Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    622-628 Central Ave East Orange, NJ 07018

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $3,200,000

    Two combined lots ideal for redevelopment in East Orange.

    Property Features for 622-628 Central Ave

    General Information

    Standard status
    Contract

    We can help!

    Listing Contact
    Marina Lazareva
    Marina Lazareva
    Source: Corcoran

    Listing Agency: RE/MAX PROPERTIES PLUS Listing Agent: Marina Lazareva

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

    Learn more

    Overview

    Redevelopment Opportunity in East Orange

    An opportunity exists in the redevelopment zone on a major thoroughfare in East Orange. Two lots, 622-628 Central Ave and 630-34 Central Ave, are being sold together as Block 712, Lots 2 and 2.03. Lot 2 measures 9,039 square feet, and Lot 2.03 measures 5,087 square feet, resulting in a combined area of 14,126 square feet. The property is located in the Transit Village Area-Redevelopment Plan, with Use/Bulk Requirements for Central Ave. Commercial, CAC Zoned CAE/CAC. The property is proposed ideal for redevelopment to obtain 32 residential units and ground floor 4 commercial units. Building height/stories: 5 stories/65 feet. A survey is available in the documents.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    East Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.225364
    Latitude
    40.762223

    Nearby Similar for Sale

    • $1,215,000
      5,476 SF

      East Orange Healthcare Facility

      Licensed residential healthcare facility in East Orange City, New Jersey.
      146 S Munn Ave, East Orange, NJ 07018
      View Details
    • $3,995,000
      24,000 SF

      East Orange Commercial Investment Opportunity

      Fully occupied commercial building with long-term tenants and income potential.
      110 S Grove St, East Orange, NJ 07018
      View Details
    • $749,999
      Pending

      East Orange Mixed-Use Redevelopment Opportunity

      Prime location near train station with mixed-use and residential potential.
      61 Lincoln St, East Orange, NJ 07017
      View Details
    • New
      $575,000
      Pending

      Updated Two-Family Home

      Well-maintained two-family home with modern updates and income potential.
      129 Brookwood St, East Orange, NJ 07018
      View Details
    • New
      $750,000
      3,326 SF

      East Orange Multi-Unit Opportunity

      Two homes on one lot, great income potential!
      312 Rhode Island Ave, East Orange, NJ 07018
      View Details
    • New
      $749,999
      0.09 Acres

      Renovated Multi-Family Home, East Orange

      Turnkey 9-bedroom property near amenities and transportation.
      15 Winthrop Ter, East Orange, NJ 07018
      View Details
    • New
      $679,000
      0.09 Acres

      East Orange City Multi-Family Property

      Three-family property in desirable location near Bloomfield.
      527 N Grove St, East Orange, NJ 07017
      View Details
    • $675,000
      4,047 SF

      Mixed-Use Building in East Orange

      Mixed-use property with retail spaces and residential unit in East Orange.
      97 4Th Ave, East Orange, NJ 07017
      View Details
    • $699,900
      3,000 SF

      Spacious Multifamily in East Orange

      Two-unit property with 8 bedrooms, ideal for investors/owner-occupants.
      157 N 14Th St, East Orange, NJ 07017
      View Details
    • $819,000
      Pending

      New Multi-Family Residence Near NYC

      New 2-family residence near train station with modern amenities.
      139 N 15Th St, East Orange, NJ 07017
      View Details
    • $597,400
      Pending

      East Orange Two-Story Duplex

      Spacious side-by-side duplex in East Orange with renovation potential.
      22-24 Kensington Pl, East Orange, NJ 07017
      View Details
    • New
      $785,000
      0.14 Acres

      East Orange Multi-Family Home

      Two-family home near transportation and amenities in East Orange, NJ.
      54 Melrose Ave, East Orange, NJ 07018
      View Details

    FAQs

    What type of property is this?
    Commercial land - Two combined lots ideal for redevelopment in East Orange.
    Where is this commercial land located?
    The property is located at 622-628 Central Ave East Orange, NJ.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: - Located in a redevelopment zone on a major thoroughfare in East Orange.; - Two lots being sold together, totaling 14,126 S.F.; - Ideal for redevelopment to obtain 32 residential units and 4 commercial units.
    (917) 518-2132
    Request Owner's contact information
    622-628 Central Ave East Orange, NJ 07018
    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.
    622-628 Central Ave
    East Orange, NJ 07018
    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
    622-628 Central Ave East Orange, NJ 07018
    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
    Marina Lazareva
    Marina Lazareva
    Real Estate License ID: 1861773
    (917) 518-2132 (201) 567-9191
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!