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SOLD 250909

57 PROSPECT HILL AVE

Summit, NJ

$4,600,000

4,885

Sq. Ft.

$942

Per Sq. Ft.

Residential

Property Type

Tax Assessment Analysis

Sale Price

$4,600,000

Total Assessed

$1,219,000

Sale vs. Assessed

+$3,381,000 (+277.4%)

Land Value

$441,100

Building Value

$777,900

Summit Market Overview

$1,436,135

Median Price

180

Total Sales

+0.0%

Year over Year

Active

Market Type

📊 Investment Analysis

$32,200

Est. Monthly Rent

$33,285

Est. Mortgage

6.76% · 20% down

-$1,085

Monthly Cash Flow

8.4%

Cap Rate

-1.4%

Cash-on-Cash Return

Estimates based on 0.7% rent rule, 6.76% interest rate, 20% down payment. For illustrative purposes only.

🏘 Summit Neighborhood Guide

Walk Score

Somewhat Walkable

Min to NYC

Direct train

Summit Station

Train Station

Morris & Essex

Neighborhoods in Summit

Summit Avenue Corridor $900,000 to $1,800,000

Best for: Commuters, walkability seekers

Tall Oaks / Canoe Brook $1,200,000 to $2,500,000

Best for: Families wanting space, golf lifestyle

Northside $800,000 to $1,400,000

Best for: Families, school-focused buyers

Downtown / Condos $400,000 to $800,000

Best for: Young professionals, empty nesters

Summit is Union County's Midtown Direct jewel — one of only a handful of NJ towns with express train service arriving at Penn Station in 44 minutes without a transfer. The city's walkable downtown along Springfield Avenue and Summit Avenue features independent shops, acclaimed restaurants, and the V...

Explore Summit →