816 Summit AveUnion City, NJ 07087

Property Details for 816 Summit Ave

Year built

1940

Property size (Sq ft)

12,150 SF

Property type

Mixed-use properties

Property subtype

Other mixed-use properties

Description

This exceptional mixed-use property at 816 Summit Avenue in Union City, New Jersey, presents a compelling investment opportunity. The 12,150-square-foot building, constructed in 1940 and extensively renovated in 2014, boasts a prime location in Hudson County. The property comprises ten units: eight residential units and one retail space, all currently occupied at 100% occupancy, generating a strong net operating income (NOI) of $106,000. This translates to a desirable 5.05% cap rate at an asking price of $2,100,000 ($172.84 per square foot). The building features three stories, including a basement, and benefits from high ceilings. A significant advantage is the triple-net (NNN) lease structure, where tenants are responsible for all utilities (electric, heat, hot water, and cooking gas). The current lease term expires on October 31, 2024, following a 10.1-year lease commencement on October 14, 2014. This well-maintained property offers a stable income stream and significant potential for future appreciation in a thriving New Jersey market. The property's strong occupancy and favorable lease terms make it an attractive investment for discerning buyers. The building consists of one structure with separate utilities for each unit.

Location Insight

City

Union City

County

Hudson

State

New Jersey

Latitude

40.7592

Longitude

-74.0432

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