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Summit 07901
23 Sherman Ave
$2,300,000
● House - Off Market

23 Sherman Ave

Summit City, NJ 07901
bedrooms
4 Beds
bathrooms
4.2 Baths
$9,084
Est. Monthly
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
House
Property Taxes
-
HOA Dues
-
Year Built
1979

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 #3895216)

Price History

Date / Event Date Event Price
Jun 6, 2024 Sold
Premium
Sold
Apr 18, 2024 In contract -
In contract

Property Highlights

Garage

Building Info

Overview

    General

  • Year Built: 1979
  • Effective Year Built: 1979
  • 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: 200
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 7
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 11,252
  • Lot Size Depth Feet: 1,500
  • Lot Size Frontage Feet: 750
  • Total Building Area: 2,434
  • Building Area: 2,434
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heated Square Feet: 2,434
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000258
  • Standard Land Use Code: 1001
  • County Land Use Code: 2

Neighborhood

  • School District Name: Summit City School District
  • Census Tract: 037800

Zoning

  • Zoning: R10

Geography

  • Assessors Map Reference: TAX MAP 12
  • District: 18
  • Parcel: 18 01203-0000-00035
  • Block: 1203
  • Lot: 35
  • Municipality: SUMMIT CITY
  • Latitude: 40.7231
  • Longitude: -74.3631

    Address

  • Full Address: 23 Sherman Ave
  • Address - House Number: 23
  • Address - Street Name: Sherman
  • Address - Suffix Type: Ave
  • State: NJ
  • City Name: Summit
  • Carrier Code: C008
  • 4-Digit Zip Code: 1925
  • Zip Code: 07901

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $2,525,237

    Appraisal Valuation

  • Standard Deviation: 0.2137
  • Valuation Date: Apr 03, 2024
  • Confidence Score: 70
  • Final Value: 1,466,510
  • High Value: 1,779,932
  • Low Value: 1,153,088

    Market Valuation

  • Market Total Value: $583,600
  • Market Land Value: $216,800
  • Market Improvement Value: $366,800

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $583,600
  • Assessed Land Value: $216,800
  • Assessed Improvements Value: $366,800

    Sales

  • Current Sale Contract Date: Nov 20, 2012
  • Current Sale Recording Date: Dec 12, 2012
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 27
  • Current Sale Input Document Number: 237345
  • Previous Sale Recording Date: May 02, 2001
  • Previous Sale Contract Date: Apr 27, 2001
  • Previous Sale Amount: $675,000
  • Previous Sale Document Type: 27
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 Summit

Stats & Trends

Median Asking:

$1,462,500

Sale Price/ft²

$645

Below Asking

0.01%

Average Days on Market

59

Average Home Size

870 ft²

Average Home Age

71.4 years

Currently For Sale

32 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

Unit for rent at 545 Morris Ave, Summit City, 07901-1325

$4,800 /mo

  • 2 Beds
  • 2 Baths
545 Morris Ave #213, Summit City, 07901-1325 Listing by MICHELLE PARANZINE
Unit for rent at 27 Center St, Chatham Boro, 07928-2599

$5,100 /mo

  • 4 Beds
  • 3 Baths
27 Center St, Chatham Boro, 07928-2599 Listing by KRISTEN FRIEDMAN

Rentals Near You

Click here to view more rentals in the neighborhood.
GSMLS

Last Updated: 3 years ago
Data Source: GSMLS, MLS# 3895216
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 23 Sherman Avenue built and last sold?
The property at 23 Sherman Avenue was built in 1979 and last sold on Nov 20, 2012 for $1,300,000.
How much is this home worth?
The estimated value of the home located at 23 Sherman Avenue is $1,868,500.
What are some comparable homes to 23 Sherman Avenue?
There are currently no comparable homes to 23 Sherman Avenue.
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