24 Franklin Pl, Summit, NJ, 07901 | Equity Gain $12,183/yr

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Price: $300K - 500K

Monthly Cash Flow: 1 - 3k+

Home Type: Single Family

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24 Franklin Pl, Summit, NJ, 07901 | Equity Gain $12,183/yr | Ziffy

For Sale

Listed for sale 3 days ago

Ziffy Mortgage

NMLS #2625701

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Ziffy AI Summary

A quick, investor-focused snapshot highlighting income strength, yield potential.

Key metrics	Value
Price	$399,900
Est. Rent	$3,200/mo
ROI	18%

Attractive rent-to-price ratio for income stability
Good fit for DSCR financing with healthy coverage

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Investment Highlights

Rental property for sale in Summit at 24 Franklin Pl, Summit, NJ, 07901 offers $3,048/mo rent that, after a $9,241/mo payment. Total monthly income is $3,048/mo. Return on cash invested measures -0.05% in year one, and rental yield stands at 1.94% at a $1,888,000 entry. Equity gained on principal adds $12,183/yr while 5% annual appreciation compounds into $521,620 by year five. Lending can use Ziffy Mortgage’s DSCR loan, which structures approval around $3,048/mo property income versus a $9,241/mo payment rather than borrower’s personal income verification through W2s, Salary slips, and Tax returns.

Multi Family

Built in 1898

0.27 Acres lot

$N/A/sqft

No HOA

More details about the property

Welcome to a sun-filled & well-maintained four-unit multifamily home with 3 vacant units, (can be delivered fully vacant), a front lawn & backyard, located in the heart of Summit, a short walk to Summit Train Station & Downtown. Ideal for owners/renters who commute to Manhattan, Wall Street, etc. The Summit schools are highly rated & among the Best. The 1st floor has 2 one-bedroom apartment units. Unit A has one bedroom, one bath, & one living room sun drenched by panoramic bay-window. The living room & bedroom are separated by a French door. These rooms are spacious. Apartment B has one bedroom, one living room, a bath & one large oversized kitchen w/ large dining area. The entire 2nd floor is a newly remodeled 3 bedroom unit w/ a huge living room, ideal for owner occupancy or rental. The spaciously remodeled kitchen, the new wood floors In living room & spacious 3 bedrooms add to the charm of this beautiful unit. The coffered ceiling adds to the beauty of this unit. 2 bathrooms, 3 bedroom rental units are rare & valuable in Summit, commanding premium rents. On the 3rd floor is the remodeled 4th unit w/new HW floors. The bedroom is comfortable & the living room is spacious. The new kitchen has new appliances. This building commands premium rents due to proximity to train station & downtown. The 8 parking spaces bring in additional income, commuters prefer to rent the assigned spaces. Possible conversion to 5 units & condo plans drawn up by architect. Great Potential!!!

Neighborhood Data

Neighborhood data shown for ZIP Code: 07901, Summit, NJ area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	8,523 (100%)
Owner Occupied HU	5,655 (66.3%)
Renter Occupied HU	2,439 (28.6%)
Vacant Housing Units	429 ( 5.0%)
Median Home Value	$997,958
Average Home Value	$1,178,497