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    Chatham Township Land Opportunity Title is generated by Realmo AI

    685 Shunpike Rd, Chatham Twp, NJ 07935

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    Claim this Listing
    For Sale
    $2,300,000

    Lots and Land - Chatham Twp., NJ

    Lot size:
    5.44 Acres
    Added:
    Jan 26, 2026
    Days on Market:
    116
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 685 Shunpike Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RESIDENTIAL
    Standard status
    Active
    Lot size
    5.44 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    8214

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    DIANE C. BELCUORE
    DIANE C. BELCUORE

    Listing agent DIANE C. BELCUORE

    Listing office RE/MAX PREMIER 60 MOUNTAIN BLVD, WARREN, NJ

    Listing date Jan 26, 2026

    MLS# 4006843 Listing URL

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

    HighLights

    • 7 Acres in desirable Green Village, Chatham Township: Level land ideal for farming, subdivision, or expansion.
    • Farm Assessed Tax Potential: Live on 1 acre, farm 5 acres for reduced property taxes.
    • Subdivision Potential: Opportunity to develop new homes on the land.
    • Convenient Location: Close to hiking/biking trails, Loantaka recreation area, shopping, and NJTransit.
    • All Brick Ranch with Expansion Potential: Well‑built ranch home with walk‑up attic for easy second‑floor addition.
    • Public Utilities Available: Public water, sewer, and gas in the street; UST removed with DEP NFA letter.

    Overview

    This is a 7 acre parcel of land located in the Green Village section of Chatham Township. The property offers a setting adjacent to Green Acres, with proximity to hiking/biking trails and the Loantaka recreation area, while remaining close to shopping and NJTransit. The land is suited for a small farm, potentially allowing the owner to live on 1 acre and farm 5 acres to benefit from farm assessed reduced property taxes. The property also presents subdivision potential for new homes. The property includes a well-built, all-brick ranch on 1 acre with expansion potential, including a walk-up attic. Additionally, there is 5.44 acres of level, open land with a treed border. A 50' wide partially paved roadway (Bassford Road) provides access to the 1 acre lot and the 5.44 acre parcel. Public water, sewer, and gas are available in the street. A UST has been removed, and a DEP NFA letter is on file. A FEMA LOMA letter indicates the property is not in a flood zone. The land is zoned single family residential. The property is being sold strictly as is. The property consists of two parcels: lot 28 (house) and lot 25 (raw land).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chatham Twp
    County
    State
    New Jersey
    Longitude
    -74.43413
    Latitude
    40.74731

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 7 acre parcel ideal for small farm or subdivision.
    Where is this agricultural land / farmland located?
    The property is located at 685 Shunpike Rd Chatham Twp, NJ.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: 7 Acres in desirable Green Village, Chatham Township: Level land ideal for farming, subdivision, or expansion.; Farm Assessed Tax Potential: Live on 1 acre, farm 5 acres for reduced property taxes.; Subdivision Potential: Opportunity to develop new homes on the land.
    (908) 754-1500
    We can help!
    Listing Contact
    DIANE C. BELCUORE
    DIANE C. BELCUORE
    Real Estate License ID: 9696985
    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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    685 Shunpike Rd, Chatham Twp., NJ 07935-3018
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