Properties

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.

Features

  • Heating System : Baseboard - Hotwater, 1 Unit
  • Cooling System : Window A/c(s), 1 Unit
  • Basement : Bilco-style Door
  • Roof Deck : Flat
  • Parking Description: None, On-Street Parking
  • Tax Assessed Valuation: 239400
  • Sewer: Public Sewer
  • Water: Public Water

Appliances

  • Utilities: Gas-Natural

Additional Info

  • Office Name: RE/MAX PROFESSIONALS I
  • Office MLS ID: 226401
  • Agent ID: 301124
  • Tax: 9573
  • Tax Year: 2025
  • Application Fee: $0

Multi-Family For Sale

For Sale
$649,500

199 Summer Ave, Newark City, *

  • SQFT 25 Acre
  • Bedroom 4
  • Built Year 1920

Details

  • Property Type: Multi-Family
  • Listing Type: For Sale
  • Listing ID: 5438074
  • Price: $649,500
  • Bedrooms: 4
  • Bathrooms: 0
  • Half Bathrooms: 0
  • Square Footage: 0 Sqft
  • Year Built: 1920
  • Year Built Description: Approximate, Renovated
  • Lot Area: 25 Acre
  • Status: Active
  • Days On Market: 0

Contact Agent

Sky Realty & Associates

Map

Address Map

  • Country US
  • County Essex
  • City Newark City
  • Zipcode *
  • Street: Summer Ave
  • Street Number: 199
  • Street Direction: Summer Ave. Between Taylor & Kearny St.
  • Floor Number: 0
  • Longitude: W75° 49' 40.7''
  • Latitude: N40° 45' 30.2''
  • Internet Display Address: No
Property