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    99 Morris Ave, Unit 301 Springfield, NJ 07081

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    For Lease
    Contact for pricing

    Versatile leasing opportunity in a three-story office building.

    Property size:
    21,614 SF
    Lot size:
    0.62 Acres

    Property Features for 99 Morris Ave

    General Information

    Standard status
    Active
    Size
    21,614 SF
    Lot size
    0.62 Acres

    Building Details

    Year built
    1976

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    Listing Contact
    Louis Hribik
    Source: Corcoran

    Listing Agency: COLDWELL BANKER REALTY Listing Agent: Louis Hribik

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

    Learn more

    Overview

    Professional Office Building in Springfield

    99 Morris Avenue is a three-story professional office building situated in Springfield, New Jersey. The property offers a versatile leasing opportunity suitable for businesses of varying sizes. The building has a total area of approximately 21,000 square feet and is located on a 0.62-acre lot. Unit 301 is a corporate suite with 7 offices. A full interior build out is pending. Multiple suite configurations are available within the building. The available office options range from single private offices to 18-room corporate suites. Individual office spaces range from approximately 98 square feet to approximately 4,348 square feet, providing flexible layouts for solo professionals and larger corporate users. The property is zoned O (Office) and provides 24-hour access. The site includes approximately 42 on-site parking spaces. The location is near major commuter routes, NJ Transit rail stations in Millburn, Short Hills, Westfield, Routes 287, 80, 78 and Newark Liberty International Airport. An elevator provides access to all floors. All utilities are included in CAM charge. Images in pictures are generic to the building and not the actual suite.
    Location Intelligence

    Current Use by Public Records

    John Justice Of The Peace Mega-Aides Home Health ... Home Health Care Service JBI Engineering Engineer The Roth Agency Insurance Agency International Longshoremen's Advocacy Group

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3058582
    Latitude
    40.7093966

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    FAQs

    What type of property is this?
    Office building - Versatile leasing opportunity in a three-story office building.
    Where is this office building located?
    The property is located at 99 Morris Ave, Unit 301 Springfield, NJ.
    What are key features of this property?
    This property features: - Prime location in the heart of Springfield, NJ, near major commuter routes, NJ Transit rail stations, and Newark Liberty International Airport.; - Versatile leasing opportunity with multiple suite configurations available, ranging from single offices to an 18-room corporate suite.; - 24-hour access and flexible layouts suitable for a wide range of professional users.
    (908) 735-8080
    Request Owner's contact information
    99 Morris Ave, Unit 301 Springfield, NJ 07081
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    Springfield, NJ 07081
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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
    99 Morris Ave, Unit 301 Springfield, NJ 07081
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    We can help!
    Listing Contact
    Louis Hribik
    (908) 735-8080
    Learn more
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