1155 Summit Ave
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1155 Summit Ave
5,400 SF 100% Leased Retail Building Jersey City, NJ 07307 $1,550,000 ($287/SF) 6.90% Cap Rate
Executive Summary
Century 21 Preferred Realty and its Listing Agent Luis A Negron Jr is pleased to present this exclusive opportunity to purchase a strategically located investment property at 1153-1155 Summit Avenue on the corner of Summit Avenue and Poplar Street in Jersey City NJ (The-Heights) 07307. The investment property is comprised of 2 buildings, The First property is a 3 story mixed used building consisting of 1 Commercial (Deli/Convenient Store) and 2 Residential Apartments (3BR & 2BR). The second property is a 2 story building with 2 Residential Apartments (3BR Each). The property is 100% occupied and centrally located in the heights. 1153-1155 Summit Avenue is 1 short block from JF Kennedy Blvd with bus lines that service both the NY Port Authority and the JSQ Path Station as well as a 15 minute walk to the Congress Street Light Rail Station and with its close proximity to Route 3, 139, Pulaski Skyway, NJ Turnpike, GW Bridge, Holland & Lincoln Tunnels makes this property any Investors Dream. The property can be subdivided converting this 4 Residential and 1 Commercial into two Separate property 1153 Summit Avenue (3 Apartments & 1 Commercial) 1155 Summit Avenue (3 Apartments) for a total of 7 units. Once the property is developed the Projected Yearly Gross Income Is Approximately between $240,000.00 and $258,000.00.
Currently Trading Net Operating Income: $85,656.00 (2024).
Currently Trading Net Operating Income: $85,656.00 (2024).
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$158,400
|
$29.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$158,400
|
$29.33
|
| Taxes |
$17,260
|
$3.20
|
| Operating Expenses |
$34,124
|
$6.32
|
| Total Expenses |
$51,384
|
$9.52
|
| Net Operating Income |
$107,016
|
$19.82
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $158,400 |
| Annual Per SF | $29.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $158,400 |
| Annual Per SF | $29.33 |
| Taxes | |
|---|---|
| Annual | $17,260 |
| Annual Per SF | $3.20 |
| Operating Expenses | |
|---|---|
| Annual | $34,124 |
| Annual Per SF | $6.32 |
| Total Expenses | |
|---|---|
| Annual | $51,384 |
| Annual Per SF | $9.52 |
| Net Operating Income | |
|---|---|
| Annual | $107,016 |
| Annual Per SF | $19.82 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,400 SF
Building Class
C
Year Built
1950
Price
$1,550,000
Price Per SF
$287
Cap Rate
6.90%
NOI
$107,016
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.38
Lot Size
0.09 AC
Parking
3 Spaces (0.56 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signage
Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (70)
Bike Score ®
Very Bikeable (74)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 06-00801-0000-00011 | Total Assessment | $768,000 (2024) |
| Land Assessment | $290,800 (2024) | Annual Taxes | $17,260 ($3.20/SF) |
| Improvements Assessment | $477,200 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
06-00801-0000-00011
Land Assessment
$290,800 (2024)
Improvements Assessment
$477,200 (2024)
Total Assessment
$768,000 (2024)
Annual Taxes
$17,260 ($3.20/SF)
Tax Year
2023
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1155 Summit Ave
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