Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    391 Springfield 2C Berkeley Heights, NJ 07922

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,990 /Mo

    Two-bedroom apartment with in-unit laundry and parking in Berkeley Heights.

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Patrick Crean
    Source: Elliman

    Listing Agent: Patrick Crean

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Luxury Downtown Apartment For Rent

    This two-bedroom, two-full-bath apartment is located in a luxury building in Downtown Berkeley Heights. The unit includes in-unit laundry and on-site parking in a covered garage. A rooftop deck is available for entertaining. The apartment is available for move-in by August 15th.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Berkeley Heights
    County
    Union
    State
    New Jersey
    Longitude
    -74.4292
    Latitude
    40.6751

    Nearby Similar for Lease

    • $22 SF/Yr
      81,022 SF

      Retail Space in Berkeley Heights

      Commercial units available in downtown Berkeley Heights with ample parking.
      430 Springfield Ave, Berkeley Heights, NJ 07922
      View Details
    • $20 SF/Yr
      3,250 SF

      Prime Berkeley Heights Office Space

      Modern Office, 3250 sq ft, NJ
      599 Springfield Ave, Berkeley Heights, NJ 07922
      View Details
    • $20 SF/Yr
      13,500 SF

      Berkeley Heights Retail Space Available

      Retail space for lease near train and bus stations.
      645-649 Springfield Ave, Berkeley Heights, NJ 07922
      View Details
    • $3,000 /Mo

      Berkeley Heights Office Space Available

      Professional office space for rent in Berkeley Heights.
      495 Plainfield Ave, Berkeley Heights, NJ 07922
      View Details
    • $20 SF/Yr
      1,700 SF

      Retail Space in Berkeley Heights

      Retail space available for lease in Berkeley Heights, NJ.
      391 Springfield Ave, Berkeley Heights, NJ 07922
      View Details
    • Contact for pricing
      3,302 SF

      Furnished Medical Office Space

      3,302 SF furnished medical office for rent.
      369 Springfield Ave, Berkeley Heights, NJ 07922
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two-bedroom apartment with in-unit laundry and parking in Berkeley Heights.
    Where is this apartment building located?
    The property is located at 391 Springfield 2C Berkeley Heights, NJ.
    What are key features of this property?
    This property features: - Luxury building in Downtown Berkeley Heights; - Two Bedroom, Two Full Bath; - Laundry in unit
    (908) 508-0333
    Request Owner's contact information
    391 Springfield 2C Berkeley Heights, NJ 07922
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    391 Springfield 2C
    Berkeley Heights, NJ 07922
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    391 Springfield 2C Berkeley Heights, NJ 07922
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Patrick Crean
    (908) 508-0333
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.