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Summit 07901
7 Silver Lake Dr
$2,050,000
● House - Off Market

7 Silver Lake Dr

Summit City, NJ 07901
bedrooms
4 Beds
bathrooms
3.2 Baths
$1,980,021
RealtyHop Estimate
4.49%
Since Mar 1, 2023
National-US
Primary Model
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
House
Property Taxes
-
HOA Dues
-
Year Built
1942

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: 4 years ago (GSMLS #3823030)

Price History

Date / Event Date Event Price
Feb 24, 2023 Sold
Premium
Sold
Jan 15, 2023 In contract -
In contract

Property Highlights

Building Info

Overview

    General

  • Year Built: 1942
  • Effective Year Built: 1942
  • 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: 17
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 21,867
  • Total Building Area: 3,176
  • Building Area: 3,176
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heated Square Feet: 3,176
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000502
  • Standard Land Use Code: 1001
  • County Land Use Code: 2

Neighborhood

  • School District Name: Summit City School District
  • Census Tract: 037900

Zoning

  • Zoning: R15

Geography

  • Assessors Map Reference: TAX MAP 53
  • District: 18
  • Parcel: 18 05303-0000-00007
  • Block: 5303
  • Lot: 7
  • Municipality: SUMMIT CITY
  • Latitude: 40.7009
  • Longitude: -74.3751

    Address

  • Full Address: 7 Silver Lake Dr
  • Address - House Number: 7
  • Address - Street Name: Silver Lake
  • Address - Suffix Type: Dr
  • State: NJ
  • City Name: Summit
  • Carrier Code: C009
  • 4-Digit Zip Code: 3233
  • Zip Code: 07901

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $2,812,550

    Appraisal Valuation

  • Standard Deviation: 0.2259
  • Valuation Date: Apr 03, 2024
  • Confidence Score: 68
  • Final Value: 1,792,277
  • High Value: 2,197,227
  • Low Value: 1,387,327

    Market Valuation

  • Market Total Value: $650,000
  • Market Land Value: $430,600
  • Market Improvement Value: $219,400

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $650,000
  • Assessed Land Value: $430,600
  • Assessed Improvements Value: $219,400

    Sales

  • Current Sale Contract Date: Feb 21, 2023
  • Current Sale Recording Date: Mar 02, 2023
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 27
  • Current Sale Input Document Number: 27082
  • Previous Sale Recording Date: Sep 06, 1994
  • Previous Sale Contract Date: Sep 01, 1994
  • Previous Sale Amount: $760,000
  • 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 4 Summit Ave Unit 1, Summit City, 07901-3520

$5,200 /mo

  • 2 Beds
  • 2 Baths
4 Summit Ave Unit 1, Summit City, 07901-3520 Listing by SCOTT J. MENNIG

Rentals Near You

Click here to view more rentals in the neighborhood.
GSMLS

Last Updated: 4 years ago
Data Source: GSMLS, MLS# 3823030
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 7 Silver Lake Drive built and last sold?
The property at 7 Silver Lake Drive was built in 1942 and last sold on Feb 21, 2023 for $2,050,000.
How much is this home worth?
The estimated value of the home located at 7 Silver Lake Drive is $0.
What are some comparable homes to 7 Silver Lake Drive?
There are currently no comparable homes to 7 Silver Lake Drive.
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