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Union 07901
16 Lee Ln
$1,500,000
● House - Off Market

16 Lee Ln

Berkeley Heights Twp., NJ 07901
bedrooms
4 Beds
bathrooms
4.1 Baths
$6,384
Est. Monthly
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
House
Property Taxes
-
HOA Dues
-
Year Built
1995

Payment Calculator

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 3 years ago (GSMLS #3910001)

Price History

Date / Event Date Event Price
Aug 8, 2024 Sold
Premium
Sold
Jul 13, 2024 In contract -
In contract

Property Highlights

Garage

Building Info

Overview

    General

  • Year Built: 1995
  • Effective Year Built: 1995
  • Bedroom Count: 0
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Count: 100
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 7
  • Parking Space Count: 2
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 19,515
  • Lot Size Depth Feet: 1,560
  • Lot Size Frontage Feet: 1,250
  • Total Building Area: 3,570
  • Building Area: 3,570
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heated Square Feet: 3,570
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000448
  • Standard Land Use Code: 1001
  • County Land Use Code: 2

Neighborhood

  • School District Name: Berkeley Heights Township School District
  • Census Tract: 038201

Zoning

  • Zoning: R20

Geography

  • District: 01
  • Parcel: 01 03905-0000-00002
  • Block: 3905
  • Lot: 2
  • Municipality: BERKELEY HEIGHTS TWP
  • Latitude: 40.6951
  • Longitude: -74.3844

    Address

  • Full Address: 16 Lee Ln
  • Address - House Number: 16
  • Address - Street Name: Lee
  • Address - Suffix Type: Ln
  • State: NJ
  • City Name: Summit
  • Carrier Code: C024
  • 4-Digit Zip Code: 4151
  • Zip Code: 07901

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $2,154,750

    Appraisal Valuation

  • Standard Deviation: 0.2246
  • Valuation Date: Apr 03, 2024
  • Confidence Score: 69
  • Final Value: 1,778,113
  • High Value: 2,177,591
  • Low Value: 1,378,635

    Market Valuation

  • Market Total Value: $510,000
  • Market Land Value: $283,600
  • Market Improvement Value: $226,400

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $510,000
  • Assessed Land Value: $283,600
  • Assessed Improvements Value: $226,400

    Sales

  • Current Sale Contract Date: Sep 30, 2008
  • Current Sale Recording Date: Oct 01, 2008
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 27
  • Current Sale Input Document Number: 199412
  • Previous Sale Recording Date: Nov 12, 1994
  • Previous Sale Contract Date: Oct 24, 1994
  • Previous Sale Document Type: 27

    Financing

  • First Mortgage Financing Type: ADJ
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Union

Stats & Trends

Median Asking:

$649,000

Sale Price/ft²

$349

Below Asking

0.01%

Average Days on Market

71

Average Home Size

679 ft²

Average Home Age

-

Currently For Sale

899 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

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GSMLS

Last Updated: 3 years ago
Data Source: GSMLS, MLS# 3910001
The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as IDX Listing. Information deemed reliable but not guaranteed. Copyright © 2026 Garden State Multiple Listing Service, L.L.C. All rights reserved. Notice: The dissemination of listings on this website does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 16 Lee Lane built and last sold?
The property at 16 Lee Lane was built in 1995 and last sold on Sep 30, 2008 for $1,100,000.
How much is this home worth?
The estimated value of the home located at 16 Lee Lane is $1,313,000.
What are some comparable homes to 16 Lee Lane?
There are currently no comparable homes to 16 Lee Lane.
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