NOT LISTED FOR SALE

162 Summer Ave Newark, NJ 07104

Mount Pleasant-Lower Broadway Neighborhood

Estimated Value: $562,000 - $698,566

7 Beds
4 Baths
2,357 Sq Ft
$269/Sq Ft Est. Value

Last Sold September 05, 2023

Last sale price $500,000 $212 Per Sq Ft

Est. 27% increase in value since last sale

Current estimated payment $3,947/month

20 Days on Market

Highlights

  • 0.06 Acre Lot
  • 1 Fireplace
  • Fenced
  • Wood Flooring
  • Cooling Available
  • 2-minute walk to Military Park

About This Home

As of September 2023

INCOME PRODUCING DETACHED MULTI-FAMILY WITH LOW PROPERTY TAXES WITH LOTS OF POTENTIAL AND CONVENIENTLY LOCATED. Rent received was below market value. Major components replaced in the last 2 years include roof, furnace, hot water heater and removal of oil tank. Property is fenced, has a porch and 2,357 square feet per tax records. 1st floor apartment is tenant occupied, on a month-to-month lease and features 2 bedrooms, a living room, eat-in-kitchen, full bath and an area with slop sink. 2nd floor apartment, is vacant and features a living room, eat-in kitchen, 3 bedrooms and full bath. There is a 3rd full bath on the 2nd floor hall. There is a private access to the finished attic and another access from the 2nd floor apartment. SEE MORE SECTION Unit 3 aka as level 3 is the ATTIC. The 2nd floor hall bathroom was intended to be used by those in the attic. Unit 4 aka as level 0 is the basement. Agent is related to owner.

Last Agent to Sell the Property

Blanca Merced

Coldwell Banker Realty Brokerage Phone: 732-284-6241 License #1004360 Listed on: 06/09/2023

Coldwell Banker Realty

Last Buyer's Agent

NON MEMBER

VRI Homes

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,940

Year Built

  • Built in 1892

Lot Details

  • 2,614 Sq Ft Lot
  • Lot Dimensions are 25 x 100
  • Fenced
  • Level Lot

Home Design

  • Duplex
  • Shingle Roof
  • Wood Roof
  • Wood Siding
  • Vinyl Siding

Interior Spaces

  • 2,357 Sq Ft Home
  • 2-Story Property
  • 1 Fireplace
  • Finished Basement
  • Partial Basement
  • Walkup Attic

Flooring

  • Wood
  • Laminate

Bedrooms and Bathrooms

  • 7 Bedrooms
  • 4 Full Bathrooms

Parking

  • No Garage
  • Off-Street Parking

Outdoor Features

  • Exterior Lighting

Utilities

  • Cooling Available
  • Natural Gas Water Heater

Community Details

  • 2 Units

Listing and Financial Details

  • Exclusions: Tenant's Refrigerators, Personal Items, Window Treatments, Contents in Shed
  • Tenant pays for gas, electricity
  • The owner pays for water, sewer, heat
  • Assessor Parcel Number 14-00518-0000-00007

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,940

Year Built

Built in 1892

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Two Family
  • Attribution Contact: 732-284-6241
  • ResoLotFeatures: Level
  • Subdivision Name: None
  • Reso Flooring: Wood, Laminate
  • Reso Interior Features: Attic - Walk Up
  • New Construction: No
  • Year Built: 1892
  • Contract Info New Construction: No
  • General Property Info Waterview: No
  • General Property Info Basement: Yes
  • General Property Info Pool: No
  • WaterSewer Public Sewer: Yes
  • General Property Info Lot Dimensions: 25 x 100
  • ExteriorFence: Yes
  • Roof Shingled: Yes
  • WaterSewer Public Water: Yes
  • Floors Wood: Yes
  • Water Heater Natural Gas2: Yes
  • Exterior Lighting: Yes
  • General Property Info Handicap Access: No
  • General Property Info # Fireplaces: 1.0
  • Garage None4: Yes
  • Interior Attic - Walk Up: Yes
  • Siding Wood2: Yes
  • Floors Laminate2: Yes
  • Special Features: None

Interior Features

  • Basement: Finished, Partial
  • Basement: Yes
  • Full Bathrooms: 4
  • Total Bedrooms: 7
  • Fireplaces: 1
  • Stories: 2
  • Basement Finished: Yes
  • Basement:Partial: Yes

Exterior Features

  • Roof: Shingle, Wood
  • Acres: 0.06
  • Waterfront: No
  • Exclusions: Tenant's Refrigerators, Personal Items, Window Treatments, Contents in Shed
  • Exterior Features: Fence, Lighting
  • Construction:Siding - Vinyl: Yes

