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
Est. $2,403 per month, based on comparable rentals
Sale and tax history for 40 Prospect St
Sale History
Tax History
Date
Event
Price
GSMLS #3999057
Oct 30, 2026
Sold
$1,700,000
$876/sq ft
Jul 20, 2026
Pending
—
Nov 21, 2025
Listed
$1,700,000
$876/sq ft
MOMLS #22535176
Oct 30, 2026
Sold
$1,700,000
$876/sq ft
Jul 20, 2026
Pending
—
Nov 21, 2025
Listed
$1,700,000
$876/sq ft
+13
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
CJMLS #2607798R
Oct 30, 2026
Sold
$1,700,000
$876/sq ft
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
2
Lot width
—
Lot depth
—
Lot size
0.31 Acres
Year renovated
—
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 Oct 16, 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.