Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • 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

    251 Grove Ave Verona, NJ 07044

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    5.54 acre approved assisted living facility development site.

    Property size:
    5 SF
    Lot size:
    5.54 Acres

    Property Features for 251 Grove Ave

    General Information

    Size
    5 SF
    Lot size
    5.54 Acres

    We can help!

    Listing Contact
    Gregory James
    Source: Naihanson

    Listing Agent: Gregory James

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

    Learn more

    Overview

    Approved Assisted Living Site

    This 5.54-acre property, located at 251 Grove Avenue in Verona, New Jersey, is an approved site for an assisted living facility. Situated in Essex County, identified as Block 1201, Lot 12, the site is zoned C-2 (professional office and business zone district). The zoning establishes assisted living facilities as a conditional use and co-working space as a permitted use. The property is located minutes from Pompton Avenue and Route 23. The property taxes for 2024 are $77,637.
    Location Intelligence

    Current Use by Public Records

    DriveUp Storage Self-Storage Facility Rina Painter Interior ... Painter M3 Crane Crane Rental Agency Heavy Iron Services Contractor Verona Industries Inc Manufacturer

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Verona
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2374043
    Latitude
    40.8442831

    Nearby Similar for Sale

    • $829,900

      Corner Residence with Panoramic Views

      Sophisticated two-bedroom residence with resort-style amenities and panoramic views.
      2 Claridge Dr 8Lw, Verona, NJ 07044
      View Details
    • $599,900

      Well-Maintained Three-Family Property

      Fully rented three-family property near schools, shopping, and highways.
      142 Pompton Ave, Verona, NJ 07044
      View Details
    • $950,000

      Mixed-Use Development Opportunity

      Mixed-use property with development potential in a desirable location.
      820 Bloomfield Ave, Verona, NJ 07044
      View Details
    • $485,000

      Spacious Multi-Level Unit Near Shops

      Three-level unit with modern features, close to transportation and shops.
      352 Bloomfield Ave, Verona, NJ 07044
      View Details
    • $4,200,000

      Verona Professional Building For Sale

      30,249 SF professional building in Verona, NJ for sale.
      60 Pompton Ave, Verona, NJ 07044
      View Details
    • $950,000
      2,997 SF

      Verona Commercial Property - High Potential

      Mixed-use building, redevelopment opportunity.
      820 Bloomfield Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      0.17 Acres

      Verona Office Space: Bloomfield Ave

      Prime Verona Office, 1029 sq ft, No CAM Fees
      450 Bloomfield Ave, Verona, NJ 07044
      View Details

    FAQs

    What type of property is this?
    Land - 5.54 acre approved assisted living facility development site.
    Where is this land located?
    The property is located at 251 Grove Ave Verona, NJ.
    What are key features of this property?
    This property features: - Approved assisted living site on 5.54 acres.; - C-2 zoning allows for assisted living facilities (conditional use) and co-working space (permitted use).; - Large 5.54-acre lot size.
    (201) 488-5800
    Request Owner's contact information
    251 Grove Ave Verona, NJ 07044
    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.
    251 Grove Ave
    Verona, NJ 07044
    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
    251 Grove Ave Verona, NJ 07044
    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
    Gregory James
    (201) 488-5800
    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.