Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    249 CHESTNUT ST Salem, NJ 08079

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - SALEM, NJ

    Lot size:
    0.20 Acres
    Added:
    Nov 1, 2025
    Days on Market:
    188
    Last Refresh:
    May 7 at 5:06 pm

    Property Features for 249 CHESTNUT ST

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Annual Amount
    841

    We can help!

    Listing Contact
    Amy M Sheldon

    Listing agent Amy M Sheldon License #2079435

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

    Listing date Nov 1, 2025

    MLS# NJSA2016746 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

    • Prime fenced lot ready for building
    • Public water and sewer hookups available
    • Opportunity for custom build or investment property
    • Seller willing to bundle with adjacent property at 251 Chestnut Street (MLS #NJSA2016744)
    • Incredible location potential
    • Sold as‑is

    Overview

    Residential Land in Salem, NJ

    This 0.2-acre fenced lot in Salem, NJ, presents an opportunity for building a dream home or investment property. Public water and sewer hookups are available. The property is sold as-is. Another property listed at 251 Chestnut Street is also for sale, and the seller is willing to bundle both properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Salem
    State
    New Jersey
    Longitude
    -75.48254
    Latitude
    39.56246

    Nearby Similar for Sale

    • $350,000
      2,146 SF

      Iconic Salem Oak Diner For Sale

      Turnkey Silk City Diner in Salem's Historic District.
      113 W BROADWAY, SALEM, NJ 08079
      View Details
    • $850,000

      Salem NJ Multifamily Investment Opportunity

      Multifamily property with six apartments, some recently renovated.
      82 W BROADWAY, SALEM, NJ 08079
      View Details
    • $240,000
      3,440 SF

      Salem Triplex with Rental Income

      Triplex in Salem, NJ with existing rental income.
      371 E BROADWAY, SALEM, NJ 08079
      View Details
    • $225,000
      3,437 SF

      Salem Triplex with Long-Term Tenants

      Triplex in Salem with long-term tenants and separate electric meters.
      59 MARKET Street, SALEM, NJ 08079
      View Details
    • $79,900

      Salem, NJ Land Opportunity

      One-acre corner property with frontage on State Road 49.
      456 QUINTON MARLBORO Road, SALEM, NJ 08079
      View Details
    • $3,100,000

      207 Acres of Hunting Land

      Pristine wooded land with hunting and building potential.
      L9, 26, 28, 29, 33 BURDEN HILL, SALEM, NJ 08079
      View Details
    • $190,000
      3,000 SF

      Mixed-Use Property in Salem, NJ

      Three-unit mixed-use property with commercial space and apartments.
      141 W BROADWAY, SALEM, NJ 08079
      View Details
    • $500,000
      7,500 SF

      Versatile Commercial Property with Buildings

      4.52 acre commercial property with 7,500 SF buildings.
      242 SALEM HANCOCKS BRIDGE ROAD, SALEM, NJ 08079
      View Details
    • $190,000

      8-Acre Land in Salem, NJ

      8-acre property in Quinton Township with cleared and wooded areas.
      CROSSROADS, SALEM, NJ 08079
      View Details
    • $480,000
      2,184 SF

      Salem Farmland on Jericho Road

      2184 sqft farmland property for sale in Salem, NJ.
      160 Jericho Rd, Salem, NJ 08079
      View Details
    • $825,000
      6,200 SF

      Former Swim Club with Solar

      6200 SF building with pool and income-generating solar array.
      73 MASKELLS MILL ROAD, SALEM, NJ 08079
      View Details
    • Contact for pricing
      2,684 SF

      Retail Space in Salem, NJ

      Retail space available for sale in Salem, New Jersey.
      91-125 Route 45, Salem, NJ 08079
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Prime fenced lot ready for custom build or investment property.
    Where is this residential land & home lot located?
    The property is located at 249 CHESTNUT ST Salem, NJ.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Prime fenced lot ready for building; Public water and sewer hookups available; Opportunity for custom build or investment property
    (856) 305-9602
    We can help!
    Listing Contact
    Amy M Sheldon
    Real Estate License ID: 2079435
    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
    249 CHESTNUT ST, SALEM, NJ 08079
    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!