199 Summer Ave Newark, NJ 07104
Mount Pleasant-Lower Broadway NeighborhoodEstimated payment $4,364/month
About This Home
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 Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,573
Home Design
Bedrooms and Bathrooms
- 4 Bedrooms
Additional Features
- 2,500 Sq Ft Lot
- Natural Gas Connected
Community Details
- No Laundry Facilities
Listing and Financial Details
- Legal Lot and Block 4 / 525
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| 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 |
|---|---|---|---|---|
| 2026 | $9,574 | $239,400 | $37,500 | $201,900 |
| 2025 | $9,574 | $239,400 | $37,500 | $201,900 |
| 2024 | $8,925 | $239,400 | $37,500 | $201,900 |
| 2022 | $8,944 | $239,400 | $37,500 | $201,900 |
| 2021 | $8,939 | $239,400 | $37,500 | $201,900 |
| 2020 | $10,450 | $275,000 | $37,500 | $237,500 |
| 2019 | $11,791 | $313,500 | $37,500 | $276,000 |
| 2018 | $11,578 | $313,500 | $37,500 | $276,000 |
| 2017 | $11,161 | $313,500 | $37,500 | $276,000 |
| 2016 | $10,784 | $313,500 | $37,500 | $276,000 |
| 2015 | $10,374 | $313,500 | $37,500 | $276,000 |
| 2014 | $9,722 | $313,500 | $37,500 | $276,000 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 06/08/2026 06/08/26 | For Sale | $649,500 | -- | -- |
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | $275,000 | Westcore Title | |
| Deed | $300,000 | -- |
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $223,850 | FHA | |
| Previous Owner | $240,000 | Future Advance Clause Open End Mortgage |
Source: New Jersey MLS
MLS Number: 26021201
APN: 14-00525-0000-00004
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.
The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Ten-X are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Source: New Jersey Multiple Listing, Inc.
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