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Image 1 - 851 Summer Ave, Newark, New Jersey, 07104 - House for sale
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Home For Sale In Newark, New Jersey
851 Summer Ave, Newark, New Jersey, 07104

Home For Sale In Newark, New Jersey

house for sale
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Listed: 06/09/24

851 Summer Ave, Newark, New Jersey, 07104

Studio Bed:
3,294 Sq Ft Living Area:
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Price
$ 774,000

About This House

Calling all investors!! Welcome to an exceptional investment opportunity in the prime location of the Forest Hill section of Newark, NJ. This recently renovated corner property features 3 mixed use units (3 bedroom, 2 bedroom, commercial unit) fully occupied month-to-month with long term tenants. The commercial space is home to a well-established social club that has been a fixture in the community for over 40 years. New roof installed 4/24 and interior renovation in 2019. This property is an excellent addition to any investment portfolio with a solid ROI at nearly 7%. Assumable FHA mortgage for qualified buyer at a highly desirable interest rate with 25 years remaining, seller financing options open for discussion. Significant potential for high rental yields. Easy commute to the PATH train, to New York City close access to Branch Brook Park.

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Newark Housing & Living

Average sale prices for houses

3 bed
Show as List Show as Graph
In May 2024, the asking price for 3 bed houses for sale in/near Newark, United States averaged $381,770, a decrease of 10.4% from the previous month.
Median price trends for properties for sale in Newark, United States as of May 2024.

Household Income

Median household income: $37,642
Number of households: 101,689
The average household income in Newark, NJ grew from $35,167 to $37,642 in the past year. This data is an estimate based upon 101,689 households in Newark, NJ.
The chart below presents how household income is distributed in Newark, NJ in comparison to the revenue allocation amid households nationally.

Property Taxes

Average range: $3k+
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Newark, NJ compared to median property taxes around the country. The prevalent amount of property taxes in Newark, NJ equals $3k+ , which is more than the national average.