For sale

$1,700,000

40 Prospect St, Summit, NJ 07901

3beds

1,940sqft

Est.:

Single Family Residence

Built in 1923

0.31 Acres Lot

$1,584,400 Zestimate^®

$876/sqft

$-- HOA

What's special

Quiet tree-lined neighborhoodOversized lot

Introducing 40 Prospect Street - a rare opportunity in the heart of the highly desirable Summit, NJ! This longstanding 3BR/1.5BA colonial sits on an oversized lot and is ready for complete modern renovation / rebuild! Positioned in a quiet tree-lined neighborhood, this home is just minutes from downtown Summit and its restaurants, shopping, and direct rail service to NYC via NJ Transit. This property offers a combination of prime location, property size, top-rated schools, and more in one of Union County's most sought-after neighborhoods. To all homeowners and homebuilders, this is truly one with plenty of potential for its next chapter. Strictly ''AS IS'' sale, buyer responsible for C/O

117 days

4,619

61

Tour with a local agent

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 3
Bathrooms: 2
Full bathrooms: 1
1/2 bathrooms: 1

Dining room

Features: Formal Dining Room

Kitchen

Features: Eat-in Kitchen

Basement

Area: 0

Heating

Baseboard, Radiant, Baseboard Hotwater

Cooling

Wall Unit(s), Window Unit(s)

Appliances

Included: Dishwasher, Dryer, Electric Range/Oven, Microwave, Refrigerator, Range, Washer, Gas Water Heater

Features

Entrance Foyer, Kitchen, Bath Half, Living Room, Den, Dining Room, 1 Bedroom, 2 Bedrooms, 3 Bedrooms, Bath Full, None
Flooring: Carpet, Ceramic Tile, Wood
Basement: Full, Daylight, Storage Space, Laundry Facilities
Has fireplace: No

Interior area

Total structure area: 1,940
Total interior livable area: 1,940 sqft

Property

Parking

Total spaces: 2
Parking features: 1 Car Width, Garage, Detached
Garage spaces: 2
Has uncovered spaces: Yes

Features

Levels: Two
Stories: 2
Patio & porch: Deck
Exterior features: Deck

Lot

Size: 0.31 Acres
Features: See Remarks

Details

Parcel number: 1803202000000020

Construction

Type & style

Home type: SingleFamily
Architectural style: Colonial
Property subtype: Single Family Residence

Materials

Roof: Asphalt

Condition

Year built: 1923

Utilities & green energy

Gas: Natural Gas
Sewer: Public Sewer
Water: Public
Utilities for property: Electricity Connected, Natural Gas Connected

Community & HOA

Location

Region: Summit

Financial & listing details

Price per square foot: $876/sqft
Tax assessed value: $345,200
Annual tax amount: $15,037
Date on market: 11/21/2025
Ownership: Fee Simple
Electric utility on property: Yes

Estimated market value

$1,584,400

$1.51M - $1.66M

$5,191/mo

Price history

Date	Event	Price
11/22/2025	Listed for sale	$1,700,000-43.3%$876/sqft
Source: MoreMLS #22535176 Report a problem
8/22/2000	Sold	$3,000,000$1,546/sqft
Source: Agent Provided Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$15,037	$345,200
2024	$15,037 +0.7%	$345,200
2023	$14,937 +1%	$345,200
2022	$14,785 -0.8%	$345,200
2021	$14,902 -1.1%	$345,200
2020	$15,068 +0.6%	$345,200
2019	$14,971 -0.6%	$345,200
2018	$15,068 +1.5%	$345,200
2017	$14,847 +2%	$345,200
2016	$14,557 +2.7%	$345,200
2015	$14,181 +1.1%	$345,200
2014	$14,022 +2.4%	$345,200
2013	$13,694 +3.6%	$345,200
2012	$13,218 +2.4%	$345,200
2011	$12,907 +4.2%	$345,200
2010	$12,389 +4.5%	$345,200
2009	$11,858	$345,200
2008	--	$345,200
2007	$11,412	$345,200
2006	--	$345,200
2005	--	$345,200
2004	--	$345,200
2003	--	$345,200
2002	--	$345,200
2001	--	$345,200