Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    349 Terrill Rd Scotch Plains, NJ 07076
    Back to Search
    Property profile & analytics

    349 Terrill Rd, Scotch Plains, NJ 07076

    View on Map
    • Land
    • 0.17 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 349 Terrill Rd

    Lot size
    0.17 lot acres
    Property type
    Land

    Description

    This exceptional 0.17-acre commercial and residential lot, located at 349 Terrill Rd, Scotch Plains, NJ 07076, presents a unique investment opportunity. The property, encompassing 7,405 square feet, is zoned B-1, allowing for a variety of commercial uses. A variance obtained in December 2022 permits the construction of a side-by-side duplex. Each unit is designed for six or seven rooms, including three bedrooms, with the potential to finish a third floor. All necessary utilities – water, sewer, and gas – are readily available. The lot is situated at the end of a short, quiet street (Gables Street), has been cleared, and is ready for immediate development. This prime location in Union County offers convenient access to major roadways and local amenities. The asking price is $349,900. Prospective buyers are encouraged to verify permitted uses with the local zoning authorities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Scotch Plains
    County
    Union
    State
    New Jersey
    Longitude
    -74.4069
    Latitude
    40.6434

    Comparable in this City

    • Value Estimation by Request

      1910 Westfield Ave

      Land
      1910 Westfield Ave, Scotch Plains, NJ 07076
      View Details
    • Value Estimation by Request

      2350 South Ave

      Office Spaces
      2350 South Ave, Scotch Plains, NJ 07076
      View Details
    • Value Estimation by Request

      2350 South Ave

      Office Spaces
      2350 South Ave, Scotch Plains, NJ 07076
      View Details
    • Value Estimation
      $550,000
      3,044 SF

      1561 Frnt St

      APARTMENT HOUSE (UNDER 5 UNITS)
      1561 Frnt St, Scotch Plains, NJ 07076-1159
      View Details
    • Value Estimation
      $525,000
      2,733 SF

      1800 Frnt St

      APARTMENT HOUSE (UNDER 5 UNITS)
      1800 Frnt St, Scotch Plains, NJ 07076-1103
      View Details
    • Value Estimation by Request
      0.51 Acres

      317 Valleyscent Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      317 Valleyscent Ave, Scotch Plains, NJ 07076-1157
      View Details

    Similar Nearby for Sale

    • $3,500,000

      Scotch Plains Development Opportunity

      6.37 acres in Scotch Plains with development potential.
      401 Acacia Rd, Scotch Plains, NJ 07076
      View Details
    • $1,200,000

      Mixed-Use Property with Greenhouse

      Two-story house with greenhouse, currently florist shop and two-family house.
      211 Union Ave, Scotch Plains, NJ 07076
      View Details
    • $2,400,000

      Land with Development Potential

      Large lot suitable for subdivision in a desirable location.
      549 Jerusalem Rd, Scotch Plains, NJ 07076
      View Details
    • $299,999
      0.07 Acres

      Residential Land in Prime Location

      Land in desirable area, close to transportation, schools, and shopping.
      Twp Scotch Pln, Scotch Plains, NJ 07076
      View Details
    • $625,000
      1,800 SF

      Freestanding Brick and Stone Building

      Professional building with off-street parking; first floor delivered vacant.
      1790 Front St, Scotch Plains, NJ 07076
      View Details
    • Contact for pricing
      4,400 SF

      Industrial Warehouse For Sale

      4,400 SF industrial warehouse property available for purchase.
      725 Jerusalem Rd, Scotch Plains, NJ 07076
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      18,000 SF

      Prime Medical Space Available

      6,000 SF medical space, divisible, with handicap access.
      1801 E 2Nd St, Scotch Plains, NJ 07076
      View Details
    • Contact for pricing

      Glen Rock Retail Space Available

      Retail space for rent at 924 Prospect Street, Glen Rock.
      924 Prospect St, Glen Rock, NJ 07076
      View Details
    • Contact for pricing

      Renovated Office Space For Rent

      364 sq ft office space in bank building.
      460 Park Ave, Scotch Plains, NJ 07076
      View Details
    • $20 SF/Yr
      Pending

      Adaptable Commercial Space For Rent

      Professionally finished commercial space suitable for medical or professional services.
      2350 South Ave, Scotch Plains, NJ 07076
      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.
    349 Terrill Rd
    Scotch Plains, NJ 07076
    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
    349 Terrill Rd, Scotch Plains, NJ, 07076
    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!