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    10 Ridgedale Ave West East Hanover, NJ 07936

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    Pending
    $789,000

    Duplexes

    Lot size:
    0.25 Acres

    Property Features for 10 Ridgedale Ave West

    General Information

    Property type
    Multi Family
    Standard status
    Pending
    Lot size
    0.25 Acres

    Building Details

    Year built
    1937

    We can help!

    Listing Contact
    Andreia Santos
    Source: Elliman

    Listing Agent: Andreia Santos

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

    Learn more

    Property Insight Report

    Overview

    Don't miss this rare opportunity to own a charming two-family home on an oversized corner lot, and cul-de-sac road in East Hanover, NJ complete with a detached three-car garage plus a separate apartment. Same owner for over 40 years, the main home has been recently updated and features three spacious bedrooms, two full baths, gleaming hardwood floors, a modern kitchen with new stainless steel appliances & quartz countertops, and a finished basement with wood burning fireplace and laundry. On the main level, enjoy a sun-filled living room, dining room, and separate sunroom/sitting room perfect for relaxing or entertaining. Bonus: A separate dwelling includes a three-car garage and a legal apartment (confirmed with township) ideal for rental income, guests, or multi-use space! Both homes are currently vacant and ready for move-in or investment. Set on a level, fenced lot with a large yard, patio, in-ground pool, and shed, this cul-de-sac property offers privacy and small-town charm, just minutes from parks, trails, local shops, NYC transit, and top-rated schools. A unique blend of suburban tranquility, city convenience and additional income! As is sale, no known issues.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Zambrano Rosario M ... Physician

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    East Hanover
    County
    Morris
    State
    New Jersey
    Longitude
    -74.3533685
    Latitude
    40.8312006

    Nearby Similar for Sale

    • $789,000
      Pending

      Multifamily Property for Sale

      Multifamily property available for purchase.
      10 Ridgedale Ave West, East Hanover, NJ 07936
      View Details

    FAQs

    Where is this duplex located?
    The property is located at 10 Ridgedale Ave West East Hanover, NJ.
    What is the asking price?
    The asking price for this property is $789,000.
    What are key features of this property?
    This property features: - Legal apartment over a detached three-car garage offers rental income potential or multi-use space.; - Main house is recently updated with MODERN KITCHEN (new stainless steel appliances & quartz countertops), HARDWOOD FLOORS, and FINISHED BASEMENT.; - Oversized corner lot on a cul-de-sac provides PRIVACY and a large, fenced yard with IN-GROUND POOL and PATIO.
    (973) 376-8188
    Request Owner's contact information
    10 Ridgedale Ave West East Hanover, NJ 07936
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    East Hanover, NJ 07936
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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
    10 Ridgedale Ave West East Hanover, NJ 07936
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    We can help!
    Listing Contact
    Andreia Santos
    (973) 376-8188
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