Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    366 Main St West Orange, NJ 07052-5792

    • Commercial real estate
    • 3,058 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Dec 19, 2023
    $426,569
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    6.9%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-3047588
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 366 Main St

    Year built
    1940
    Construction
    FRAME
    Lot size
    0.16 lot acres
    Property size
    3,058 SF
    Zone code
    B-2
    Property type
    Commercial real estate
    APN
    22 00113- 03-00014
    APU
    22001130300014

    Description

    This exceptional 2,835 square foot commercial building in West Orange, NJ, presents a unique investment opportunity. Completely renovated in 2023, this three-story property, built in 1940, offers four units ideal for a variety of professional uses, including creative, executive, and medical offices. The building is currently vacant and ready for immediate occupancy, allowing for customization to suit your specific needs. The property sits on a 0.16-acre lot and includes five parking spaces, offering both on-site and convenient street parking. Each unit features separate utilities, with two units boasting upgraded central HVAC systems. Unit sizes range from approximately 367 square feet to 831 square feet, with estimated rental income potential ranging from $800 to $2,400 per month. The property is zoned B2, permitting a wide range of uses including retail stores, personal service studios, office buildings, vocational schools, and restaurants and bars. Its prime location near shops, train stations, and major highways ensures excellent accessibility for tenants and clients. This is an exceptional opportunity to acquire a fully renovated, multi-tenant commercial building in a thriving New Jersey community. The asking price is $600,000, and the lease type is gross.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $610,000
      ML approach
      $590,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $690,000
      6.5%
      $635,000
      7%
      $590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $656,000
      Market price range: $483k - $999k
      AI Estimate
      $479,000
      Market price range: $315k - $694k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    West Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.233
    Latitude
    40.7904
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $17,146
    $214,500
    $165,500
    $380,000
    -
    $214,500
    $165,500
    $380,000

    Comparable in this City

    • Value Estimation
      $850,000
      175.77 Acres

      Prospect At Mt Pleasant Ave

      COMMERCIAL (GENERAL) • 175.77 Acres
      Prospect At Mt Pleasant Ave, West Orange, NJ 07052
      View Details
    • Value Estimation
      $815,000
      11.07 Acres

      481 Eagle Rock Ave

      COMMERCIAL (GENERAL) • 11.07 Acres
      481 Eagle Rock Ave, West Orange, NJ 07052-3600
      View Details
    • Value Estimation
      $655,000
      6.50 Acres

      743 Northfield Ave

      COMMERCIAL (GENERAL) • 6.50 Acres
      743 Northfield Ave, West Orange, NJ 07052-1107
      View Details
    • Value Estimation
      $765,000
      4.92 Acres

      769 Northfield Ave

      COMMERCIAL (GENERAL) • 4.92 Acres
      769 Northfield Ave, West Orange, NJ 07052-1198
      View Details
    • Value Estimation
      $645,000
      0.71 Acres

      489 Pleasant Vly Way

      COMMERCIAL (GENERAL) • 0.71 Acres
      489 Pleasant Vly Way, West Orange, NJ 07052
      View Details
    • Value Estimation
      $705,000
      1,760 SF

      25 Prospect Ave

      COMMERCIAL (GENERAL) • 1,760 SF
      25 Prospect Ave, West Orange, NJ 07052-4238
      View Details

    Similar Nearby for Sale

    • $1,100,000

      West Orange Subdivided Lots Opportunity

      Two subdivided lots in West Orange to build your dream home.
      730 Eagle Rock Ave, West Orange, NJ 07052
      View Details
    • $550,000

      Commercial Land Available For Sale

      Commercial land available for sale in West Orange, New Jersey.
      48 Clarken Dr, West Orange, NJ 07052
      View Details
    • $849,999

      Two Houses on One Lot

      Unique investment opportunity: two houses, four units, one lot.
      9 Joyce St, West Orange, NJ 07052
      View Details
    • $1,299,999

      Land For Sale

      Commercial land available for sale.
      500 Prospect Ave, West Orange, NJ 07052
      View Details
    • $749,900

      Commercial Land in West Orange

      Commercial land available for sale in West Orange, New Jersey.
      4 Mcmanus Ct, West Orange, NJ 07052
      View Details
    • $20,476,675

      Retail Property in West Orange

      Retail property available for sale in West Orange, NJ.
      471 Prospect Ave, West Orange, NJ 07052
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      54,799 SF

      West Orange Medical Office Space

      Prime NJ location, 54,799 SF, suites available
      414 Eagle Rock Ave, West Orange, NJ 07052
      View Details
    • $2,200,000
      6,973 SF

      Warehouse Space Available For Rent

      6,973 square foot warehouse suitable for various industrial uses.
      44 Stockman St, West Orange, NJ 07052
      View Details
    • $2,400 /Mo

      Renovated Unit in West Orange

      Recently renovated 3-bed, 1-bath unit near West Orange amenities.
      9 Kling St, West Orange, NJ 07052
      View Details
    • Contact for pricing
      2,732 SF

      Retail Space in Essex County

      Retail space available within a 350,000 SF shopping center.
      455 Prospect Ave, West Orange, NJ 07052
      View Details
    • Contact for pricing
      18,537 SF

      Edison Village Retail Spaces

      West Orange, NJ: Restaurant Spaces Available
      161 Main St, West Orange, NJ 07052
      View Details
    • Contact for pricing
      1,267 SF

      Retail Space in Renovated Center

      Multi-level retail space in West Orange community center.
      495 Prospect Ave, West Orange, NJ 07052
      View Details
    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.
    366 Main St
    West Orange, NJ 07052-5792
    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

    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.