BEDS4
BATHS1 full 1 partial
MLS#4032954
STATUS
PROPERTY TYPEMulti Unit - Multiple
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.
Property Features
Property Type: Multi Unit - Multiple
Basement: Bilco-Style Door
Basement: Yes
Cooling: 1 Unit, Window A/C(s)
Fuel Type: Gas-Natural
Heating: 1 Unit, Baseboard - Hotwater
Lot Size: 0.06 Acres
Roof Type: Flat
Taxes: $9,573
Year Built: 1920
Feature Descriptions
Driveway: None, On-Street Parking
Exterior: Aluminum Siding
Lot Dimensions: 0.06 acre(s)
Sewer: Public Sewer
Utilities: Gas-Natural
Water: Public Water
Listed By / Shown By
Listed By
Agency Name: RE/MAX PROFESSIONALS I
Agency Contact: 973-450-4000
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0040
Estimate Your Payment
Estimated Payment
$ 2,432.69 per month $1,445.51 Principal & Interest $797.75 Property Tax $189.44 Homeowner's InsuranceChange Payment Information
199 Summer Ave | MLS# 4032954
This multi-family property located at 199 Summer Ave, Newark, NJ 07104 is currently listed for sale with an asking price of $649,500. Search Newark real estate on www.realtymark.net today.