Property Details

Listing ID: 170005834
Price: $1,399,000
Address: 176 SUMMIT AVE
City: JC, Journal Square
State: New Jersey
Postal Code: 07304
Bedrooms: 12
Total Baths: 5
Full Baths: 5
County: Hudson
Rented apartment comps from past 6 months to support the estimated rental income numbers. Attached Estimated Annual Gross Income ($111,000). Estimated Operating Expenses (Taxes, insurance, water/sewerage, heat)= ($15,138). Estimated Net Income= ($95,862). Plus 7 extra parking spots and 2 car garage that aren't included in the rental units that can generate an extra $900-$1500 a month. It is currently being used as a 4 unit property. The 6-7% potential Cap Rate is if the property is purchased at $1.399m with the projected rent roll. Please keep in mind some of the comps I am supply you with DO NOT have parking included & a parking spot is worth at least $100-$150 per spot. Large House/ Lot (12 BEDROOMS) (5 BATHROOMS) (15 PARKING SPACES) on the property w/ additional 2-car garage. Home is owner occupied and will be delivered vacant at the closing. Ideal for investors. Refurbishing of home can begin immediately. No time wasted. New roof installed in 2008. 4 New Hot Water Heaters. Oldest one is 3 years old, newest one is 2 months old. 1 Boiler to heat the entire house. 5 Electric panels. 5 Gas meters. House is in good shape, but needs minor remodeling in the bathrooms and kitchens to get the highest current rental market value. Legally registered 4 family in the Jersey City building/tax department. No rent control for the 4 family. The 4 units can be rented at market value. Legally registered in the state of NJ as a 5 unit property. In order to be converted to 5 unit must be registered in Jersey City with only one unit being subject to rent control, the 4 other units can be rented for market value. State issued green card on file for 5 unit dwelling.

Primary Features

County: Hudson
Property Sub Type: 4 Family
Property Type: Multifamily


Agency: yes
Dual Var Rate: no Y/N: no
Status Category: Active

Location Information

Area: JC, Journal Square
Between: Clifton Pl & Fairmount Ave

Financial Details

Bank Owned Y/N: no
DOM: 72
Sale/Rent: For Sale
Search Price: 1399000
Taxes: 7685
Water Sewer Expense: 2460
Water Sewer Expense Year: 2016

Interior Features

Basement: Unfinished, Walk-Out
Heating/Cooling: A/C Window, Gas, Hot Water, Radiators, Steam

External Features

Building Style: Victorian
Exterior Finish: Aluminum/Vinyl, Brick
Lot Size: 50.53 x 157.92 IRR
Parking Available: Garage, Other-See Remarks, Detached

Zoning Info

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Listing courtesy of REMAX VILLA REALTORS .
Data services provided by IDX Broker