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$ 649,500
Est. payment /mo
New
199 Summer Ave Newark City, NJ 07104
4 Beds
1.5 Baths
2,613 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4032954
Style 2-Two Story
Bedrooms 4
Full Baths 1
Half Baths 1
Year Built 1920
Annual Tax Amount $9,573
Tax Year 2025
Lot Size 2,613 Sqft
Property Description
Exceptional mixed-use investment opportunity in North Newark! This well-maintained two-unit property offers strong, stable cash flow with long-term tenancy in place and significant upside for investors seeking a turnkey asset.The ground-floor commercial space is occupied by a successful neighborhood grocery store with 12 years remaining on the lease, providing reliable income and built-in 3% annual rent increases. The business is NOT for sale.The second-floor residential unit features 4 bedrooms, 1 full bathroom, den/office and is currently rented on a month-to-month basis, offering flexibility for future rent adjustments or owner-user possibilities.Current rental income: Commercial Unit: $3,550/month (12 years remaining, 3% annual escalations) Residential Unit: $2,420.50/month (month-to-month)With low annual taxes of just $9,573.61 and a desirable mixed-use configuration, this property delivers excellent cash flow potential and long-term income growth. Conveniently located on a busy street with strong visibility, consistent foot traffic, and easy access to major highways, public transportation, shopping, and local amenities.
Location
State NJ
County Essex
Rooms
Basement Bilco-Style Door
Interior
Heating Gas-Natural
Cooling 1 Unit, Window A/C(s)
Heat Source Gas-Natural
Exterior
Exterior Feature Aluminum Siding
Utilities Available Gas-Natural
Roof Type Flat
Building
Sewer Public Sewer
Water Public Water
Architectural Style 2-Two Story
Others
Senior Community No
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