Garage/Parking

  • Garage: No
  • Attached Garage: No
  • Parking Features: Off Street, None
  • General Property Info:Garage: No
  • ParkingOffStreet: Yes

Utilities

  • Sewer: Public Sewer
  • Cooling: Other
  • Cooling Y N: Yes
  • Heating: See Remarks
  • Water Source: Public

Lot Info

  • Lot Dimensions: 25 x 100
  • Lot Size Sq Ft: 2613.6
  • ResoLotSizeUnits: Acres
  • Parcel #: 14-00518-0000-00007
  • Zoning Description: Multi-Family, Mixed
  • ResoLotSizeUnits: Acres

Rental Info

  • Tenant Pays: Gas, Electricity
  • Owner Pays: Water, Sewer, Heat

Tax Info

  • Tax Year: 2022
  • Tax Annual Amount: 5940.0
  • Tax Other Annual Assessment Amount: 159000.0

Multi Family

  • Number Of Units Total: 2

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jun 9, 2023
Closed on
Aug 31, 2023
Sold by
Rivera Carlos and Rivera Maria H
Bought by
162 Summer Ave Llc
Seller's Agent
Blanca Merced
Coldwell Banker Realty
Buyer's Agent
NON MEMBER
VRI Homes
List Price
$500,000
Sold Price
$500,000
Views
116
Current Estimated Value
$633,642

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$133,642
Avg. Annual Appreciation
13.12%
Original Mortgage
$375,000
Outstanding Balance
$367,584
Interest Rate
7.09%
Mortgage Type
New Conventional
Estimated Equity
$269,832

Purchase Details

Closed on
May 5, 1989
Sold by
Velez Orlando
Bought by
Rivera Carlos and Rivera Maria H

Purchase Details

Closed on
Oct 28, 1988
Sold by
Alberto Andy and Alberto Haydee
Bought by
Velez Orlando
Source: Public Records

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
162 Summer Ave Llc $500,000 Simplicity Title
Rivera Carlos $135,000 --
Rivera Carlos Maria H $135,000 --
Velez Orlando $97,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open 162 Summer Ave Llc $375,000
Previous Owner Rivera Carlos $50,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/05/2023 09/05/23 Sold $500,000 0.0% $212 / Sq Ft
06/29/2023 06/29/23 Pending -- -- --
06/09/2023 06/09/23 For Sale $500,000 -- $212 / Sq Ft
Source: MOREMLS (Monmouth Ocean Regional REALTORS®)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $5,928 $159,000 $35,700 $123,300
2024 $5,928 $159,000 $35,700 $123,300
2022 $5,940 $159,000 $35,700 $123,300
2021 $5,937 $159,000 $35,700 $123,300
2020 $6,042 $159,000 $35,700 $123,300
2019 $5,980 $159,000 $35,700 $123,300
2018 $5,872 $159,000 $35,700 $123,300
2017 $5,660 $159,000 $35,700 $123,300
2016 $5,470 $159,000 $35,700 $123,300
2015 $5,261 $159,000 $35,700 $123,300
2014 $4,931 $159,000 $35,700 $123,300
Source: Public Records

Agents Affiliated with this Home

  • Blanca Merced

    Seller's Agent in 2023

    Blanca Merced

    Coldwell Banker Realty

    (732) 284-6241

    1 in this area

    31 Total Sales

    Blanca Merced
    Section Image

  • N

    Buyer's Agent in 2023

    NON MEMBER

    VRI Homes

  • N

    Buyer's Agent in 2023

    NON MEMBER MORR

    NON MEMBER

See All Agents

Map

Source: MOREMLS (Monmouth Ocean Regional REALTORS®)

MLS Number: 22315698

MOREMLS (Monmouth Ocean Regional REALTORS®)

APN: 14-00518-0000-00007

New Jersey Essex County Newark 07104 Mount Pleasant-Lower Broadway

162 Summer Ave, Newark, NJ

This home is located at 162 Summer Ave, Newark, NJ 07104 since 09 June 2023 and is currently estimated at $633,642, approximately $268 per square foot. This property was built in 1892. 162 Summer Ave is a home located in Essex County with nearby schools including Franklin School, Rafael Hernandez School, and First Avenue Elementary School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

MOREMLS (Monmouth Ocean Regional REALTORS®) IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information is deemed reliable but not guaranteed.

Nearby Homes