Description
It really doesn't get better than this! Rare legal 4-family investment property just .3 miles from the heart of downtown Summit, offering an exceptional combination of location, character, and income potential. This stately 1890 Victorian features 7 bedrooms and 5 full baths across four apartments: two 1-bedroom units, one 2-bedroom unit and one 3-bedroom unit. Three units are tenant occupied with leases extending into 2027, while the owner-occupied 1-bedroom has a projected market rent of approximately $2,100. Kitchens and baths throughout were updated in 2023-2024, blending modern finishes with the home's original Victorian character. Tenants pay their own electric plus a monthly utility charge toward other building utilities. Each apartment has dedicated basement storage and one off-street parking space. Additional highlights include a detached garage, shared pay-per-use laundry, approximately 5-year-old boiler, two 2020 water heaters and approximately 10-year-old roof. Period details, including decorative fireplaces (as-is), stained glass and a beautiful covered front porch, add to the appeal. An extraordinarily convenient location just moments from Summit's vibrant downtown, NJ Transit, restaurants, shopping, Farmers Market (across the street) and more. A truly special opportunity in one of Summit's most desirable locations. Please note that some of the interior apartment photos have been digitally altered to remove tenants' belongings.
Details
| MLS # | 26030677 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Under Contract |
| Days On Site | 61 |
| Listing Provided By | Keller Williams Realty Metropolitan | Ian Wolf |
Features
| Bed(s) | 7 |
|---|---|
| Bath(s) | 5 Total |
Interior
| Rooms | 16 |
|---|---|
| Laundry | Basement, Coin/Card |
Parking
| Number Of Garage Spaces | 1 |
|---|
Utilities
| Utilities | O/See Rmks, Sep Elec |
|---|
Taxes
| Taxes | 17852 |
|---|
Area Information
| State | NJ |
|---|---|
| County | UNION |
| City | Summit |
| Zip Code | 07901 |
| Area | Summit |
| Listing VS Median (in 07901) | |
Price: $1,800,000 low | high Med: $0 On site: 61 low | high Med: | |
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Learn More About This Property
| State | NJ |
|---|---|
| County | UNION |
| City | Summit |
| Zip Code | 07901 |
| Area | Summit |
| Listing VS Median (in 07901) | |
Price: $1,800,000 low | high Med: $0 On site: 61 low | high Med: | |
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