Investing is all about finding the right location, and Summit, NJ, offers a lot of up-and-coming neighborhoods with great potential. Known for its charming ambiance, outstanding amenities, and convenient proximity to New York City, Summit is an excellent choice for investors looking for rental properties or prime listings. Whether your focus is on residential, commercial, or multi-family properties, selecting the right neighborhood can have a significant impact on your ROI. Here are the up-and-coming neighborhoods that deserve your consideration for investment.
Downtown Summit
Why Invest Here?
Downtown Summit is one of the most vibrant areas in Summit, NJ, and has seen an increase in real estate listings as the neighborhood grows. It combines small-town charm with modern conveniences, attracting young professionals, families, and retirees. This area is home to popular local spots like the Summit Diner, NJ Transit train station, and city hall, which offer residents a mix of dining, commuting, and civic services. Downtown Summit’s atmosphere and proximity to essential amenities make it ideal for an investment.
What to Look For
In Downtown Summit, you’ll find a variety of investment properties, including single-family homes, condos, and townhouses. These properties are attractive due to their location, tree-lined streets, and easy access to NJ Transit, which provides a convenient commute to the financial district of New York City. Because of the high demand, real estate listings in this area move quickly, and rental properties tend to generate steady monthly income.
Investment Tip
Look for properties on or near Springfield Avenue, as these are popular due to their easy access to restaurants, shops, and transportation. Multi-family properties and townhomes are particularly appealing in this area, offering excellent rental income potential. Be sure to consult a local listing broker or brokerage firm to access the latest listings and verify that all information is data-related.
The Broad Street Corridor
Why Invest Here?
The Broad Street Corridor is a diverse area in Summit with residential, commercial, and retail spaces. Recent developments have improved its appeal, adding amenities like cafes, boutiques, and community spaces. The neighborhood is pedestrian-friendly, with local parks, enhancing the area's quality of life. The corridor’s ongoing development is attracting both renters and prospective buyers, making it an ideal choice for an investment.
What to Look For
Investment opportunities in the Broad Street Corridor include multi-family properties and mixed-use buildings. Properties with a combination of residential and retail spaces are highly attractive here, as they appeal to both commercial tenants and residential renters. The area is still growing, and real estate listings held here are expected to appreciate as more amenities and businesses come in.
Investment Tip
Look for properties near local parks or schools, such as the middle school, which attracts families and young professionals. Mixed-use buildings with retail on the ground floor and apartments above offer a great way to generate more money with dual rental streams.
North Summit
Why Invest Here?
North Summit is a quiet, family-friendly neighborhood ideal for investors targeting long-term tenants. This area is known for its tree-lined streets, proximity to Union County parks, and quality schools, including both public and private schools. North Summit’s tranquil setting, combined with easy access to downtown, makes it particularly attractive to families and individuals seeking a balance between urban convenience and suburban peace.
What to Look For
Single-family homes and townhouses dominate North Summit’s real estate listings, and these properties often come with larger lots and yards, which are highly desirable for families. Properties here are typically held for long-term investments, given the steady appreciation and high demand. Due to the family-oriented environment, properties tend to have lower turnover rates, ensuring consistent rental income.
Investment Tip
Homes near private schools and local parks are especially appealing, as families prioritize these amenities. Properties with ample outdoor space can attract tenants willing to pay higher rent for a family-friendly environment.
Summit’s East Side
Why Invest Here?
Summit’s East Side is gaining popularity for its residential appeal and proximity to important commercial areas. Located close to both the downtown area and NJ Transit, East Side is perfect for commuters and young professionals. The East Side is also close to popular destinations like the Visual Arts Center, which hosts community events and offers art school programs, making it a vibrant neighborhood with cultural appeal.
What to Look For
Properties on the East Side include affordable townhomes, duplexes, and smaller apartment buildings, making them accessible to a wide range of renters and buyers. With lower property prices than other neighborhoods, East Side presents a more affordable entry point for investors, while offering strong potential for rental income and appreciation.
Investment Tip
Duplexes and townhomes near NJ Transit are highly sought-after, as they provide convenience for commuters. Investing in these properties can yield more rental income as the area continues to attract professionals who value accessibility and cultural amenities.
The Washington Area
Why Invest Here?
The Washington Area is a quieter neighborhood in Summit, ideal for investors looking for long-term appreciation. This area is well-suited for families and offers a peaceful, community-focused environment. The Washington Area has several parks, playgrounds, and access to nearby schools, making it a desirable place for those wanting a suburban lifestyle without sacrificing accessibility to downtown.
What to Look For
Properties in the Washington Area consist mainly of single-family homes, some of which are older and can benefit from updates or renovations. The neighborhood is known for its classic architecture and close-knit community feel, both of which are attractive to families. Listings in this area are often held for longer periods, as residents value the stability and community of the Washington Area.
Investment Tip
Properties near local parks or schools are especially valuable, as they appeal to families seeking a safe, family-oriented environment. Homes with spacious yards or outdoor spaces also tend to be more attractive to renters, allowing for higher rental prices. To ensure the information deemed reliable regarding property values is current, consult a local listing broker.
What’s Next?
Ready to Invest in Summit, NJ? Whether you’re an experienced investor or new to investing, PMI Prime Property can assist you in making the right choices. Visit our Services page or Contact Us today to learn how we can help you manage your investment properties in Summit and maximize your rental income!
