UNDER CONTRACT

Contingent

$1,700,000

Est. $10,757/mo —

•

1,940

sq ft

40 Prospect St, Summit, NJ 07901

About this home

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

Single-familyProperty Type

1923Year Built

0.31 acresLot Size

$876Price/Sq.Ft.

2 car garageParking

Listed by SENADA GRAFAS • EXP REALTY, LLC

Listing updated: Jul 20, 2026 at 05:06pm

Redfin checked: a minute ago

•Source:CJMLS #2607798R

Payment calculator

$10,757 per month

Principal and interest$9,278

Property taxes

$1,253

HOA dues

Home insurance

$227

Utilities

Add

5 minutes to get started. No credit impact.

Mortgage resources

Open houses

No upcoming open houses.

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Around this home

Schools

K - 12
Preschool & daycare

Brayton Elementary School

Public 1-5 • Assigned • 0.3mi

10/10

L C Johnson Summit Middle School

Public 6-8 • Assigned • 0.2mi

8/10

Summit Senior High School

Public 9-12 • Assigned • 0.7mi

9/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Market insights

40 Prospect St · $1,700,000

DAYS ON MARKET

The average home goes pending in 22 days.

SALE-TO-LIST

Most homes are selling 5% above list price.

LIST PRICE

Median sale price in this area is $721,134. (58% lower than this home)

PRICE DROP

11% of homes in this area have had a price drop in the past month.

Property details

Interior
Exterior
Finance

Kitchen

Bathroom

Bedroom

Living

Interior features
Entrance foyer
Kitchen
Half bath
Full bath
Living room
Den
Formal dining room
None listed

Bedrooms
Three bedrooms
Two bedrooms
One bedroom

Bathrooms
1 full bathroom
1 half bathroom

Kitchen
Eat-in kitchen
Dishwasher
Electric range/oven
Gas range
Microwave
Refrigerator

Laundry & utility
Washer
Dryer
Laundry facilities in basement
Gas water heater

Flooring
Carpet
Ceramic tile
Wood

Heating & cooling
Baseboard heating
Radiant heating
Baseboard hot water heating
Wall air conditioning units
Window air conditioning units
Has heating

Sale and tax history for 40 Prospect St

Sale History
Tax History

Date

Event

Price

GSMLS #3999057

Jul 20, 2026

Pending

—

Nov 21, 2025

Listed

$1,700,000

$876/sq ft

+11

MOMLS #22535176

Jul 20, 2026

Pending

—

Nov 21, 2025

Listed

$1,700,000

$876/sq ft

+13

CJMLS #2607798R

Jul 20, 2026

Contingent

—

Nov 21, 2025

Listed

$1,700,000

$876/sq ft

Year

Property tax

Land + Additions

Assessment*

2025

$15,434 (+2.6%)

$199,800 + $145,400

$345,200

2024

$15,037 (+0.7%)

$199,800 + $145,400

$345,200

2023

$14,937 (+1.0%)

$199,800 + $145,400

$345,200

2022

$14,785 (−0.8%)

$199,800 + $145,400

$345,200

2021

$14,902 (−1.0%)

$199,800 + $145,400

$345,200

2020

$15,051 (−0.1%)

$199,800 + $145,400

$345,200

2019

$15,068 (+0.6%)

$199,800 + $145,400

$345,200

2018

$14,971 (−0.6%)

$199,800 + $145,400

$345,200

2017

$15,068 (+1.5%)

$199,800 + $145,400

$345,200

2016

$14,847 (+4.7%)

$199,800 + $145,400

$345,200

2014

$14,180 (+1.1%)

$199,800 + $145,400

$345,200

2013

$14,022 (+2.4%)

$199,800 + $145,400

$345,200

2012

$13,694 (+3.6%)

$199,800 + $145,400

$345,200

2011

$13,218 (+2.4%)

$199,800 + $145,400

$345,200

2010

$12,907 (+4.2%)

$199,800 + $145,400

$345,200

2009

$12,389

$199,800 + $145,400

$345,200

Public record

Public record
Zoning

Beds

—

Baths

—

Stories

Lot width

—

Lot depth

—

Lot size

0.31 Acres

Year renovated

—

Finished Sq. Ft.

1,940

Unfinished Sq. Ft.

—

Total Sq. Ft.

1,940

Year built

1923

Style

Single Family Residential

County

Union County

APN

1803202 00020

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Jul 14, 2026.

R-10

Single-Family Residential Zone

The purpose of the R-10 Residential Zones is to preserve the integrity of existing single-family residential areas by preventing the intrusion of nonresidential uses into residential neighborhoods and by maintaining existing development intensity and population density consistent with single-family residential neighborhood patterns. A compatible relationship between new or expanded houses and traditional neighborhood houses that reflect the best of the neighborhood character, particularly in terms of scale, siting, design features and orientation on the site is encouraged.

Permitted uses

Include but are not limited to:

Housing-Single unit
Park & open space

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

6/10 Heat Factor

7 days above 101° expected this year, 14 days in 30 years

6/10 Wind Factor

27% chance of strong winds in next 30 years

4/10 Air Factor

3 unhealthy days expected this year, 5 days in 30 years

Provided by First Street

Historical weather

Summit, NJ • 07901

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

85/ 100

Very good sunlight

Sunscore

This home receives average direct sun exposure in Summit. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.

9.4 hrs

5.1 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 40 Prospect St

$1,657,104

$43K under list price of $1.70M

Nearby comparable homes

The Redfin Estimate uses 6 recent nearby sales, priced between $1.3M to $1.9M.

SOLD SEP 4, 2026
$1,920,000 Last sold price
4 beds3.5 baths— sq ft
22 Oak Ridge Ave, Summit, NJ 07901-4313
smaller lot
no basement
SOLD AUG 21, 2026
27 Pine Grove Ave, Summit, NJ 07901-2431
$1,938,900 Last sold price
4 beds3.5 baths— sq ft
27 Pine Grove Ave, Summit, NJ 07901-2431
smaller lot
5 years newer
SOLD NOV 26, 2025
50 Parmley Pl #203, Summit, NJ 07901-2100
$1,600,000 Last sold price
2 beds2.5 baths— sq ft
50 Parmley Pl #203, Summit, NJ 07901-2100
larger lot
no basement
SOLD MAY 15, 2026
$1,733,000 Last sold price
5 beds4.5 baths— sq ft
80 Glenside Ave, Summit, NJ 07901-3314
smaller lot
no basement
SOLD JUL 10, 2026
137 Beekman Rd, Summit, NJ 07901-1705
$1,501,000 Last sold price
4 beds2 baths— sq ft
137 Beekman Rd, Summit, NJ 07901-1705
larger lot
28 years newer
no basement
SOLD AUG 3, 2026
$1,315,000 Last sold price
— beds— baths— sq ft
16 Russell Pl, Summit, NJ 07901-3814
smaller lot
no basement

Rental earnings

Est. $2,354 per month, based on comparable rentals

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Details provided by CJMLS and may not match the public record. Learn more.

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