562 Summer St, Paterson, NJ, 07501
About This Home
Excellent opportunity to own a fully renovated 3-family property in Paterson, NJ! Completely gutted and renovated in 2020, this income-producing property offers peace of mind with major updates already completed, including newer electrical, plumbing, roof, furnaces, and hot water heaters.Each of the three spacious units features 2 bedrooms, a living room, a kitchen, and a full bathroom, providing comfortable layouts that attract quality tenants. The property also offers separate utilities and separate meters, allowing tenants to pay their own gas, electric, heat, and water expenses, maximizing your return on investment.Whether you're looking to expand your investment portfolio or live in one unit while generating rental income from the others, this property is truly a turnkey cash cow with nothing left to do but collect rent. Conveniently located near shopping, schools, public transportation, and major highways.
Getting Around
Very Walkable
Good Transit
BikeableSchools
Construction
Condition
- Year built: 1700
Materials
- Roof: Asphalt Shingle
- Construction materials: Aluminum Siding
Notable Dates
- Major remodel year: 2020
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Basement
- Has basement: Yes
- Basement: Yes,Unfinished
Bedrooms & Bathrooms
- Bedrooms: 6
- Bathrooms: 3
- Full bathrooms: 3
Features
- Bedrooms,Kitchen,Living Room,See Remarks
Heating & Cooling
- Heating features: 3 Units,Electric,Natural Gas
- Cooling features: Window Unit(s)
Interior Area
- Total structure area: 0
Property
Details
- Parcel number: 2508063010000000250000
Features
- Levels: 3-Three Story
- Stories: 3
Lot
- Lot size: 2,613 sqft
- Lot size dimensions: 25 x 100
Parking
- Parking features: On Street,On-Street Parking
- Has uncovered spaces: Yes
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Inland Flooding
- Strong Wind
- Winter Weather
- Cold Wave
- Heat Wave
- Lightning
How This Home’s Risks Compare
FEMA Declared Disasters Across New Jersey Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $2,826 | $33,912 |
| Home Insurance * | $301 | $3,612 |
| Property Taxes | $1,052 | $12,624 |
| Electricity | $193 | $2,318 |
| Total | $4,372 | $52,464 |
Income You'd Need if You Spent...
New Jersey FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-08-05 | Price change | $539,000 |
| 2026-07-16 | Listed for sale | $559,000 |
| 2026-06-10 | Price change | $1,395 |
| 2026-05-01 | Price change | $1,475 |
| 2026-03-23 | Listed for rent | $1,550 |
| 2025-02-04 | Listing removed | $1,825 |
| 2025-01-03 | Listed for rent | $1,825 |
| 2019-08-14 | Sold | $130,000 |
| 2019-05-14 | Listing removed | $112,000 |
| 2019-05-01 | Listed for sale | $112,000 |
| 2017-11-15 | Listing removed | -- |
| 2017-11-14 | Listed for sale | -- |
| 2016-01-22 | Listing removed | $69,900 |
| 2015-12-09 | Listed for sale | $69,900 |
| 2015-04-22 | Listing removed | $69,900 |
| 2014-10-23 | Listed for sale | $69,900 |
| 2012-06-02 | Listing removed | $79,900 |
| 2012-05-02 | Listed for sale | $79,900 |
| 2003-03-03 | Sold | $475,000 |
| 1999-09-10 | Sold | $145,000 |
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