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    Three Houses on Large Lot Title is generated by Realmo AI

    228 LORRAINE Avenue, Richland, NJ 08350

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    Claim this Listing
    New
    For Sale
    $199,900

    MULTI_FAMILY - Bungalow, Ranch - RICHLAND, NJ

    Type:Single Family Residence
    Property size:
    4,998 SF
    Lot size:
    2.89 Acres
    Price / SF:
    $39/SF
    Added:
    May 21, 2026
    Days on Market:
    1
    Last Refresh:
    May 21 at 2:06 pm

    Property Features for 228 LORRAINE Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Parking features
    Off Street
    Interior features
    Attic
    Standard status
    Active
    Size
    4,998 SF
    Lot size
    2.89 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3185

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    3
    Building materials
    Block, Combination, Frame
    Architectural style
    Ranch, Bungalow

    We can help!

    Listing Contact
    Andrey P Letushko

    Listing agent Andrey P Letushko License #1540044

    Listing office EXP Realty, LLC 28 Valley Road unit: 1, Montclair, NJ

    Listing date May 21, 2026

    MLS# NJAC2024646 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Pinelands approved for 2 or potentially 3 lot subdivision.
    • Located in a desirable area, walking distance to a golf course.
    • Opportunity to build or rebuild one home.
    • Potential to subdivide and rebuild two homes (subject to township approval).
    • Quiet and peaceful neighborhood.
    • Architectural styles include Ranch and Bungalow.

    Overview

    This unique property features three old, dilapidated single-family dwellings situated on a single 2.89-acre lot. Located in a desirable area within walking distance of a golf course and in a quiet, peaceful neighborhood, the property presents several options. It is pinelands approved for a two or even three lot subdivision, although no township approvals are currently in place, and the buyer would need to complete this process. Major rehabilitation or rebuilding is required for all structures. Potential uses include building or rebuilding one home, subdividing and rebuilding two homes subject to township approval, or attempting to obtain township approvals for all three. The property is sold strictly as is, and the buyer is responsible for all due diligence, permits, and certificates of occupancy. The property is 4998 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Auto Repair Shop Food Market Bar & Pub Electronics & Wireless Store Electrical Service Coworking & Hybrid Office Farmer's Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Richland
    County
    Atlantic
    State
    New Jersey
    Longitude
    -74.8878319
    Latitude
    39.5059201

    Nearby Similar for Sale

    • $750,000
      4,500 SF

      Richland Commercial Opportunity

      Commercial property with redevelopment potential in Richland, NJ.
      1328 Harding Hwy, Richland, NJ 08350
      View Details
    • $49,900

      Richland Buildable Lot For Sale

      8.48 acre lot with pinelands approval for single-family dwelling.
      4401 Prep Street, Richland, NJ 08359
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Three dilapidated single-family dwellings on a 2.89-acre lot.
    Where is this residential land & home lot located?
    The property is located at 228 LORRAINE Avenue Richland, NJ.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Pinelands approved for 2 or potentially 3 lot subdivision.; Located in a desirable area, walking distance to a golf course.; Opportunity to build or rebuild one home.
    (609) 364-1643
    We can help!
    Listing Contact
    Andrey P Letushko
    Real Estate License ID: 1540044
    Learn More
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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
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