Features Corner Lot Pool No Property Sub Type Two Family Sewer Public Sewer Tax Annual Amount 11497 Tax Year 2023 Water Source Public Zoning Description Multi-Use

Listing information © 2024 Monmouth-Ocean MLS. Listing provided courtesy of Senada Pelinkovic of EXP Realty: 732-933-0200.


© 2024 Monmouth-Ocean MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS or Corcoran Baer & McIntosh. Data last updated 2024-07-14T19:22:59.853.
 
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