2814-2819 Summit Ave
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2814-2819 Summit Ave
10 Unit Block of Flats £2,237,156 (£223,716/Unit) 6.09% Net Initial Yield Union City, NJ 07087
INVESTMENT HIGHLIGHTS
- Convenient access to major highways and commute to NYC.
- Includes recently renovated large single family home with oasis.
EXECUTIVE SUMMARY
Please call Karen Phillips 201-232-9923 for details.
This property package entails two separate deeds (2815 Summit Avenue and 2819 Summit Avenue).
Seize this unique investment opportunity with a distinctive package of three adjacent properties in Union City, comprised of 10 units. The collection includes a beautifully renovated, expansive single-family home with an attached apartment, a fully-occupied five-unit building, and an additional three-family property. Highlights also include a charming courtyard, a two-car garage, and three single-car garages. With off-street parking and room for further enhancements, this versatile portfolio supports various investment strategies. It’s perfect for those wanting to enjoy a high-quality residence while generating income from well-maintained units, or for investors aiming to increase property value by adding one to two more units to the single-family home. Additionally, the three-family property is not subject to rent control, offering the flexibility to optimize rental income and take full advantage of market rates. Don’t miss out on this lucrative opportunity!
Easy access to Route 495, Route 3, and just minutes from the Lincoln Tunnel, providing a direct route to New York City.
This property package entails two separate deeds (2815 Summit Avenue and 2819 Summit Avenue).
Seize this unique investment opportunity with a distinctive package of three adjacent properties in Union City, comprised of 10 units. The collection includes a beautifully renovated, expansive single-family home with an attached apartment, a fully-occupied five-unit building, and an additional three-family property. Highlights also include a charming courtyard, a two-car garage, and three single-car garages. With off-street parking and room for further enhancements, this versatile portfolio supports various investment strategies. It’s perfect for those wanting to enjoy a high-quality residence while generating income from well-maintained units, or for investors aiming to increase property value by adding one to two more units to the single-family home. Additionally, the three-family property is not subject to rent control, offering the flexibility to optimize rental income and take full advantage of market rates. Don’t miss out on this lucrative opportunity!
Easy access to Route 495, Route 3, and just minutes from the Lincoln Tunnel, providing a direct route to New York City.
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | £2,237,156 | Building Class | C |
| Price Per Unit | £223,716 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 11,232 SF |
| Net Initial Yield | 6.09% | Average Occupancy | 90% |
| No. Units | 10 | Number of Floors | 2 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 0.45/1,000 SF |
| Apartment Style | Low Rise |
| Price | £2,237,156 |
| Price Per Unit | £223,716 |
| Sale Type | Investment |
| Net Initial Yield | 6.09% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 11,232 SF |
| Average Occupancy | 90% |
| Number of Floors | 2 |
| Year Built | 1900 |
| Parking Ratio | 0.45/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 5+4 | 1 | £4,374 | - |
| 4+2 | 1 | £1,634 | - |
| 1+1 | 3 | £732.86 | - |
| 2+1 | 2 | £1,074 | - |
| 3+1 | 3 | £1,322 | - |
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (85)
PROPERTY TAXES
| Parcel Number | 10-00158-0000-00008 | Total Assessment | £1,180,531 (2024) |
| Land Assessment | £381,740 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £798,791 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
10-00158-0000-00008
Land Assessment
£381,740 (2024)
Improvements Assessment
£798,791 (2024)
Total Assessment
£1,180,531 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
ZONING
| Zoning Code | R |
| R |
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2814-2819 Summit Ave
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