Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    992 Morris Ave Union, NJ 07083

    Property Lookup

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

    992 Morris Ave Union, NJ 07083

    View on Map
    • Retail properties & Spaces
    • 4,014 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 992 Morris Ave

    Property size
    4,014 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional retail property, located at 992 Stuyvesant Avenue & 2002-2012A Morris Avenue in Union, New Jersey (zip code 07083), offers a total of 4,014 square feet of retail space currently available for lease. The property is categorized as a multi-tenant retail shop. Individual spaces range from a minimum of 750 square feet to a maximum contiguous space of 1,232 square feet, providing flexibility for various business needs. The entire 4,014 square feet is currently vacant, presenting a unique opportunity for a single tenant or multiple businesses seeking a prime location in Union County. This property is ideally situated in Union, NJ, offering excellent visibility and accessibility. The address is 992 Stuyvesant Avenue & 2002-2012A Morris Avenue, Union, NJ 07083. Interested parties should inquire about lease terms and conditions. The property's location provides convenient access to major transportation routes and a thriving local community. This is an excellent opportunity to establish or expand a retail business in a high-traffic area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Union
    County
    Union
    State
    New Jersey
    Longitude
    -74.2703
    Latitude
    40.6963

    Comparable in this City

    • Value Estimation by Request
      6,000 SF

      1441 Morris Ave

      Individual retail properties • 6,000 SF
      1441 Morris Ave, Union, NJ 07083
      View Details
    • Value Estimation by Request
      4,000 SF

      2319 22

      Individual retail properties • 4,000 SF
      2319 22, Union, NJ 07083
      View Details
    • Value Estimation by Request
      35,962 SF

      2365 Rte

      Retail properties & Spaces • 35,962 SF
      2365 Rte, Union, NJ 07083
      View Details
    • Value Estimation by Request
      5,300 SF

      2550 Rte 22

      Retail properties & Spaces • 5,300 SF
      2550 Rte 22, Union, NJ 07083
      View Details
    • Value Estimation by Request

      964 Koehl Ave

      Specialty properties
      964 Koehl Ave, Union, NJ 07083
      View Details
    • Value Estimation by Request
      3,250 SF

      2460 Us-22

      Retail properties & Spaces • 3,250 SF
      2460 Us-22, Union, NJ 07083
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,500 SF

      Retail Building with On-Site Parking

      6,500 SF retail building with four tenants and parking.
      2626 Morris Ave, Union, NJ 07083
      View Details
    • $2,699,000
      Pending

      Turnkey Retail Opportunity in Union

      Prime commercial property with existing retail infrastructure in Union, NJ.
      454 Chestnut St, Union, NJ 07083
      View Details
    • Contact for pricing

      Union Retail Property For Sale

      Retail property in a busy Union district, built in 1972.
      1774 Burnet Ave, Union, NJ 07083
      View Details
    • $915,000
      Pending

      Retail/Professional Building on Corner Lot

      Well-maintained retail/professional building with two units and parking.
      1360 Stuyvesant Ave, Union, NJ 07083
      View Details
    • $2,400,000
      0.06 Acres

      Mixed-Use Investment Opportunity in Union

      Mixed-use property with residential and commercial income potential.
      967 Stuyvesant Ave, Union, NJ 07083
      View Details
    • $1,250,000
      2,800 SF

      Prime Union Commercial Property For Sale

      Iconic property in Union's thriving Downtown Transition Zone.
      1307 Stuyvesant Ave, Union, NJ 07083
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,370 SF

      Retail/Office Space for Rent

      1000 SF retail/office space suitable for salon or office.
      1561 Morris Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      5,325 SF

      Retail Space on Route 22

      Retail space with large signage in Union, New Jersey.
      2550 Us Highway 22 E, Union, NJ 07083
      View Details
    • Contact for pricing
      1,500 SF

      Vauxhall Road Retail/Office Space

      Available space: 1,500 - 4,900 SF in Union, NJ.
      2929 Vauxhall Rd, Union, NJ 07083
      View Details
    • Contact for pricing
      750 SF

      High Visibility Retail Space Available

      Retail space with high traffic and convenient transit access.
      992-2010 Morris Ave, Union, NJ 07083
      View Details
    • $45 SF/Yr
      4,000 SF

      Retail Space Available For Lease

      Freestanding retail property available for lease.
      2319 Us Highway 22, Union, NJ 07083
      View Details
    • $3,200 /Mo

      Retail/Office/Medical Space Available

      Versatile space suitable for retail, office, or medical use.
      517 Chestnut St, Union, NJ 07083
      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.
    992 Morris Ave
    Union, NJ 07083
    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.
    Sign Up Successful!
    You now have access to more from Realmo!