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    515 Springfield Ave Berkeley Heights, NJ 07922

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    515 Springfield Ave Berkeley Heights, NJ 07922

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    • Specialty properties
    • 1.14 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
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    Current Use by Public Records

    • Specialty properties

    Property Details for 515 Springfield Ave

    Lot size
    1.14 lot acres
    Property type
    Specialty properties
    Property subtype
    Office properties & Spaces

    Description

    This exceptional Class A medical office suite, totaling 3,450 square feet, is ideally situated in the heart of downtown Berkeley Heights at Heritage Square. The property boasts excellent visibility from its corner location at the traffic-controlled intersection of Springfield Avenue and Plainfield Avenue, ensuring high traffic exposure. The single-tenant building offers a high-grade interior build-out, perfectly suited for medical practices. Features include five private offices, two private bathrooms, a spacious reception/waiting area, a convenient kitchen, and a private balcony. The building itself is a two-building complex, three stories high, with elevators for easy access. The 1.136-acre site is zoned commercial and benefits from its location in the North Jersey submarket, specifically the Downtown Berkeley Heights cluster within Union County. Its convenient access to major transportation arteries, including I-78 and US-22, as well as nearby train and bus services, makes it an attractive location for both patients and staff. This is a rare opportunity to acquire a turnkey medical office space in a highly desirable location. The property's superior build-out and prime location make it an exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Berkeley Heights
    County
    Union
    State
    New Jersey
    Longitude
    -74.4425
    Latitude
    40.6838

    Comparable in this City

    • Value Estimation by Request
      0.56 Acres

      389 Springfield Ave

      OFFICE BUILDING • 0.56 Acres
      389 Springfield Ave, Berkeley Heights, NJ 07922
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    • Value Estimation
      $550,000
      47.69 Acres

      300400 Connell Dr

      OFFICE BUILDING • 47.69 Acres
      300400 Connell Dr, Berkeley Heights, NJ 07922
      View Details
    • Value Estimation
      $660,000
      24.92 Acres

      200 Connell Dr

      OFFICE BUILDING • 24.92 Acres
      200 Connell Dr, Berkeley Heights, NJ 07922-2805
      View Details
    • Value Estimation
      $825,000
      34.60 Acres

      100 Connell Dr

      OFFICE BUILDING • 34.60 Acres
      100 Connell Dr, Berkeley Heights, NJ 07922-2737
      View Details
    • Value Estimation by Request
      0.77 Acres

      Hamilton Ave

      COMMERCIAL (GENERAL) • 0.77 Acres
      Hamilton Ave, Berkeley Heights, NJ 07922
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    • Value Estimation by Request
      5.03 Acres

      890 Mtn Ave

      COMMERCIAL (GENERAL) • 5.03 Acres
      890 Mtn Ave, Berkeley Heights, NJ 07922
      View Details

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    Similar Nearby for Lease

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      3,302 SF

      Furnished Medical Office Space

      3,302 SF furnished medical office for rent.
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    • $24 SF/Yr

      Downtown Berkeley Heights Office Suite

      3,450 SF office/medical suite in Heritage Square Shopping Center.
      515 Springfield Ave, Berkeley Heights, NJ 07922
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      Berkeley Heights Office Space Available

      Professional office space for rent in Berkeley Heights.
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    515 Springfield Ave
    Berkeley Heights, NJ 07922
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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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