Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Industrial Property with Redevelopment Potential Title is generated by Realmo AI

    197 Park Ave, Orange, NJ 07050

    View on Map
    Claim this Listing
    New
    For Sale
    $3,325,000

    Industrial property featuring garages, shop, residence, and redevelopment potential.

    Type:Commercial
    Property size:
    13,900 SF
    Price / SF:
    $239/SF
    Added:
    May 26, 2026
    Days on Market:
    3
    Last Refresh:
    May 27 at 7:19 am

    Property Features for 197 Park Ave

    General Information

    Standard status
    Active
    Size
    13,900 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    JOHN BRITO

    Listing agent JOHN BRITO

    Listing office KELLER WILLIAMS MID-TOWN DIRECT

    Listing date May 26, 2026

    Source Corcoran

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

    All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS MID-TOWN DIRECT

    HighLights

    • 25 Garages and a Mechanic Shop: Ideal for immediate income generation through rentals, automotive use, or storage.
    • 2‑Family Residence: Provides immediate residential income or owner‑occupancy potential.
    • Flexible Industrial Property: Suited for investors, owner‑users, and developers with multiple avenues for use.
    • Strong Redevelopment Potential: Suitable for medium‑density residential projects like multifamily housing or townhomes.
    • Mixed‑Use Characteristics: Creates a variety of commercial and residential applications.
    • Convenient Location: Close proximity to Newark Airport, Port Newark, Port Elizabeth, Route 280, and GSP.

    Overview

    This highly flexible industrial property includes 25 garages, a mechanic shop, and a 2-family residence. It offers multiple avenues for investors, owner-users, and developers seeking both immediate use and long-term upside. The property currently includes multiple opportunities for income generation through garage rentals, automotive use, contractor storage, fleet parking, or residential tenancy. The unique layout and mixed-use characteristics create a variety of commercial and residential applications. The property offers strong redevelopment potential for medium-density residential projects, including multifamily housing, garden apartments, or townhome development. The property is located in City Of Orange Twp., NJ 07050 and has a size of 13900 square feet. It is near Newark Airport, Port Newark, Port Elizabeth, and Route 280 and GSP.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $2.58M
    NOI $232,633 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.32M
    NOI $232,633 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.65M
    NOI $232,633 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $355.3k $25.56
    − Vacancy −$23.0k −$1.65
    EGI $332.3k $23.91
    − OpEx −$99.7k −$7.17
    NOI $232.6k $16.74
    13,900 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $3.32M
    $2.91M – $3.88M (±1% cap)
    NOI $232,633 @ 7.0% cap · market cap 7.00%
    Second Best
    Flex RnD
    $3.16M
    $2.76M – $3.69M (±1% cap)
    NOI $221,155 @ 7.0% cap · market cap 6.65%
    Theoretical Best
    Office A
    $3.63M
    $3.18M – $4.23M (±1% cap)
    NOI $254,070 @ 7.0% cap · market cap 7.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

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

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

    Similar Places Nearby

    • Gray Auto Clinic & Tire Service LLC — 11 Central Ave, West Orange, NJ 07052
    • Castillo Auto Repair — 218 Lafayette St, City of Orange, NJ 07050
    • Central Imported Car Repair — 504 Valley Rd, West Orange, NJ 07052
    • Jefferson Auto Center Orange Nj — S Jefferson St, City of Orange, NJ 07050
    • S&R Automotive — Lafayette St, City of Orange, NJ 07050

    Location Insight

    • Map
    • Local Demand
    City
    Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2233127
    Latitude
    40.7753503

    Nearby Similar for Sale

    • $599,999
      2,973 SF

      Multi-Family Property in City Of Orange

      Three-story, two-unit property with seven bedrooms and four bathrooms.
      458 Fairview Ave, City Of Orange Twp., NJ 07050-2114
      View Details
    • $819,000
      1,300 SF

      Unique Triplex with Development Potential

      Updated triplex suitable for residential, office, or studio use.
      540 Joyce St, City Of Orange Twp., NJ 07050-1413
      View Details
    • $749,900
      4,800 SF

      Spacious Commercial Building/House of Worship

      Commercial building/House of Worship in quiet residential arts district.
      668 Forest St, City Of Orange Twp., NJ 07050
      View Details
    • $1,800,000
      5,500 SF

      Commercial Property Near Train Station

      Two lots with covered and open space near Highland Ave train.
      419-425 Valley St, City Of Orange Twp., NJ 07050-1320
      View Details
    • $750,000

      Two Family with Bonus Unit

      Two-family property with bonus unit, updated basement, and parking.
      289 Center Street, Orange, NJ 07050
      View Details
    • $729,900

      Modern Multi-Family in City Orange

      Completely renovated multi-family property with high-end finishes and modern systems.
      196 Taylor St, City Of Orange Twp., NJ 07050-3412
      View Details
    • $779,000

      Renovated Multi-Family Property

      Turnkey multi-family property with income potential near transportation and amenities.
      562 Tremont Ave, City Of Orange Twp., NJ 07050-1206
      View Details
    • $440,000
      2,658 SF

      City Of Orange Multi-Family Property

      Multi-family property in City Of Orange Twp., NJ for sale.
      208 Duane St, City Of Orange Twp., NJ 07050-4111
      View Details
    • $699,000

      Mixed-Use Property in City Of Orange

      Versatile property with residential units and oversized garage/workspace.
      196 Lafayette Street, City Of Orange Twp., NJ 07050
      View Details
    • $750,000

      Multi-Family Opportunity in City Orange

      Two properties on one lot in City of Orange Township.
      471 Burnside St, City Of Orange Twp., NJ 07050-4202
      View Details
    • $830,000

      Multi-Family Home with Finished Basement

      Multi-family home featuring 7 bedrooms, finished basement, and large backyard.
      271 Washington St, City Of Orange Twp., NJ 07050-4105
      View Details
    • $600,000

      Orange, NJ Two-Family Home

      Two-unit property in Orange, NJ, ideal for investors.
      363 High St, City Of Orange Twp., NJ 07050-1920
      View Details

    FAQs

    What type of property is this?
    Auto shop - Industrial property featuring garages, shop, residence, and redevelopment potential.
    Where is this auto shop located?
    The property is located at 197 Park Ave Orange, NJ.
    What is the asking price?
    The asking price for this property is $3,325,000.
    What are key features of this property?
    This property features: 25 Garages and a Mechanic Shop: **Ideal for immediate income generation** through rentals, automotive use, or storage.; 2‑Family Residence: Provides immediate residential income or owner‑occupancy potential.; Flexible Industrial Property: Suited for investors, owner‑users, and developers with multiple avenues for use.
    (973) 589-3050
    We can help!
    Listing Contact
    JOHN BRITO
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    197 Park Ave, City Of Orange Twp., NJ 07050
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!