Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    242 Salem Hancocks Bridge Rd Salem, NJ 08079
    Back to Search
    Property profile & analytics

    242 Salem Hancocks Bridge Rd Salem, NJ 08079

    View on Map
    • Other commercial real estate
    • 7,500 SF
    • 4.52 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Holladays Used Auto Parts / Auto Parts Store
    • Holladay's Auto Parts / Big Box & Wholesale Store / Auto Parts Store

    Property Details for 242 Salem Hancocks Bridge Rd

    Lot size
    4.52 lot acres
    Property size
    7,500 SF
    Property type
    Other commercial real estate

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Salem
    State
    New Jersey
    Longitude
    -75.4664
    Latitude
    39.5425

    Comparable in this City

    • Value Estimation by Request
      7,467 SF

      242 Salem Hancocks Bridge Rd

      Commercial real estate • 7,467 SF
      242 Salem Hancocks Bridge Rd, Salem, NJ 08079
      View Details
    • Value Estimation by Request
      5.45 Acres

      118 Walnut St

      COMMERCIAL (GENERAL) • 5.45 Acres
      118 Walnut St, Salem, NJ 08079-9426
      View Details
    • Value Estimation by Request
      5.20 Acres

      Waterworks Rd

      COMMERCIAL (GENERAL) • 5.20 Acres
      Waterworks Rd, Salem, NJ 08079
      View Details
    • Value Estimation by Request
      28.39 Acres

      Berrys Chapel Rd

      COMMERCIAL (GENERAL) • 28.39 Acres
      Berrys Chapel Rd, Salem, NJ 08079
      View Details
    • Value Estimation by Request

      20 3rd St

      COMMERCIAL (GENERAL)
      20 3rd St, Salem, NJ 08079
      View Details
    • Value Estimation by Request
      0.19 Acres

      27 4th St

      COMMERCIAL (GENERAL) • 0.19 Acres
      27 4th St, Salem, NJ 08079
      View Details

    Similar Nearby for Sale

    • $840,000
      6,200 SF

      Salem, NJ Commercial Property Investment

      Income-generating property with large pool
      73 Maskells Mill Rd, Salem, NJ 08079
      View Details
    • $495,000
      4,584 SF

      minutes from major routes

      tax affordable
      139 Route 45, Salem, NJ 08079
      View Details
    • $280,000
      6,325 SF

      31 Oak St, Salem, NJ 08079

      Commercial real estate • 6,325 SF
      31 Oak St, Salem, NJ 08079
      View Details
    • $240,000
      1,925 SF

      Established Salem Tire Business

      Profitable Tire Store, Large Lot
      227 Broadway, Salem, NJ 08079
      View Details
    • $165,000
      3,105 SF

      Salem, NJ Commercial Building

      Prime 3100+ sq ft building on 1.62 acres
      62 Front St, Salem, NJ 08079
      View Details
    • Contact for pricing

      6.38 Acres Commercial Land Available

      6.38 acres of commercial land for sale.
      205 Nj-45, Mannington Township, NJ 08079
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Office Space on Highway

      Office space for rent near hospital and public transport.
      156 Route 45, Salem, NJ 08079
      View Details
    • $2,700 /Mo
      20,909 SF

      Medical Office Space Near Hospital

      Medical office space for lease near Inspira Medical Center.
      1 Pointers Auburn Rd, Mannington, NJ 08079
      View Details
    • $1,395 /Mo

      Renovated Retail Space in Salem

      High-traffic commercial property with flexible layout and customization options.
      161 W Broadway Rd, Salem, NJ 08079
      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.
    242 Salem Hancocks Bridge Rd
    Salem, NJ 08079
    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
    242 Salem Hancocks Bridge Rd, 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!