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    502 Otterhole Road West Milford, NJ 07480

    View on Map
    New
    For Sale
    $585,000

    1 Story, Ranch - West Milford, NJ

    Type:Ranch
    Lot size:
    0.40 Acres
    Added:
    Mar 30, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 502 Otterhole Road

    General Information

    Property type
    Residential
    Property subtype
    Ranch
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Standard status
    Active
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Baseboard, Hot Water (Heating), Natural Gas
    Cooling system
    Central Air
    Water front features
    Lake Front, Waterfront
    Water front
    1

    Building Details

    Floors in Building
    1
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Walter Weiss

    Listing agent Walter Weiss

    Listing office Keller Williams Prosperity Realty 1700 State Route 23, Wayne, NJ

    Listing date Mar 30, 2026

    MLS# 26005150 Listing URL

    Copyright © 2026 New Jersey MLS Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Renovated Lakefront Ranch in West Milford

    This fully renovated lakefront property is located in the Mount Glen Lakes section of West Milford. Situated on a level 0.40-acre lot, the property offers direct lake frontage and year-round water views. The ranch-style home features 3 bedrooms and 2 bathrooms, designed for one-level living. The property was completely redesigned in 2025, with updates catering to modern lifestyles. The interior includes a bright, open living and dining area with wood floors and natural light. Sliding doors from the living room open to a deck overlooking the lake. The kitchen features cabinetry, countertops, and stainless steel appliances, including a gas range. One bedroom includes a private full bathroom, while two additional bedrooms share a renovated bathroom. A main-floor laundry closet is located in the hallway. The lower level provides storage space and houses the utilities. The property includes central air, natural gas heat, and a blacktop driveway. Lake privileges are included.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Gym & Fitness Center Auto Repair Shop Big Box & Wholesale Store Food Market HVAC Service Electrical Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West Milford
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.3693668
    Latitude
    41.072733

    Nearby Similar for Sale

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      Route 23 Commercial Building

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    • $999,900
      3,750 SF

      Route 23 Commercial Building

      Modern 3,750 SF building on Route 23 for sale.
      1856 State Rt 23, West Milford Twp., NJ 07480
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    • $380,000

      Cozy Home with Inground Pool

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    FAQs

    What type of property is this?
    Single family property - Fully renovated 3-bedroom, 2-bath ranch with lake frontage.
    Where is this single family property located?
    The property is located at 502 Otterhole Road West Milford, NJ.
    What is the asking price?
    The asking price for this property is $585,000.
    What are key features of this property?
    This property features: Fully renovated in 2025, offering modern design and turnkey condition.; Direct lake frontage with year‑round water views on an oversized 0.40‑acre lot.; One‑level ranch layout for effortless living.
    (973) 570-2824
    We can help!
    Listing Contact
    Walter Weiss
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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