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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    750 Morris Tpke Short Hills, NJ 07078

    • Retail properties
    • 8,500 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 750 Morris Tpke

    Property size
    8,500 SF
    Property type
    Retail properties
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity presents 8,500 square feet of vacant space within the Short Hills Center, located at 750 Morris Turnpike in Short Hills, New Jersey, 07078. The property is classified as a multi-tenant storefront retail building with a total of 8,500 square feet, all currently available for lease. The flexible space can accommodate a variety of retail concepts, with individual units ranging from approximately 3,419 to 7,652 square feet. The property boasts ample parking, providing 286 car parking spaces for customers and employees. Situated in Essex County, New Jersey, this location benefits from high visibility and accessibility, making it an ideal space for businesses seeking a strong presence in a thriving community. The property's prime location offers excellent exposure to a significant customer base. This is a rare opportunity to secure a substantial retail space in a highly desirable area. Interested parties are encouraged to inquire for further details and leasing information. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Short Hills
    County
    Essex
    State
    New Jersey
    Longitude
    -74.3303
    Latitude
    40.7203

    Comparable in this City

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      5,000 SF

      535 Millburn Ave

      Retail properties • 5,000 SF
      535 Millburn Ave, Millburn, NJ 07078
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      633.00 Acres

      John F Kennedy Pkwy

      COMMERCIAL (GENERAL) • 633.00 Acres
      John F Kennedy Pkwy, Short Hills, NJ 07078
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      0.22 Acres

      507 Millburn Ave, Unit 509

      COMMERCIAL (GENERAL) • 0.22 Acres
      507 Millburn Ave, Short Hills, NJ 07078-2522
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    • Value Estimation by Request
      0.34 Acres

      704 Morris Tpke

      COMMERCIAL (GENERAL) • 0.34 Acres
      704 Morris Tpke, Short Hills, NJ 07078-2614
      View Details
    • Value Estimation by Request

      440 Parsonage Hl Rd

      INDUSTRIAL (GENERAL)
      440 Parsonage Hl Rd, Short Hills, NJ 07078-1161
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    Similar Nearby for Lease

    • Contact for pricing
      83,430 SF

      Prime Millburn Office Space

      Executive suites, flexible layouts, ample parking.
      830 Morris Tpke, Millburn, NJ 07078
      View Details
    • $0.24 SF/Yr
      15,832 SF

      Short Hills Office Space

      Prime Essex County office suites, flexible options.
      830 Morris Tpke, Short Hills, NJ 07078
      View Details
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    750 Morris Tpke
    Short Hills, NJ 07078
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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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