Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    34 Starlight Dr Morristown, NJ 07960

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $350,000

    Subdividable residential land in Morris Township's Butterworth Farms neighborhood.

    Lot size:
    0.69 Acres

    Property Features for 34 Starlight Dr

    General Information

    Lot size
    0.69 Acres

    We can help!

    Listing Contact
    Danielle Fiorina
    Source: Corcoran

    Listing Agent: Danielle Fiorina

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

    Learn more

    Property Insight Report

    Overview

    Residential Land in Butterworth Farms

    This 0.69-acre lot is part of a two-lot subdivision in the Butterworth Farms neighborhood. An additional 4.7-acre lot is also available for sale. Both lots together total 5.4 acres. The property is located 4 miles from Morristown Green, with access to restaurants, parks, shopping, and the Mayo Performing Arts Center. It is also located near the NJ Transit commuter rail line, Routes 287, 24, and 78, and Morristown Medical Center. All public utilities are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Restaurant Building Supply Auto Repair Shop Pharmacy Wholesale Shop Department Store Daycare Center Food Market Computer & Electronic Repair

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Morris
    State
    New Jersey
    Longitude
    -74.5277527
    Latitude
    40.8257214

    Nearby Similar for Sale

    • $249,000
      1 SF

      Established Tailor Shop in Morristown

      Turnkey tailoring business with loyal clientele and growth potential.
      1 Elm St, Morristown, NJ 07960
      View Details
    • Contact for pricing
      0.17 Acres

      Morristown Office Space For Sale

      Office space in prime Morristown location, close to amenities.
      14 Elm St, Morristown, NJ 07960
      View Details
    • Contact for pricing
      0.18 Acres

      Morristown Office Space For Sale

      Two-room office space near Morristown's business district.
      18 Elm St, Morristown, NJ 07960
      View Details
    • New
      $950,000
      0.10 Acres

      Morristown Multi-Family Near Train Station

      Three-unit property near Morristown Train Station with rental income.
      11 King St, Morristown, NJ 07960
      View Details
    • $799,000

      Morristown Triplex Near Downtown

      Three-unit residential building near Morristown Green with potential rental income.
      80 Western Ave, Morristown, NJ 07960
      View Details
    • $375,000

      Sun-Filled Apartment in Desirable Neighborhood

      2-bedroom apartment with modern amenities and convenient location.
      523 Pitney Pl, Morristown, NJ 07960
      View Details
    • $1,900,000
      11,100 SF

      Morristown Free-Standing Building For Sale

      Free-standing building in Morristown with exceptional parking.
      910 Mount Kemble Ave, Morristown, NJ 07960
      View Details
    • $325,000

      Morristown Multifamily Property for Sale

      Multifamily property in Morristown, NJ, available for purchase.
      320 South St, Morristown, NJ 07960
      View Details
    • $849,900

      Morristown Multifamily Residential Income Property

      Multifamily residential income property available for purchase in Morristown.
      18 Hillairy Ave, Morristown, NJ 07960
      View Details
    • $7,000,000

      Retail Property in Morristown

      Retail property available for sale in Morristown, New Jersey.
      191 E Hanover Ave, Morristown, NJ 07960
      View Details
    • $4,200,000

      Unique Specialty Property For Sale

      Specialty property available for purchase in Morristown, New Jersey.
      39 South St, Morristown, NJ 07960
      View Details
    • $775,000

      Specialty Property for Sale

      Specialty property available for purchase.
      7 Sherwood Dr, Morristown, NJ 07960
      View Details

    FAQs

    What type of property is this?
    Land - Subdividable residential land in Morris Township's Butterworth Farms neighborhood.
    Where is this land located?
    The property is located at 34 Starlight Dr Morristown, NJ.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Two-lot subdivision ready to go in sought-after Butterworth Farms neighborhood.; - Option to buy both lots for a private 5.4-acre estate.; - Prime Morris Township location.
    (973) 686-1500
    Request Owner's contact information
    34 Starlight Dr Morristown, NJ 07960
    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.
    34 Starlight Dr
    Morristown, NJ 07960
    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
    34 Starlight Dr Morristown, NJ 07960
    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
    Danielle Fiorina
    (973) 686-1500
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.