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SOLD 251006

172 COLONIAL RD

Summit, NJ

$1,100,000

31,458

Sq. Ft.

$35

Per Sq. Ft.

Residential

Property Type

Tax Assessment Analysis

Sale Price

$1,100,000

Total Assessed

$248,200

Sale vs. Assessed

+$851,800 (+343.2%)

Land Value

$158,300

Building Value

$89,900

Summit Market Overview

$1,436,135

Median Price

180

Total Sales

+0.0%

Year over Year

Active

Market Type

📊 Investment Analysis

$7,700

Est. Monthly Rent

$8,339

Est. Mortgage

7.4% · 20% down

-$639

Monthly Cash Flow

8.4%

Cap Rate

-3.5%

Cash-on-Cash Return

Estimates based on 0.7% rent rule, 7.4% 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...

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